Assembly Bill A4617

Signed By Governor
2009-2010 Legislative Session

Establishes a pilot program in Westchester county authorizing the county to sell bonds through electronic securities bidding services; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A4617 (ACTIVE) - Details

See Senate Version of this Bill:
S5393
Law Section:
Local Finance Law
Laws Affected:
Add ยง58.10, Loc Fin L

2009-A4617 (ACTIVE) - Summary

Establishes a pilot program in Westchester county authorizing the county to sell bonds through electronic securities bidding services; defines open auction and closed auction; provides that the county shall conduct evaluations of the pilot program annually and provide a summary at the end of three years.

2009-A4617 (ACTIVE) - Sponsor Memo

2009-A4617 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4617

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2009
                               ___________

Introduced by M. of A. PAULIN -- read once and referred to the Committee
  on Local Governments

AN  ACT to amend the local finance law, in relation to the establishment
  of an electronic public bond sale pilot program for Westchester  coun-
  ty;  and  providing for the repeal of such provisions upon the expira-
  tion thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  local finance law is amended by adding a new section
58.10 to read as follows:
  S 58.10 ELECTRONIC PUBLIC BOND SALE PILOT PROGRAM. A. THERE IS  HEREBY
ESTABLISHED AN ELECTRONIC PUBLIC BOND SALE PILOT PROGRAM (REFERRED TO IN
THIS  SECTION  AS  THE  "PROGRAM")  SOLELY FOR THE COUNTY OF WESTCHESTER
(REFERRED TO IN THIS SECTION AS THE "COUNTY") AUTHORIZING THE COUNTY  TO
CONDUCT  PUBLIC  BOND SALES THROUGH ANY BIDDING SERVICES THAT ARE RECOG-
NIZED NATIONALLY BY  THE  PREDOMINANT  USERS  OF  ELECTRONIC  SECURITIES
BIDDING  SERVICES  AS PROVIDING AN ACCURATE, SECURE AND RELIABLE ON-LINE
BIDDING SYSTEM (REFERRED TO IN THIS SECTION AS "A NATIONALLY  RECOGNIZED
ELECTRONIC SECURITIES BIDDING SERVICE").
  B.  IF  THE  FINANCE BOARD OF THE COUNTY HAS AUTHORIZED THE RECEIPT OF
BIDS IN ELECTRONIC FORMAT, SUCH ELECTRONIC BIDS MAY BE SUBMITTED IN  THE
FORM  OF OPEN AUCTIONS OR CLOSED AUCTIONS CONDUCTED THROUGH A NATIONALLY
RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE WHICH SHALL  BE  DEEMED
TO BE THE DESIGNATED RECEIVING DEVICE.  "OPEN AUCTION" SHALL MEAN A BOND
SALE  PROCEDURE THAT ALLOWS A BIDDER TO RECEIVE INFORMATION WITH RESPECT
TO THE RANKING OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BIDDING PERIOD
IN ACCORDANCE WITH THE PROVISIONS OF THE COUNTY'S NOTICE  OF  SUCH  BOND
SALE CIRCULATED IN ACCORDANCE WITH APPLICABLE REQUIREMENTS OF THIS CHAP-
TER.  "CLOSED  AUCTION"  SHALL  MEAN A BOND SALE PROCEDURE THAT DOES NOT
ALLOW A BIDDER TO RECEIVE INFORMATION WITH RESPECT TO THE RANKING OF ITS
BIDS PRIOR TO THE CONCLUSION OF THE BIDDING PERIOD.  SUCH  NOTICE  SHALL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01418-01-9
              

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