NY State Senate Bill 2019-S5886A

Archive: Last Bill Status - 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 12, 2019	signed chap.643
Dec 06, 2019	delivered to governor
Jun 20, 2019	returned to senate passed assembly ordered to third reading rules cal.568 substituted for a8336a
Jun 19, 2019	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1698 committee discharged and committed to rules
Jun 14, 2019	print number 5886a
Jun 14, 2019	amend (t) and recommit to local government
May 16, 2019	referred to local government

Votes

- Jun 19, 2019 - Floor Vote
  S5886A
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 19, 2019
      
      aye (62)
      
      Addabbo Jr.
      
      Akshar
      
      Amedore
      
      Antonacci
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hoylman-Sigal
      
      Jackson
      
      Jacobs
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      LaValle
      
      Lanza
      
      Little
      
      Liu
      
      Martinez
      
      May
      
      Mayer
      
      Metzger
      
      Montgomery
      
      Myrie
      
      O'Mara
      
      Ortt
      
      Parker
      
      Persaud
      
      Ramos
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Seward
      
      Skoufis
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
  Jun 19, 2019 - Rules Committee Vote
  S5886A
  
  19
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 19, 2019
      
      aye (19)
      
      Benjamin
      
      Breslin
      
      Comrie
      
      Flanagan
      
      Gianaris
      
      Griffo
      
      Hoylman-Sigal
      
      Kennedy
      
      Krueger
      
      LaValle
      
      Lanza
      
      Little
      
      Liu
      
      Martinez
      
      Parker
      
      Robach
      
      Savino
      
      Seward
      
      Stewart-Cousins

Bill Amendments

Original

A (Active)

2019-S5886 - Details

See Assembly Version of this Bill:: A8336
Law Section:: Local Finance Law
Laws Affected:: Add §58.10, Loc Fin L

2019-S5886 - Summary

Establishes an electronic open auction public bond sale pilot program to conduct open auction public bond sales through nationally recognized securities bidding services.

2019-S5886 - Sponsor Memo

                                
 
BILL NUMBER: S5886

SPONSOR: GAUGHRAN
 
TITLE OF BILL:  An act to amend the local finance law, in relation to
the establishment of an electronic open auction public bond sale pilot
program solely for municipalities; and providing for the repeal of such
provisions upon expiration thereof

 
PURPOSE:

The purpose of this bill is to establish a two year pilot program for
counties, cities, towns, villages, fire districts and school districts
to sell municipal bonds via an open auction format instead of by a
closed bid format. Such open auctions would be conducted via an elec-
tronic means instead of being done in person. This pilot program would
be used to assess the financial and administrative advantages of selling
bonds via an open auction format by a nationally recognized electronic
securities bidding platform.

 
SUMMARY OF PROVISIONS:

Section 1: Adds a new Local Finance Law section, 58.10 to establish a
local electronic open auction public bond sale pilot program. The use of
an open auction is entirely optional on the part of the local govern-
ment. The local government would also have the option of using the open
auction public bond process for some of its bonds, while utilizing the
standard process for others. This section contains definitions for
pertinent terms, establishes the electronic open auction public bond
sale pilot program and provides procedures for use of the open bid proc-
ess. For local governments utilizing this option, a report will be
required at the end of the two year program.  The Comptroller is charged
with compiling the data received and subsequently reporting to the
Legislature.

Section two provides that this act shall take effect immediately, and
that it shall expire and be deemed repealed two years after such date.

 
JUSTIFICATION:

New York is one of only ten states that does not allow electronic
bidding via an open auction format. Allowing local governments the
option of utilizing this process can result in cost savings if the local
government is able to find lower interest rates. Open bond auctions have
resulted in millions of dollars in savings for municipalities in other
states.

Given the financial stresses our local governments face, we should allow
them the flexibility to use the open bond process when it can result in
cost savings for them.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
Immediately and shall sunset two years after it goes into effect.

