Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 11, 2020 |
reported referred to ways and means |
Mar 04, 2020 |
referred to local governments |
Assembly Bill A10000
2019-2020 Legislative Session
Sponsored By
THIELE
Archive: Last Bill Status - In Assembly Committee
- 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
Actions
co-Sponsors
Steven Otis
2019-A10000 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7987
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd §58.10, Loc Fin L
2019-A10000 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10000 I N A S S E M B L Y March 4, 2020 ___________ Introduced by M. of A. THIELE -- read once and referred to the Committee on Local Governments AN ACT to amend the local finance law, in relation to the electronic open auction public bond sale pilot program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 58.10 of the local finance law, as added by chapter 643 of the laws of 2019, is amended to read as follows: § 58.10 Electronic open auction public bond sale pilot program. a. As used in this section: 1. "Municipality" means a county with a population of four hundred thousand or more, or a city or town with a population of one hundred thousand or more that has issued at least twenty-five million dollars in bonds within at least one of the preceding three years. 2. "Nationally recognized electronic securities bidding service" means a bidding service that is approved by the [state comptroller] SUPER- INTENDENT pursuant to subdivision b of this section. 3. "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. 4. "Program" means the electronic open auction public bond sale pilot program established pursuant to this section. 5. "SUPERINTENDENT" MEANS THE SUPERINTENDENT OF FINANCIAL SERVICES. b. 1. There is hereby established an electronic open auction bond sale pilot program authorizing municipalities to conduct open auction public bond sales through any nationally recognized electronic securities bidding service approved by the [state comptroller] SUPERINTENDENT. Nationally recognized electronic securities bidding services desiring to operate an electronic open auction shall apply to the [state comp- troller] SUPERINTENDENT for authorization to do so by filing an applica- tion with the [state comptroller] SUPERINTENDENT. The [state comp- troller] SUPERINTENDENT shall make available an application form that EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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