Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to local government |
May 08, 2019 |
print number 5278a |
May 08, 2019 |
amend and recommit to local government |
Apr 23, 2019 |
referred to local government |
Senate Bill S5278A
2019-2020 Legislative Session
Sponsored By
(D, WF) 48th Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
2019-S5278 - Details
- See Assembly Version of this Bill:
- A7288
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.20, Loc Fin L
2019-S5278 - Sponsor Memo
BILL NUMBER: S5278 SPONSOR: MAY TITLE OF BILL: An act to amend the local finance law, in relation to the establishment of an electronic open auction public bond sale pilot program solely for certain municipalities; and providing for the repeal of such provisions upon expiration thereof PURPOSE: The purpose of this bill is to establish a four year pilot program for Onondaga County to sell municipal bonds via an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This pilot program would be used to assess the financial and administrative advan- tages of selling bonds via an open auction format by a nationally recog- nized electronic securities bidding platform. SUMMARY OF PROVISIONS: Section 1: Adds a new Local Finance Law section, 58.20 to establish a
2019-S5278 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5278 2019-2020 Regular Sessions I N S E N A T E April 23, 2019 ___________ Introduced by Sen. MAY -- 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 establishment of an electronic open auction public bond sale pilot program solely for certain municipalities; and providing for the repeal of such provisions upon expiration thereof 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: § 58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM; MUNI- CIPALITIES. 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 STATUS OR RANK OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BID SUBMISSION PERIOD. 2. "MUNICIPALITY" MEANS THE COUNTY OF ONONDAGA. 3. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS A BIDDING SERVICE THAT IS RECOGNIZED NATIONALLY BY MUNICIPAL 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 STATUS OR RANK OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BID SUBMISSION PERIOD AND IMPROVE ITS BID BY SUBMITTING A BID AT A LOWER INTEREST RATE, AS A RESULT OF THE RECEIVED INFORMATION IN ACCORDANCE WITH THE MUNICIPALITY'S NOTICE OF SUCH BOND SALE CIRCULATED IN ACCORDANCE WITH APPLICABLE REQUIREMENTS OF THIS CHAP- TER. 5. "PROGRAM" MEANS THE ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM ESTABLISHED PURSUANT TO THIS SECTION. B. THERE IS HEREBY ESTABLISHED AN ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM SOLELY FOR MUNICIPALITIES, AUTHORIZING MUNICIPALITIES EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(R, C, IP) Senate District
2019-S5278A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7288
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.20, Loc Fin L
2019-S5278A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5278A SPONSOR: MAY TITLE OF BILL: An act to amend the local finance law, in relation to the establishment of an electronic open auction public bond sale pilot program solely for certain municipalities; and providing for the repeal of such provisions upon expiration thereof PURPOSE: The purpose of this bill is to establish a four year pilot program for Onondaga County to sell municipal bonds via an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This pilot program would be used to assess the financial and administrative advantages of selling bonds via an open auction format by a nationally recognized electronic securities bidding platform. SUMMARY OF PROVISIONS: Section 1: Adds a new Local Finance Law section, 58.20 to establish a local electronic open auction public bond sale pilot program for Ononda- ga County. The use of an open auction is entirely optional, and can be
2019-S5278A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5278--A 2019-2020 Regular Sessions I N S E N A T E April 23, 2019 ___________ Introduced by Sens. MAY, ANTONACCI -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- 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 establishment of an electronic open auction public bond sale pilot program solely for certain municipalities; and providing for the repeal of such provisions upon expiration thereof 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: § 58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM; MUNI- CIPALITIES. A. AS USED IN THIS SECTION: 1. "MUNICIPALITY" MEANS THE COUNTY OF ONONDAGA. 2. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS A BIDDING SERVICE THAT IS RECOGNIZED NATIONALLY BY MUNICIPAL USERS OF ELECTRONIC SECURITIES BIDDING SERVICES AS PROVIDING AN ACCURATE, SECURE AND RELIABLE ON-LINE BIDDING SYSTEM. 3. "OPEN AUCTION" MEANS A BOND SALE PROCEDURE THAT ALLOWS A BIDDER TO RECEIVE INFORMATION WITH RESPECT TO THE STATUS OR RANK OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BID SUBMISSION PERIOD AND IMPROVE ITS BID BY SUBMITTING A BID AT A LOWER INTEREST RATE, AS A RESULT OF THE RECEIVED INFORMATION IN ACCORDANCE WITH THE MUNICIPALITY'S NOTICE OF SUCH BOND SALE CIRCULATED IN ACCORDANCE WITH APPLICABLE REQUIREMENTS OF THIS CHAP- TER. 4. "PROGRAM" MEANS THE ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM ESTABLISHED PURSUANT TO THIS SECTION. B. THERE IS HEREBY ESTABLISHED AN ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM SOLELY FOR MUNICIPALITIES, AUTHORIZING MUNICIPALITIES EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11143-05-9
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