Senate Bill S1279

Signed By Governor
2009-2010 Legislative Session

Permits the county of Erie to market serial bonds at private sale through June 30, 2010

download bill text pdf

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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-S1279 (ACTIVE) - Details

See Assembly Version of this Bill:
A4132
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.50, Loc Fin L

2009-S1279 (ACTIVE) - Summary

Permits the county of Erie to market serial bonds at private sale through June 30, 2010.

2009-S1279 (ACTIVE) - Sponsor Memo

2009-S1279 (ACTIVE) - Bill Text download pdf 

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

                                  1279

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 28, 2009
                               ___________

Introduced  by  Sens.  STACHOWSKI, VOLKER, RANZENHOFER -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local Government

AN ACT to amend the local finance law, in relation to the sale of munic-
  ipal obligations by the county of Erie

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

  Section 1. Section 54.50 of the local finance law, as amended by chap-
ter 80 of the laws of 2008, is amended to read as follows:
  S 54.50 Costs of sales; county of Erie. To facilitate the marketing of
any issue of serial bonds or notes of the county of Erie  issued  on  or
before June thirtieth, two thousand [nine] TEN such county may, notwith-
standing  any limitations on private sales of bonds provided by law, and
subject to approval by the state comptroller of the terms and conditions
of such sale:
  a. arrange for the underwriting of its bonds or notes at private  sale
through  negotiated  agreement, compensation for such underwriting to be
provided by negotiated fee or by sale of  such  bonds  or  notes  to  an
underwriter  at  a  price  less  than  the  sum of par value of, and the
accrued interest on, such obligations; or
  b. arrange for the private sale of its bonds or notes through  negoti-
ated agreement, compensation for such sales to be provided by negotiated
fee,  if  required.  The  cost of such underwriting or private placement
shall be deemed a preliminary cost for purposes of section 11.00 of this
chapter.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04907-01-9

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