Assembly Bill A493A

Signed By Governor
2013-2014 Legislative Session

Relates to the notice of sale of bonds

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S2369 - 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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Bill Amendments

co-Sponsors

multi-Sponsors

2013-A493 - Details

See Senate Version of this Bill:
S2369
Law Section:
Local Finance Law
Laws Affected:
Amd §58.00, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
A9608

2013-A493 - Summary

Relates to the notice of sale of bonds.

2013-A493 - Bill Text download pdf 

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

                                   493

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  PAULIN,  GALEF, GUNTHER, LUPARDO, ROBERTS --
  Multi-Sponsored by -- M.  of A. 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05062-01-3

co-Sponsors

multi-Sponsors

2013-A493A (ACTIVE) - Details

See Senate Version of this Bill:
S2369
Law Section:
Local Finance Law
Laws Affected:
Amd §58.00, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
A9608

2013-A493A (ACTIVE) - Summary

Relates to the notice of sale of bonds.

2013-A493A (ACTIVE) - Bill Text download pdf 

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

                                 493--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  PAULIN,  GALEF, GUNTHER, LUPARDO, ROBERTS --
  Multi-Sponsored by -- M. of A. THIELE -- read once and referred to the
  Committee on Local Governments -- committee discharged, bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the local finance law, in relation to the notice of sale
  of bonds

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

  Section 1. Paragraph a of section 58.00 of the local finance  law,  as
amended  by  section  6  of part X of chapter 62 of the laws of 2003, is
amended to read as follows:
  a. There shall be published, at least once, not  less  than  five  nor
more  than  thirty  days  before  the  date fixed for the public sale of
bonds, a notice of such public sale or a summary thereof  in  accordance
with  one  of  the  following  methods:  (1) the notice of sale shall be
published in any financial newspaper published  and  circulated  in  the
city  of  New  York  which  the  state comptroller, in the rule or order
referred to in paragraph d of  section  57.00  of  this  chapter,  shall
designate  for  such publication; (2) the notice of sale shall be circu-
larized in such manner as the state comptroller shall prescribe in  such
rule  or  order  and  shall  be published in any newspaper or newspapers
which the finance board of the municipality, school district or district
corporation may designate for such purpose; or (3) (i) a summary of  the
notice  of  sale  shall  be  published  in  both the financial newspaper
published and circulated in the city of New York which the  state  comp-
troller  has  designated in the rule or order referred to in paragraph d
of section 57.00 of this chapter, and (ii) any newspaper  or  newspapers
which the finance board of the municipality, school district or district
corporation  may designate for such purpose.  A summary of the notice of
sale shall at a minimum contain the name  of  the  issuer,  the  amount,

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

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