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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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, 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 - Bill Details

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

S6687 - Bill Texts

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

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BILL NUMBER:S6687

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

SUMMARY OF PROVISIONS:

Section 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,
2015.

Section 2 sets the 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the sale is withdrawn and a new one advertised.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.

LEGISLATIVE HISTORY: 2013: S.4364/A.6354 - Chapter 89; 2012:
S.6606/A.9355 - Chapter 80; 2011: S.2787/A.4215 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
________________________________________________________________________

                                  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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