senate Bill S6687

Signed By Governor
2013-2014 Legislative Session

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

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Sponsored By

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

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2014 signed chap.74
delivered to governor
Jun 09, 2014 returned to senate
passed assembly
home rule request
ordered to third reading cal.834
substituted for a8864
May 12, 2014 referred to local governments
delivered to assembly
passed senate
home rule request
May 05, 2014 advanced to third reading
Apr 30, 2014 2nd report cal.
Apr 29, 2014 1st report cal.446
Feb 27, 2014 referred to local government

Votes

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S6687 - Details

See Assembly Version of this Bill:
A8864
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.50, Loc Fin L

S6687 - Summary

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

S6687 - Sponsor Memo

S6687 - Bill Text download pdf

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

                                  6687

                            I N  S E N A T E

                            February 27, 2014
                               ___________

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 89 of the laws of 2013, 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 [fourteen] FIFTEEN 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.
                                                           LBD13668-01-4

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