2019-S5886 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5886
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- 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  establishment
   of  an  electronic  open auction public bond sale pilot program solely
   for municipalities; and providing for the repeal  of  such  provisions
   upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The local finance law is amended by adding  a  new  section
 58.10 to read as follows:
   §  58.10 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM; MUNI-
 CIPALITIES.  A. AS USED IN THIS SECTION:
   1. "MUNICIPALITY" MEANS A COUNTY, CITY, TOWN, VILLAGE, FIRE  DISTRICT,
 OR SCHOOL DISTRICT.
   2. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS
 A  BIDDING  SERVICE  THAT IS RECOGNIZED NATIONALLY BY MUNICIPAL USERS OF
 ELECTRONIC SECURITIES BIDDING SERVICES AS PROVIDING AN ACCURATE,  SECURE
 AND RELIABLE ONLINE BIDDING SYSTEM.
   3.  "OPEN AUCTION" MEANS A BOND SALE PROCEDURE THAT ALLOWS A BIDDER TO
 RECEIVE INFORMATION WITH RESPECT TO THE STATUS OR RANK OF ITS BIDS PRIOR
 TO THE CONCLUSION OF THE BID SUBMISSION PERIOD AND IMPROVE ITS  BID,  BY
 SUBMITTING  A  BID AT A LOWER INTEREST RATE, AS A RESULT OF THE RECEIVED
 INFORMATION IN ACCORDANCE WITH THE MUNICIPALITY'S NOTICE  OF  SUCH  BOND
 SALE CIRCULATED IN ACCORDANCE WITH APPLICABLE REQUIREMENTS OF THIS CHAP-
 TER.
   4.  "PROGRAM" MEANS THE ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT
 PROGRAM ESTABLISHED PURSUANT TO THIS SECTION.
   B. THERE IS HEREBY ESTABLISHED AN ELECTRONIC OPEN AUCTION PUBLIC  BOND
 SALE  PILOT  PROGRAM  FOR  MUNICIPALITIES.  SUCH  PUBLIC BOND SALE PILOT
 PROGRAM SHALL AUTHORIZE MUNICIPALITIES TO CONDUCT  OPEN  AUCTION  PUBLIC
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11659-01-9

 S. 5886                             2
 
 BOND  SALES  THROUGH  ANY  NATIONALLY  RECOGNIZED  ELECTRONIC SECURITIES
 BIDDING SERVICE.
   C.  THE  CHIEF  FISCAL OFFICER OF A MUNICIPALITY MAY ACCEPT ELECTRONIC
 BIDS SUBMITTED  IN  THE  FORM  OF  OPEN  AUCTIONS  CONDUCTED  THROUGH  A
 NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE, WHICH SHALL
 BE DEEMED TO BE THE DESIGNATED RECEIVING DEVICE. NOTICE OF ANY BOND SALE
 SHALL  PROVIDE  FOR THE MANNER IN WHICH THE BID SUBMISSION PERIOD MAY BE
 EXTENDED AND THE BASIS FOR DETERMINATION OF THE BID SELECTED.
   D. NOTWITHSTANDING THE PROVISIONS OF SECTION THREE HUNDRED FIVE OF THE
 STATE TECHNOLOGY LAW OR ANY OTHER LAW, THE NOTICE OF SALE MAY CONTAIN  A
 PROVISION  THAT  BIDS WILL ONLY BE ACCEPTED ELECTRONICALLY IN THE MANNER
 PROVIDED IN SUCH NOTICE OF SALE.
   E. THE CHIEF FISCAL OFFICER OF A  MUNICIPALITY  SHALL  ADMINISTER  THE
 PILOT PROGRAM, AND MAY UTILIZE THE PROGRAM IN ACCORDANCE WITH THE POWERS
 DELEGATED  TO  THE  CHIEF FISCAL OFFICER BY THE LEGISLATIVE BODY OF SUCH
 MUNICIPALITY. EXCEPT AS MODIFIED BY THIS SECTION, EACH  MUNICIPAL  PILOT
 PROGRAM  SHALL  COMPLY  WITH  THIS SECTION AND ALL OTHER APPLICABLE LAWS
 RELATED TO THE SALE OF BONDS.
   F. THE CHIEF FISCAL OFFICER OF A MUNICIPALITY SHALL REVIEW  THE  ELEC-
 TRONIC OPEN AUCTION BIDDING PROCESS TO ENSURE THAT THE BOND SALE WAS:
   1. COMPLETED IN A TIMELY FASHION; AND
   2. COMPLETED WITHOUT ERRORS.
   G.  1. EACH MUNICIPALITY, OR TWO OR MORE MUNICIPALITIES ACTING JOINTLY
 OR IN COOPERATION WITH ANY  ENTITY  REPRESENTING  MUNICIPALITIES,  SHALL
 CONDUCT  ANNUAL  EVALUATIONS  OF  SUCH  PILOT PROGRAM OR PROGRAMS WITH A
 SUMMARY EVALUATION AT THE  END  OF  THE  TWO  YEAR  OPEN  AUCTION  PILOT
 PROGRAM.  SUCH ANNUAL EVALUATIONS SHALL BE CONDUCTED ON OR BEFORE FEBRU-
 ARY FIRST OF EACH YEAR. THE MUNICIPALITY OR MUNICIPALITIES SHALL  SUBMIT
 SUCH ANNUAL EVALUATIONS TO THE STATE COMPTROLLER.
   2.  SUCH  ANNUAL  REPORT SHALL INCLUDE, BUT NOT BE LIMITED TO: (I) THE
 COST OF USING AN OPEN AUCTION PLATFORM; (II) A BIDDING  ACTIVITY  REPORT
 DETAILING THE WINNING BIDDER, THE NUMBER OF BIDDERS, THE NUMBER OF BIDS,
 THE NUMBER OF BID IMPROVEMENTS, AND THE NUMBER OF AUCTION EXTENSIONS, IF
 ANY;  AND  (III) ANY SAVINGS ACHIEVED THROUGH THE OPEN AUCTION, PROVIDED
 THAT SUCH SAVINGS SHALL BE CALCULATED BY DETERMINING THE COST  DIFFEREN-
 TIAL  BETWEEN  THE  INITIAL BID SUBMITTED AND THE WINNING BID IN AN OPEN
 AUCTION. IF THE INITIAL BID SUBMITTED IS THE ULTIMATE WINNING  BID,  THE
 OPEN AUCTION SAVINGS WOULD BE ZERO DOLLARS ($0.00).
   3.  ANNUALLY,  THE STATE COMPTROLLER SHALL COMPILE ALL THE INFORMATION
 RECEIVED FROM MUNICIPALITIES PURSUANT TO THIS SUBDIVISION,  AND,  ON  OR
 BEFORE APRIL FIRST OF EACH YEAR, SUBMIT SUCH COMPILED INFORMATION TO THE
 LEGISLATURE,  THE  TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE
 ASSEMBLY, THE MINORITY LEADER OF THE SENATE AND THE MINORITY  LEADER  OF
 THE ASSEMBLY.
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed two years after such date.

