Senate Bill S6606

Signed By Governor
2011-2012 Legislative Session

Permits the county of Erie to market serial bonds at private sale through June 30, 2013

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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2011-S6606 (ACTIVE) - Details

See Assembly Version of this Bill:
A9355
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2013-2014 Legislative Session:
S4364, A6354

2011-S6606 (ACTIVE) - Summary

Permits the county of Erie to market serial bonds at private sale through June 30, 2013.

2011-S6606 (ACTIVE) - Sponsor Memo

2011-S6606 (ACTIVE) - Bill Text download pdf 

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

                                  6606

                            I N  S E N A T E

                              March 2, 2012
                               ___________

Introduced  by Sen. GALLIVAN -- 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 63 of the laws of 2011, 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 [twelve] THIRTEEN such  county  may,
notwithstanding  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.
                                                           LBD14809-01-2

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