Assembly Bill A9358A

Signed By Governor
2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6788 - 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

co-Sponsors

multi-Sponsors

2015-A9358 - Details

See Senate Version of this Bill:
S6788
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
A4901, S4308

2015-A9358 - Summary

Extends provisions of law relating to the sale of municipal notes and bonds of the county of Erie.

2015-A9358 - Bill Text download pdf 

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

                                  9358

                          I N  A S S E M B L Y

                            February 25, 2016
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER, PEOPLES-STOKES, CERETTO, KEARNS,
  CORWIN -- Multi-Sponsored by -- M. of A. DiPIETRO  --  read  once  and
  referred to the Committee on Local Governments

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 43 of the laws of 2015, 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 [sixteen] SEVENTEEN 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] ARTICLE.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14115-01-6

co-Sponsors

multi-Sponsors

2015-A9358A (ACTIVE) - Details

See Senate Version of this Bill:
S6788
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
A4901, S4308

2015-A9358A (ACTIVE) - Summary

Extends provisions of law relating to the sale of municipal notes and bonds of the county of Erie.

2015-A9358A (ACTIVE) - Bill Text download pdf 

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

                                 9358--A

                          I N  A S S E M B L Y

                            February 25, 2016
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER, PEOPLES-STOKES, CERETTO, KEARNS,
  CORWIN -- Multi-Sponsored by -- M. of A. DiPIETRO  --  read  once  and
  referred  to  the Committee on Local Governments -- recommitted to the
  Committee on Local Governments in accordance  with  Assembly  Rule  3,
  sec.  2  --  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 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 43 of the laws of 2015, 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 [sixteen] SEVENTEEN 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.
                                                           LBD14115-02-6

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