Senate Bill S4364

Signed By Governor
2013-2014 Legislative Session

Relates to the sale of municipal obligations by the county of Erie

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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2013-S4364 (ACTIVE) - Details

See Assembly Version of this Bill:
A6354
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
S6606, A9355

2013-S4364 (ACTIVE) - Summary

Relates to the sale of municipal obligations by the county of Erie.

2013-S4364 (ACTIVE) - Sponsor Memo

2013-S4364 (ACTIVE) - Bill Text download pdf 

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

                                  4364

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 22, 2013
                               ___________

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 80 of the laws of 2012, 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 [thirteen] FOURTEEN 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.
                                                           LBD09395-01-3

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