2019-S5886A (ACTIVE) - Details

See Assembly Version of this Bill:: A8336
Law Section:: Local Finance Law
Laws Affected:: Add §58.10, Loc Fin L

2019-S5886A (ACTIVE) - Summary

Establishes an electronic open auction public bond sale pilot program to conduct open auction public bond sales through nationally recognized securities bidding services.

2019-S5886A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5886A

SPONSOR: GAUGHRAN
 
TITLE OF BILL:  An act to amend the local finance law, in relation to
establishing an electronic open auction bond sale pilot program and
providing for the repeal of such provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation would establish a two year electronic open auction bond
sale pilot program to allow municipalities the option to sell municipal
bonds in an open electronic auction format instead of by a closed elec-
tronic bid format. This pilot program would be used to assess the finan-
cial and administrative advantages of selling bonds via an open auction
format by a nationally recognized electronic securities bidding plat-
form.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the local finance law by adding a new section 58.10.

- Paragraph (a) adds a definition section

- Paragraph (b) establishes an electronic open auction bond sale pilot
program, authorizing municipalities to conduct open auction public bond
sales operated through nationally recognized electronic securities
bidding services, approved by the State Comptroller through an applica-
tion process, for use by municipalities. Information regarding the
approved nationally recognized electronic securities bidding services
will subsequently be posted on the website of the State Comptroller

- Paragraph (c) provides that open auction electronic bidding will be
conducted through certain nationally recognized electronic securities
bidding services

- Paragraph (d) states that, with certain exceptions, where the notice
of sale has specified that bids will only be accepted electronically,
the municipality shall not be required to accept non-electronic bids

-Paragraphs (e) and (f) provide that the program shall be administered
by the municipality's chief fiscal officer, who will subsequently evalu-
ate its favorability over the method previously utilized by the munici-
pality

-Paragraph (g) provides that the municipality's chief fiscal officer
shall annually review the program to ensure its functionality and prof-
itability, and provides certain procedures and requirements for the
program's evaluation

Section 2 sets the effective date of January 1st next succeeding the
date it has become law, expiring two years after such effective date

 
JUSTIFICATION:

Electronic bidding processes have been recognized to increase the speed
and efficiency of bidding as well as reduce the administrative burden
and costs of the paper bidding process. Currently, New York authorizes
electronic bidding through section 58 of the Local Finance Law, but only
permits closed bidding. There are now forty states, including Califor-
nia, New Jersey, Ohio and Texas that have enacted legislation to allow
municipalities to conduct public bond sales through nationally recog-
nized bidding firms, many of them by the electronic bidding open auction
format.

