senate Bill S4364

Signed By Governor
2013-2014 Legislative Session

Relates to the sale of municipal obligations by the county of Erie

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2013 signed chap.89
Jun 24, 2013 delivered to governor
May 29, 2013 returned to senate
passed assembly
home rule request
ordered to third reading cal.358
substituted for a6354
May 20, 2013 referred to ways and means
delivered to assembly
passed senate
home rule request
May 06, 2013 advanced to third reading
May 01, 2013 2nd report cal.
Apr 30, 2013 1st report cal.495
Mar 22, 2013 referred to local government

Votes

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S4364 - Bill Details

See Assembly Version of this Bill:
A6354
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2787, S6606, A9355
2009-2010: S6833

S4364 - Bill Texts

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Relates to the sale of municipal obligations by the county of Erie.

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BILL NUMBER:S4364

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

SUMMARY OF SPECIFIC 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, 2014.

§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the sale is withdrawn and a new one advertised.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.

PRIOR LEGISLATIVE HISTORY: 2012: A.9355/S 6606-Chapter 80; 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.

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

                                  4364

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 22, 2013
                               ___________

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 80 of the laws of 2012, 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 [thirteen] FOURTEEN 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.
                                                           LBD09395-01-3

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