Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2014 |
committed to rules |
May 05, 2014 |
advanced to third reading |
Apr 30, 2014 |
2nd report cal. |
Apr 29, 2014 |
1st report cal.445 |
Mar 18, 2014 |
print number 6579a |
Mar 18, 2014 |
amend and recommit to local government |
Feb 07, 2014 |
referred to local government |
Senate Bill S6579A
2013-2014 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
Votes
Bill Amendments
2013-S6579 - Details
- See Assembly Version of this Bill:
- A9270
- Current Committee:
- Senate Rules
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.20, Loc Fin L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4142, A1625
2017-2018: S3849, A2536
2019-2020: S7577, A6756
2021-2022: S2295, A4416
2023-2024: S4284, A5137
2013-S6579 - Sponsor Memo
BILL NUMBER:S6579 TITLE OF BILL: An act to amend the local finance law, in relation to the establishment of an electronic open auction 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 an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This three year pilot program would be used to assess the financial and administrative advantages of selling bonds via an open auction format by a nationally recognized electronic securities bidding platform. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Adds a new Local Finance Law section, 58.20 to establish a state-wide electronic open auction public bond sale pilot program for those municipalities that wish to participate. This bill is very similar to Chapter 304 of the Laws of 2009, (which established the Westchester County open and closed auction pilot program) except that it repositions the terms defined within this section of law to a new definitions section. This has been done for clarity within the statute. However, the remainder of the bill's provisions are
2013-S6579 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6579 I N S E N A T E February 7, 2014 ___________ 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 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 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 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. C. THE FINANCE COMMISSIONER OF A MUNICIPALITY MAY ACCEPT ELECTRONIC BIDS SUBMITTED IN THE FORM OF OPEN AUCTIONS CONDUCTED THROUGH A EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2013-S6579A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9270
- Current Committee:
- Senate Rules
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.20, Loc Fin L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4142, A1625
2017-2018: S3849, A2536
2019-2020: S7577, A6756
2021-2022: S2295, A4416
2023-2024: S4284, A5137
2013-S6579A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6579A TITLE OF BILL: An act to amend the local finance law, in relation to the establishment of an electronic open auction 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 an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This three year pilot program would be used to assess the financial and administrative advantages of selling bonds via an open auction format by a nationally recognized electronic securities bidding platform. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Adds a new Local Finance Law section, 58.20 to establish a statewide electronic open auction public bond sale pilot program for those municipalities that wish to participate. This bill is very similar to Chapter 304 of the Laws of 2009, (which established the Westchester County open and closed auction pilot program) except that it repositions the terms defined within this section of law to a new
2013-S6579A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6579--A I N S E N A T E February 7, 2014 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13127-03-4
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