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Assembly Bill A9583

2019-2020 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2019-A9583 (ACTIVE) - Details

See Senate Version of this Bill:
S7157
Current Committee:
Assembly Ways And Means
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
A9711, S7547

2019-A9583 (ACTIVE) - Summary

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

2019-A9583 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9583
 
                           I N  A S S E M B L Y
 
                             January 24, 2020
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER, PEOPLES-STOKES -- 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 74 of the laws of 2019, 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 [twenty] TWENTY-ONE 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.
                                                            LBD04227-02-0

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