Open auctions are a cost saving tool that have allowed municipalities to
find lower interest rates and save money. When used with large bond
offerings in other states, open auctions have translated into millions
of dollars in savings for municipalities. With the focus on insuring
financial efficiencies, throughout the state, municipalities must be
given every possible option to save money.

This legislation would establish a two year pilot program for eligible
municipalities, would have no financial impact on the state an d require
nothing of the municipality. Simply, it allows for the use of another
tool that has been developed through evolving technology, should munici-
palities choose to utilize it.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:  None.

 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law and shall sunset 2 years after
such date.

2019-S5886A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5886--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the local finance law, in relation  to  establishing  an
   electronic  open auction bond sale pilot program and providing for the
   repeal of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  local finance law is amended by adding a new section
 58.10 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 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.
   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. NATIONALLY RECOGNIZED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11659-02-9

 S. 5886--A                          2
 
 ELECTRONIC SECURITIES BIDDING SERVICES DESIRING TO OPERATE AN ELECTRONIC
 OPEN  AUCTION  SHALL APPLY TO THE STATE COMPTROLLER FOR AUTHORIZATION TO
 DO SO BY FILING AN APPLICATION WITH THE  STATE  COMPTROLLER.  THE  STATE
 COMPTROLLER  SHALL  MAKE AVAILABLE AN APPLICATION FORM THAT PROVIDES THE
 STATE COMPTROLLER WITH INFORMATION REGARDING THE TECHNOLOGY AND SECURITY
 PRACTICES MAINTAINED BY THE NATIONALLY RECOGNIZED ELECTRONIC  SECURITIES
 BIDDING  SERVICE,  THE  REQUIREMENTS  TO  BE  ESTABLISHED FOR BIDDING BY
 BIDDERS, THE METHODS BY WHICH AUCTION SALES ARE CONDUCTED,  THE  EXPERI-
 ENCE  OF THE NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE
 IN CONDUCTING ELECTRONIC OPEN AUCTIONS OF BONDS, AND  OTHER  INFORMATION
 THE STATE COMPTROLLER MAY DEEM RELEVANT.
   2.  IF  THE  STATE  COMPTROLLER  DETERMINES  THAT THE REQUIREMENTS AND
 CONDITIONS OF THE OPEN AUCTION ARE IN ACCORDANCE WITH THE PROVISIONS  OF
 THIS CHAPTER AND THE BIDDING SERVICE PROVIDES A SECURE, OPEN AND COMPET-
 ITIVE  OPPORTUNITY FOR QUALIFIED BIDDERS TO SUBMIT PROPOSALS, THE APPLI-
 CATION SHALL BE DEEMED APPROVED.
   3.  THE  STATE  COMPTROLLER  SHALL  POST  INFORMATION  REGARDING   THE
 NATIONALLY  RECOGNIZED  ELECTRONIC SECURITIES BIDDING SERVICES THAT HAVE
 BEEN APPROVED  FOR  USE  BY  MUNICIPALITIES  ON  THE  STATE  COMPTROLLER
 WEBSITE.
   C.  IF THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY HAS AUTHORIZED THE
 RECEIPT OF BIDS IN AN ELECTRONIC OPEN AUCTION  FORMAT,  SUCH  ELECTRONIC
 BIDS  MAY  BE SUBMITTED IN THE FORM OF OPEN AUCTIONS CONDUCTED THROUGH A
 NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE WHICH ENTITY
 SHALL BE DEEMED TO  BE  THE  DESIGNATED  RECEIVING  DEVICE  PURSUANT  TO
 SECTION  58.00  OF THIS TITLE. NOTICE OF ANY BOND SALE SHALL PROVIDE FOR
 THE MANNER IN WHICH THE BIDDING PERIOD MAY BE EXTENDED AND THE BASIS FOR
 DETERMINATION OF THE WINNING BIDDER.
   D. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF SECTION  THREE
 HUNDRED  FIVE OF THE STATE TECHNOLOGY LAW, IF THE NOTICE OF SALE FOR THE
 OPEN AUCTION PUBLIC BOND CONTAINS A PROVISION THAT  BIDS  WILL  ONLY  BE
 ACCEPTED  ELECTRONICALLY  IN THE MANNER PROVIDED IN SUCH NOTICE OF SALE,
 THE MUNICIPALITY SHALL NOT BE REQUIRED TO ACCEPT NON-ELECTRONIC BIDS  IN
 ANY FORM.
   E.  THE  MUNICIPALITY'S  CHIEF  FISCAL  OFFICER  SHALL  ADMINISTER THE
 PROGRAM AND SHALL PUBLISH ITS POLICIES AND PROCEDURES FOR  THE  PROCURE-
 MENT  OF NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICES ON
 THE MUNICIPALITY'S INTERNET WEBSITE. SUCH POLICIES AND PROCEDURES  SHALL
 INCLUDE  POLICIES  TO PREVENT FRAUD. EXCEPT AS MODIFIED BY THIS SECTION,
 THE MUNICIPAL PROGRAM SHALL COMPLY  WITH  THIS  CHAPTER  AND  ALL  OTHER
 APPLICABLE LAWS, RULES AND REGULATIONS RELATED TO THE SALE OF BONDS.
   F. THE MUNICIPALITY'S CHIEF FISCAL OFFICER SHALL REVIEW THE ELECTRONIC
 OPEN  AUCTION BIDDING PROCESS TO ENSURE THAT THE BOND SALE WAS COMPLETED
 IN A TIMELY FASHION; THE SALE WAS  COMPLETED  WITHOUT  ERRORS;  AND  THE
 PROCESS  WAS  FAVORABLE  AS COMPARED TO THE METHOD CURRENTLY USED BY THE
 MUNICIPALITY.
   G. THE MUNICIPALITY SHALL CONDUCT EVALUATIONS OF THE PROGRAM  ANNUALLY
 WITH  A SUMMARY EVALUATION AT THE END OF THE TWO YEAR PROGRAM. THE MUNI-
 CIPALITY SHALL SUBMIT THE EVALUATIONS  TO  THE  STATE  COMPTROLLER,  THE
 TEMPORARY  PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY. SUCH
 REPORT SHALL INCLUDE, BUT NOT BE LIMITED TO, ANY  DEMONSTRATED  EVIDENCE
 THAT  SALE  OF PUBLIC BONDS USING ELECTRONIC OPEN AUCTIONS IS COMPARABLE
 TO THE COST OF ISSUING PUBLIC BONDS THROUGH THE CURRENT SEALED BID PROC-
 ESS, THE FEES ASSOCIATED WITH NATIONALLY RECOGNIZED  ELECTRONIC  SECURI-
 TIES  BIDDING  SERVICES,  WHETHER  THE  USE  OF ELECTRONIC OPEN AUCTIONS

