Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 13, 2013 |
signed chap.494 |
Nov 01, 2013 |
delivered to governor |
Jun 17, 2013 |
returned to senate passed assembly ordered to third reading rules cal.201 substituted for a493a |
Jun 03, 2013 |
referred to local governments returned to assembly repassed senate |
May 20, 2013 |
amended on third reading (t) 2369a |
May 20, 2013 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
Apr 24, 2013 |
referred to local governments delivered to assembly passed senate |
Apr 22, 2013 |
advanced to third reading |
Apr 17, 2013 |
2nd report cal. |
Apr 16, 2013 |
1st report cal.326 |
Jan 16, 2013 |
referred to local government |
Senate Bill S2369A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - 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
Actions
Votes
Bill Amendments
2013-S2369 - Details
2013-S2369 - Sponsor Memo
BILL NUMBER:S2369 TITLE OF BILL: An act to amend the local finance law, in relation to the establishment of an electronic public bond sale pilot program for municipalities; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to establish a pilot program for all municipalities to sell municipal bonds via electronic means (as opposed to paper bid Submissions) and to assess the financial and administrative advantages of selling bonds via a nationally recognized electronic securities bidding platforms pursuant to this program. Under current law, Westchester County is authorized to operate a pilot program to sell municipal bonds via electronic means (as opposed to paper bid submissions). Before the enactment of Chapter 304 of the Laws of 2009, Westchester County (as all other municipalities) had to conduct the sale of public bonds via paper bids. Under the currently enacted pilot program, Westchester County can conduct an open auction to sell such municipal bonds via an electronic securities bidding service. Westchester County has realized both financial cost savings and a reduction in paperwork requirements to conduct such bond bids due to the enactment of Chapter 304 of the Laws of 2009. SUMMARY OF SPECIFIC PROVISIONS:
2013-S2369 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2369 2013-2014 Regular Sessions I N S E N A T E January 16, 2013 ___________ Introduced by Sen. KLEIN -- 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 public bond sale pilot program for municipalities; and providing for the repeal of such provisions upon expiration there- of 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: S 58.20 ELECTRONIC PUBLIC BOND SALE PROGRAM; MUNICIPALITIES. 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 RANKING OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BIDDING PERIOD. 2. "MUNICIPALITY" MEANS A COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT. 3. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS A BIDDING SERVICE THAT IS RECOGNIZED NATIONALLY BY THE PREDOMINANT 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 RANKING OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BIDDING PERIOD IN ACCORDANCE WITH THE MUNICIPALITY'S NOTICE OF SUCH BOND SALE CIRCULATED IN ACCORDANCE WITH APPLICABLE REQUIREMENTS OF THIS CHAPTER. 5. "PROGRAM" MEANS THE ELECTRONIC PUBLIC BOND SALE PILOT PROGRAM ESTABLISHED PURSUANT TO THIS SECTION. B. THERE IS HEREBY ESTABLISHED AN ELECTRONIC PUBLIC BOND SALE PILOT PROGRAM AUTHORIZING MUNICIPALITIES TO CONDUCT PUBLIC BOND SALES THROUGH ANY NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05062-01-3
2013-S2369A (ACTIVE) - Details
2013-S2369A (ACTIVE) - Sponsor Memo
BILL NUMBER:S2369A TITLE OF BILL: An act to amend the local finance law, in relation to the notice of sale of bonds PURPOSE OR GENERAL IDEA OF BILL: To authorize municipalities, school districts and district corporations to require electronic submission of sealed bids for the bonds issued. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends paragraph a of section 58 of the local finance law, to provide that a summary of the notice of the public sale of bonds shall contain the designation of the receiving device if the finance board of the issuing municipality, school district or district corporation has required the receipt of bids in electronic format. Section 2 amends subdivision 1 of paragraph b of section 58 of the local finance law to extend the provisions of the subdivision to those cases in which the issuing municipality, school district or district corpo- ration has required the receipt of bids in electronic format. Section 3 amends paragraphs d, e and f of section 58 of the local finance law. Paragraphs d and e are amended to reflect gender equality in the provisions of the law. Paragraph f is amended to provide that submission in electronic format may be required as the sole method for the submission of sealed bids.
2013-S2369A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2369--A Cal. No. 326 2013-2014 Regular Sessions I N S E N A T E January 16, 2013 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote reconsidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the local finance law, in relation to the notice of sale of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph a of section 58.00 of the local finance law, as amended by section 6 of part X of chapter 62 of the laws of 2003, is amended to read as follows: a. There shall be published, at least once, not less than five nor more than thirty days before the date fixed for the public sale of bonds, a notice of such public sale or a summary thereof in accordance with one of the following methods: (1) the notice of sale shall be published in any financial newspaper published and circulated in the city of New York which the state comptroller, in the rule or order referred to in paragraph d of section 57.00 of this chapter, shall designate for such publication; (2) the notice of sale shall be circu- larized in such manner as the state comptroller shall prescribe in such rule or order and shall be published in any newspaper or newspapers which the finance board of the municipality, school district or district corporation may designate for such purpose; or (3) (i) a summary of the notice of sale shall be published in both the financial newspaper published and circulated in the city of New York which the state comp- troller has designated in the rule or order referred to in paragraph d of section 57.00 of this chapter, and (ii) any newspaper or newspapers which the finance board of the municipality, school district or district EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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