Assembly Bill A9365

Signed By Governor
2021-2022 Legislative Session

Provides for the sale of municipal obligations by the county of Erie

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S8129 - 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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2021-A9365 (ACTIVE) - Details

See Senate Version of this Bill:
S8129
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2023-2024 Legislative Session:
A1250, S4596

2021-A9365 (ACTIVE) - Summary

Extends provisions providing for the sale of municipal obligations by the county of Erie.

2021-A9365 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9365
 
                           I N  A S S E M B L Y
 
                             February 23, 2022
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Local Governments
 
 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 171 of the laws of 2021, is amended to read as follows:
   § 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 [twenty-two] TWENTY-THREE such coun-
 ty 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] ARTICLE.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14458-01-2

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