senate Bill S6579A

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (7)
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
amend and recommit to local government
Feb 07, 2014 referred to local government

Votes

view votes

Apr 29, 2014 - Local Government committee Vote

S6579A
5
0
committee
5
Aye
0
Nay
4
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: Apr 29, 2014

aye wr (4)

S6579 - Details

See Assembly Version of this Bill:
A9270
Current Committee:
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L

S6579 - 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.

S6579 - Sponsor Memo

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.

S6579A (ACTIVE) - Details

See Assembly Version of this Bill:
A9270
Current Committee:
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L

S6579A (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.

S6579A (ACTIVE) - Sponsor Memo

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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