Res. No. 1023 Title Resolution authorizing the receipt of bids in electronic format on purchase contracts pursuant to section 103(1) of the General Municipal Law. Body By Council Members Brewer, Jackson, Clarke, Comrie, Gennaro, Gentile, Jennings, Lopez, Perkins, Quinn, Recchia, Sears, Weprin and Yassky Whereas, Pursuant to section 103(1) of the General Municipal Law, the City is authorized to accept bids in electronic format on purchase contracts provided the Council authorizes such bids by resolution; and Whereas, The submission of bids in electronic format will lower transaction costs and increase the number of bidders on City purchase contracts resulting in greater competition and lower prices for the City; and Whereas, The City should take advantage of all such current opportunities for greater efficiency through available technology; and Whereas, The submission of bids in electronic format represents an important step towards creating an advanced electronic procurement system; and Whereas, Accordingly, the Council hereby authorizes the receipt of bids in electronic format on purchase contracts; and Whereas, The authorization granted through this resolution will take effect 120 days after the adoption of this resolution by the Council in order to afford the City ample time to prepare the necessary mechanism to receive bids in electronic format; now, therefore, be it Resolved, That the Council of the City of New York authorizes the receipt of bids in electronic format on purchase contracts pursuant to section 103(1) of the General Municipal Law...Body