 S. 5886--A                          3

 RESULTED IN AN INCREASED NUMBER OF BIDDERS AND WHETHER THE  PROCESS  WAS
 FAVORABLE AS COMPARED TO THE METHOD CURRENTLY USED BY THE MUNICIPALITY.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law and  shall  expire  two
 years  after  such effective date, when upon such date the provisions of
 this act shall be deemed repealed.

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Senate Bill S5886A

Sponsored By

Archive: Last Bill Status - Signed by Governor

Jun 19, 2019 - Floor Vote

Floor Vote: Jun 19, 2019

Jun 19, 2019 - Rules Committee Vote

Rules Committee Vote: Jun 19, 2019

Bill Amendments

2019-S5886 - Details

2019-S5886 - Summary

2019-S5886 - Sponsor Memo

2019-S5886 - Bill Text download pdf

2019-S5886A (ACTIVE) - Details

2019-S5886A (ACTIVE) - Summary

2019-S5886A (ACTIVE) - Sponsor Memo

2019-S5886A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5886A

Share this bill

Sponsored By

James Gaughran

Archive: Last Bill Status - Signed by Governor

Bill Amendments

2019-S5886 - Details

2019-S5886 - Summary

2019-S5886 - Sponsor Memo

2019-S5886 - Bill Text download pdf

2019-S5886A (ACTIVE) - Details

2019-S5886A (ACTIVE) - Summary

2019-S5886A (ACTIVE) - Sponsor Memo

2019-S5886A (ACTIVE) - Bill Text download pdf

Comments