Assembly Bill A4901

Signed By Governor
2017-2018 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 S4308 - 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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2017-A4901 (ACTIVE) - Details

See Senate Version of this Bill:
S4308
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2015-2016 Legislative Session:
A9358, S6788

2017-A4901 (ACTIVE) - Summary

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

2017-A4901 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4901
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A. SCHIMMINGER, PEOPLES-STOKES, KEARNS -- 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 85 of the laws of 2016, is amended to read as follows:
   § 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 [seventeen] EIGHTEEN 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.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08635-01-7

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