Senate Bill S2369

Signed By Governor
2013-2014 Legislative Session

Relates to the notice of sale of bonds

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Archive: Last Bill Status - Signed by Governor


  • 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

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Bill Amendments

2013-S2369 - Details

Law Section:
Local Finance Law
Laws Affected:
Amd §58.00, Loc Fin L

2013-S2369 - Summary

Relates to the notice of sale of bonds.

2013-S2369 - Sponsor Memo

2013-S2369 - Bill Text download pdf

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

                                  2369

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 16, 2013
                               ___________

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  public bond sale pilot program for municipalities;
  and providing for the repeal of such provisions upon expiration there-
  of

  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 PUBLIC BOND SALE PROGRAM; MUNICIPALITIES.  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  PUBLIC  BOND  SALE  PILOT  PROGRAM
ESTABLISHED PURSUANT TO THIS SECTION.
  B.  THERE  IS  HEREBY ESTABLISHED AN ELECTRONIC PUBLIC BOND SALE PILOT
PROGRAM AUTHORIZING MUNICIPALITIES TO CONDUCT PUBLIC BOND SALES  THROUGH
ANY NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05062-01-3
              

2013-S2369A (ACTIVE) - Details

Law Section:
Local Finance Law
Laws Affected:
Amd §58.00, Loc Fin L

2013-S2369A (ACTIVE) - Summary

Relates to the notice of sale of bonds.

2013-S2369A (ACTIVE) - Sponsor Memo

2013-S2369A (ACTIVE) - Bill Text download pdf

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

                                 2369--A
    Cal. No. 326

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 16, 2013
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading, passed by Senate and delivered  to
  the  Assembly, recalled, vote reconsidered, restored to third reading,
  amended and ordered reprinted, retaining its place  in  the  order  of
  third reading

AN ACT to amend the local finance law, in relation to the notice of sale
  of bonds

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph a of section 58.00 of the local finance  law,  as
amended  by  section  6  of part X of chapter 62 of the laws of 2003, is
amended to read as follows:
  a. There shall be published, at least once, not  less  than  five  nor
more  than  thirty  days  before  the  date fixed for the public sale of
bonds, a notice of such public sale or a summary thereof  in  accordance
with  one  of  the  following  methods:  (1) the notice of sale shall be
published in any financial newspaper published  and  circulated  in  the
city  of  New  York  which  the  state comptroller, in the rule or order
referred to in paragraph d of  section  57.00  of  this  chapter,  shall
designate  for  such publication; (2) the notice of sale shall be circu-
larized in such manner as the state comptroller shall prescribe in  such
rule  or  order  and  shall  be published in any newspaper or newspapers
which the finance board of the municipality, school district or district
corporation may designate for such purpose; or (3) (i) a summary of  the
notice  of  sale  shall  be  published  in  both the financial newspaper
published and circulated in the city of New York which the  state  comp-
troller  has  designated in the rule or order referred to in paragraph d
of section 57.00 of this chapter, and (ii) any newspaper  or  newspapers
which the finance board of the municipality, school district or district

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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