Assembly Bill A9608

2011-2012 Legislative Session

Establishes the electronic bond sale pilot program for counties, cities, towns, villages and school districts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2011-A9608 (ACTIVE) - Details

See Senate Version of this Bill:
S6372
Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Add ยง58.20, Loc Fin L
Versions Introduced in 2013-2014 Legislative Session:
A493

2011-A9608 (ACTIVE) - Summary

Establishes the electronic public bond sale pilot program for counties, cities, towns, villages and school districts; such provisions shall remain in effect for 3 years.

2011-A9608 (ACTIVE) - Bill Text download pdf

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

                                  9608

                          I N  A S S E M B L Y

                             March 20, 2012
                               ___________

Introduced  by  M.  of  A.  PAULIN,  GALEF, GUNTHER, LUPARDO, P. RIVERA,
  ROBERTS -- Multi-Sponsored by -- M. of A. BOYLAND, THIELE -- 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 municipalities;
  and providing for the repeal of such provisions upon expiration there-
  of

  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
58.20 to read as follows:
  S 58.20 ELECTRONIC PUBLIC BOND SALE PROGRAM; MUNICIPALITIES.  A.    AS
USED IN THIS SECTION:
  1.  "CLOSED AUCTION" MEANS 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.
  2.  "MUNICIPALITY"  MEANS  A  COUNTY,  CITY,  TOWN,  VILLAGE OR SCHOOL
DISTRICT.
  3. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS
A BIDDING SERVICE THAT IS RECOGNIZED NATIONALLY BY THE PREDOMINANT USERS
OF ELECTRONIC SECURITIES BIDDING  SERVICES  AS  PROVIDING  AN  ACCURATE,
SECURE AND RELIABLE ON-LINE BIDDING SYSTEM.
  4.  "OPEN AUCTION" MEANS 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  MUNICIPALITY'S
NOTICE  OF  SUCH  BOND  SALE  CIRCULATED  IN  ACCORDANCE WITH APPLICABLE
REQUIREMENTS OF THIS CHAPTER.
  5. "PROGRAM" MEANS THE  ELECTRONIC  PUBLIC  BOND  SALE  PILOT  PROGRAM
ESTABLISHED PURSUANT TO THIS SECTION.
  B.  THERE  IS  HEREBY ESTABLISHED AN ELECTRONIC PUBLIC BOND SALE PILOT
PROGRAM AUTHORIZING MUNICIPALITIES TO CONDUCT PUBLIC BOND SALES  THROUGH
ANY NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE.
  C.  IF  THE  FINANCE COMMISSIONER OF A MUNICIPALITY HAS AUTHORIZED THE
RECEIPT OF BIDS IN  ELECTRONIC  FORMAT,  SUCH  ELECTRONIC  BIDS  MAY  BE

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

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