Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to finance |
Feb 03, 2009 |
referred to finance |
Senate Bill S1617
2009-2010 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- 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
Actions
co-Sponsors
(D, WF) Senate District
(D) Senate District
(D, WF) 28th Senate District
(D, IP) Senate District
2009-S1617 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Executive Law
- Laws Affected:
- Add ยง50-a, Exec L
2009-S1617 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1617 REVISED 03/02/09 TITLE OF BILL : An act to amend the executive law, in relation to requiring the state and public entities to file a statement with the comptroller containing information regarding the issuance of bonds PURPOSE : The bill would require that any bonds that are issued by the State or any political subdivision thereof be filed with the Office of the State Comptroller for public disclosure. SUMMARY OF PROVISIONS : This bill requires that each bond offered in the State of New York by the state or any political subdivision be filed with the Office of the State Comptroller (OSC). The bill requires the Comptroller to establish procedures for the filing of information for each bond that would be available for public view. Such information, at a minimum, would include the official statement, a copy of the prospectus, the total cost of t.he bond and an estimate of the fees paid to bond counsels, underwriters, swap providers, counsels to the underwriters, trustees, financial advisors and any other entities determined by the Comptroller to be relevant to the offering because the public has a right to know. Such public disclosure is required within 30 days of the bond offering, and shall be made available though a special
2009-S1617 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1617 2009-2010 Regular Sessions I N S E N A T E February 3, 2009 ___________ Introduced by Sen. VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the executive law, in relation to requiring the state and public entities to file a statement with the comptroller contain- ing information regarding the issuance of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Article 4 of the executive law is amended by adding a new section 50-a to read as follows: S 50-A. FILING OF BOND INFORMATION. 1. THE STATE OR ANY PUBLIC ENTITY WITHIN THE STATE, SHALL, UPON THE ISSUANCE OF A BOND, FILE A STATEMENT WITH THE COMPTROLLER CONTAINING INFORMATION REGARDING SUCH BOND. THIS INFORMATION SHALL BE FILED IN A MANNER AND FORM TO BE DETERMINED BY THE COMPTROLLER WITHIN THIRTY DAYS AFTER SUCH ISSUANCE. UPON THE FILING OF SUCH STATEMENT, THE COMPTROLLER SHALL MAKE SUCH INFORMATION AVAILABLE TO THE PUBLIC FOR REVIEW AND SHALL ALSO MAKE SUCH INFORMATION AVAILABLE BY ELECTRONIC MEANS OVER THE INTERNET. THE INFORMATION CONTAINED IN SUCH STATEMENT SHALL INCLUDE: A. THE OFFICIAL STATEMENT FOR THE BOND ISSUE; B. A LIST OF ALL DERIVATIVE SECURITIES (I.E. INTEREST RATE SWAPS) ENTERED INTO REGARDING THIS BOND TRANSACTION, AND THEIR VALUE. THERE- AFTER, QUARTERLY DISCLOSURE OF THE PRICING AND RISK SENSITIVITIES OF THESE SECURITIES, INCLUDING THE NET SAVINGS (OR COST) TO THE ISSUER; C. THE TOTAL COST OF THE BOND; D. A LIST OF THE FEES PAID PURSUANT TO THE BOND OFFERING, INCLUDING, BUT NOT LIMITED TO FEES PAID TO BOND COUNSELS, UNDERWRITERS, COUNSELS TO SUCH UNDERWRITERS, TRUSTEES, SWAP PROVIDERS, FINANCIAL ADVISORS AND ANY OTHER ENTITIES DETERMINED BY THE COMPTROLLER TO BE RELEVANT TO SUCH BOND OFFERING; E. THE NAMES OF THE ENTITIES RECEIVING THE FEES SET FORTH IN PARAGRAPH D OF THIS SUBDIVISION; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04648-01-9
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