Assembly Bill A9270

2013-2014 Legislative Session

Establishes the electronic open auction public bond sale pilot program for counties, cities, towns, villages and school districts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2013-A9270 (ACTIVE) - Details

See Senate Version of this Bill:
S6579
Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Add ยง58.20, Loc Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A1625, S4142
2017-2018: A2536, S3849
2019-2020: A6756, S7577
2021-2022: A4416, S2295
2023-2024: A5137, S4284

2013-A9270 (ACTIVE) - Summary

Establishes the electronic open auction public bond sale pilot program for counties, cities, towns, villages and school districts; such provisions shall remain in effect for 3 years.

2013-A9270 (ACTIVE) - Bill Text download pdf

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

                                  9270

                          I N  A S S E M B L Y

                              April 7, 2014
                               ___________

Introduced  by M. of A. PAULIN, ABINANTI, GALEF, OTIS -- Multi-Sponsored
  by -- M. of A.   SCHIMEL, THIELE -- read  once  and  referred  to  the
  Committee on Local Governments

AN  ACT to amend the local finance law, in relation to the establishment
  of an electronic open auction public bond sale pilot program for muni-
  cipalities; and providing for the repeal of such provisions upon expi-
  ration 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:
  S 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  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 STATUS OR RANK OF ITS BIDS PRIOR
TO THE CONCLUSION OF THE BID SUBMISSION PERIOD AND IMPROVE ITS BID 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 CHAPTER.
  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 AUTHORIZING MUNICIPALITIES TO  CONDUCT  OPEN  AUCTION
PUBLIC  BOND  SALES THROUGH ANY NATIONALLY RECOGNIZED ELECTRONIC SECURI-
TIES BIDDING SERVICE.

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

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