senate Bill S7547

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 A9711 - Signed by Governor

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 01, 2018 signed chap.83
Jun 28, 2018 delivered to governor
Jun 04, 2018 returned to assembly
passed senate
home rule request
May 30, 2018 3rd reading cal.569
substituted for s7547
May 30, 2018 substituted by a9711
Mar 13, 2018 advanced to third reading
Mar 12, 2018 2nd report cal.
Mar 06, 2018 1st report cal.569
Jan 23, 2018 referred to local government

S7547 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2019-2020 Legislative Session:
S4159, S7157, A3697, A9583

S7547 (ACTIVE) - Summary

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

S7547 (ACTIVE) - Sponsor Memo

S7547 (ACTIVE) - Bill Text download pdf

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


                            I N  S E N A T E

                            January 23, 2018

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


  Section 1. Section 54.50 of the local finance law, as amended by chap-
ter 75 of the laws of 2017, 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 [eighteen] NINETEEN 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
  § 2. This act shall take effect immediately.

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


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