Senate Bill S5278A

2019-2020 Legislative Session

Relates to establishing an electronic open auction public bond sale pilot program for certain municipalities

download bill text pdf

Sponsored By

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

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Bill Amendments

co-Sponsors

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 - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

2019-S5278 - Sponsor Memo

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

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) - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

2019-S5278A (ACTIVE) - Sponsor Memo

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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