senate Bill S6606

Signed by Governor

Permits the county of Erie to market serial bonds at private sale through June 30, 2013

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
view actions

actions

  • 02 / Mar / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 14 / Mar / 2012
    • 1ST REPORT CAL.361
  • 15 / Mar / 2012
    • 2ND REPORT CAL.
  • 19 / Mar / 2012
    • ADVANCED TO THIRD READING
  • 21 / May / 2012
    • HOME RULE REQUEST
  • 21 / May / 2012
    • PASSED SENATE
  • 21 / May / 2012
    • DELIVERED TO ASSEMBLY
  • 21 / May / 2012
    • REFERRED TO LOCAL GOVERNMENTS
  • 11 / Jun / 2012
    • SUBSTITUTED FOR A9355
  • 11 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.113
  • 11 / Jun / 2012
    • HOME RULE REQUEST
  • 11 / Jun / 2012
    • PASSED ASSEMBLY
  • 11 / Jun / 2012
    • RETURNED TO SENATE
  • 22 / Jun / 2012
    • DELIVERED TO GOVERNOR
  • 29 / Jun / 2012
    • SIGNED CHAP.80

Summary

Permits the county of Erie to market serial bonds at private sale through June 30, 2013.

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Bill Details

See Assembly Version of this Bill:
A9355
Versions:
S6606
Legislative Cycle:
2011-2012
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in Previous Legislative Cycles:
2011-2012: S2787
2009-2010: S6833

Sponsor Memo

BILL NUMBER:S6606

TITLE OF BILL:
An act
to amend the local finance law, in relation to the sale of municipal
obligations by the county of Erie

PURPOSE:
To provide Erie County with sufficient flexibility in its bond sales
to maximize its return on bonds sold.

SUMMARY OF PROVISIONS:
§ 1- Amends Section 54.50 of the Local Finance Law to permit the
County of Erie to market serial bonds at private sale through June
30, 2013.

§ 2- Effective date.

JUSTIFICATION:
Recent swings in the stock market and confusion and uncertainty in the
credit market mandate the need for greater flexibility in the
marketing of bonds. In competitive sales the date of bidding is
determined once the first advertisement is made, unless the sale is
withdrawn and a new one advertised. In negotiated sales, the timing
of sales is announced as an objective, but the date of the sale can
be changed as required. This flexibility allows the County of Erie to
adjust Coupon rates, maturities and general conditions of the sales
to ensure a more successful sale of the instruments.

LEGISLATIVE HISTORY:
2011: A.4215/S.2787 - Chapter 63
2010: Chapter 127
2009: Chapter 39
2008: Chapter 80
2007: Chapter 87
2006: Chapter 123
2005: Chapter 113
2004: Chapter 115
2003: Chapter 405
2002: Chapter 98
2001: Chapter 57
2000: Chapter 96
1999: Chapter 406
1998: Chapter 139
1997: Chapter 148
1996: Chapter 119

FISCAL IMPLICATIONS:
Produces lower interest rates for the County of Erie in negotiating
the sale of their bonds.

EFFECTIVE DATE:
This act shall take effect immediately.


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

                                  6606

                            I N  S E N A T E

                              March 2, 2012
                               ___________

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 63 of the laws of 2011, 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 [twelve] THIRTEEN 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.
                                                           LBD14809-01-2

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