NY State Senate Bill 2023-S9348A

Senate Bill S9348A

2023-2024 Legislative Session

Relates to the electronic open auction public bond sale pilot program and the definition of "municipality"

download bill text pdf

Current Bill Status Via A10173 - Passed Senate

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 05, 2024	returned to assembly passed senate 3rd reading cal.1787 substituted for s9348a
Jun 05, 2024	substituted by a10173a ordered to third reading cal.1787 committee discharged and committed to rules
May 30, 2024	print number 9348a
May 30, 2024	amend and recommit to finance
May 20, 2024	reported and committed to finance
May 13, 2024	referred to local government

Votes

- Jun 5, 2024 - Floor Vote
  A10173
  
  59
  
  Aye
  
  0
  
  Nay
  
  1
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 5, 2024
      
      aye (59)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Cooney
      
      Felder
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Webb
      
      Weber
      
      Weik
      
      absent (1)
      
      Sanders Jr.
      
      excused (2)
      
      Parker
      
      Walczyk
  Jun 5, 2024 - Rules Committee Vote
  S9348A
  
  17
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 5, 2024
      
      aye (17)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Krueger
      
      Liu
      
      Mayer
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas
      
      aye wr (3)
      
      Helming
      
      Lanza
      
      O'Mara
  May 20, 2024 - Local Government Committee Vote
  S9348A
  
  6
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Local Government Committee Vote: May 20, 2024
      
      aye (6)
      
      Harckham
      
      Hinchey
      
      Martinez
      
      Skoufis
      
      Thomas
      
      Weik
      
      aye wr (1)
      
      Rhoads

Bill Amendments

Original

A (Active)

2023-S9348 - Details

See Assembly Version of this Bill:: A10173
Law Section:: Local Finance Law
Laws Affected:: Amd §58.10, Loc Fin L

2023-S9348 - Summary

Provides that for the purposes of the electronic open auction public bond sale pilot program, the term "municipality" shall mean a county or a city or town with a population of one hundred thousand or more.

2023-S9348 - Sponsor Memo

                                 
BILL NUMBER: S9348

SPONSOR: MARTINEZ
 
TITLE OF BILL:

An act to amend the local finance law, in relation to the electronic
open auction public bond sale pilot program

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation would expand the opportunity for more municipalities
across the state to participate in the electronic open auction public
bond sale pilot program.

 
SUMMARY OF PROVISIONS:

Section 1. A mend s § 58.10 of the Local Finance Law, relating to the
electronic open auction public bond sale pilot program by removing the
requirement that a municipality meeting the established population
requirements must have also issued at least $25,000,000 in bonds within
at least one of the preceding three years to participate. Further, the
400,000 or more-population restriction for counties is removed. This,

coupled with the removal of the bond issuance requirement, will make all
counties eligible to participate.

Section 2 sets the effective date.

 
JUSTIFICATION:

In 2019, New York authorized the establishment of an open auction bond
sale pilot program and set forth specific provisions for participation.
The removal of the bond issuance and county population requirements will
expand eligibility and allow more municipalities to participate in the
electronic open auction public bond sale pilot program across the state.

 
PRIOR LEGISLATIVE HISTORY:

2024: New Legislation

 
FISCAL IMPLICATIONS:;

None

 
EFFECTIVE DATE:
This act shall take effect immediately; provided however, that the
amendment to subdivision 1 of paragraph a of Section 58.10 of the local
finance law made by section one of this act shall not affect the repeal
of such section and shall be deemed repealed therewith.

2023-S9348 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9348
 
                             I N  S E N A T E
 
                               May 13, 2024
                                ___________
 
 Introduced  by Sen. MARTINEZ -- 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  electronic
   open auction public bond sale pilot program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 1 of paragraph a of section 58.10 of the  local
 finance law, as amended by section 1 of subpart BB of part XX of chapter
 55 of the laws of 2020, is amended to read as follows:
   1.  "Municipality"  means  a county [with a population of four hundred
 thousand or more,] or a city or town with a population  of  one  hundred
 thousand  or  more [that has issued at least twenty-five million dollars
 in bonds within at least one of the preceding three years].
   § 2. This act shall take effect immediately; provided,  however,  that
 the  amendments  to subdivision 1 of paragraph a of section 58.10 of the
 local finance law made by section one of this act shall not  affect  the
 repeal of such section and shall be deemed repealed therewith.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15324-01-4

2023-S9348A (ACTIVE) - Details

See Assembly Version of this Bill:: A10173
Law Section:: Local Finance Law
Laws Affected:: Amd §58.10, Loc Fin L

2023-S9348A (ACTIVE) - Summary

2023-S9348A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9348A

SPONSOR: MARTINEZ
 
TITLE OF BILL:

An act to amend the local finance law, in relation to the electronic
open auction public bond sale pilot program

 
PURPOSE:

This legislation would expand the opportunity for more municipalities
across the state to participate in the electronic open auction public
bond sale pilot program.

 
SUMMARY OF PROVISIONS:

Section 1. Subdivision 1 of paragraph a of section 58.10 of the local
finance law, as amended by section 1 of subpart BB of part XX of chapter
55 of the laws of 2020, is amended by changing the requirement that a
municipality must have issued twenty-five million dollars in bonds with-
in any one of the last three to within any one of the last five years.
Further, the 400,000 or more-population restriction for counties is

removed. This will allow more municipalities to be eligible to partic-
ipate.

Section 2. Establishes the enacting clause.

 
JUSTIFICATION:

In 2019, New York authorized the establishment of an open auction bond
sale pilot program and set forth specific provisions for participation.
The removal of the county population requirements will expand eligibil-
ity and allow more municipalities that have issued $25 million in bonds
within one of the preceding five years to participate in the electronic
open auction public bond sale pilot program across the state.

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that the
amendments to subdivision 1 of paragraph a of section 58.10 of the local
finance law made by section one of this act shall not affect the repeal
of such section and shall be deemed repealed therewith.

2023-S9348A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9348--A
 
                             I N  S E N A T E
 
                               May 13, 2024
                                ___________
 
 Introduced  by Sen. MARTINEZ -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- 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  electronic
   open auction public bond sale pilot program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of paragraph a of section 58.10 of the  local
 finance law, as amended by section 1 of subpart BB of part XX of chapter
 55 of the laws of 2020, is amended to read as follows:
   1.  "Municipality"  means  a county [with a population of four hundred
 thousand or more], or a city or town with a population  of  one  hundred
 thousand or more that has issued at least twenty-five million dollars in
 bonds within at least one of the preceding [three] FIVE years.
   §  2.  This act shall take effect immediately; provided, however, that
 the amendments to subdivision 1 of paragraph a of section 58.10  of  the
 local  finance  law made by section one of this act shall not affect the
 repeal of such section and shall be deemed repealed therewith.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15324-03-4

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