Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 28, 2020 |
referred to local government |
Senate Bill S7577
2019-2020 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
2019-S7577 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6756
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.20, Loc Fin L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S6579, A9270
2015-2016: S4142, A1625
2017-2018: S3849, A2536
2021-2022: S2295, A4416
2023-2024: S4284, A5137
2019-S7577 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7577 SPONSOR: JORDAN 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 for munici- palities; and providing for the repeal of such provisions upon expira- tion thereof PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to establish a three year pilot program for all municipalities to sell municipal bonds via an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This pilot program would be used to assess the financial and administrative advan- tages of selling bonds via an open auction form at by a nationally recognized electronic securities bidding platform. SUMMARY OF PROVISIONS:
2019-S7577 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7577 I N S E N A T E January 28, 2020 ___________ Introduced by Sen. JORDAN -- 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 for muni- cipalities; and providing for the repeal of such provisions upon expi- ration 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 58.20 to read as follows: § 58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM; MUNI- CIPALITIES. A. AS USED IN THIS SECTION: 1. "CLOSED AUCTION" MEANS A BOND SALE PROCEDURE THAT DOES NOT ALLOW A BIDDER TO RECEIVE INFORMATION WITH RESPECT TO THE STATUS OR RANK OF ITS BIDS PRIOR TO THE CONCLUSION OF THE BID SUBMISSION PERIOD. 2. "MUNICIPALITY" MEANS A COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT. 3. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS A BIDDING SERVICE THAT IS RECOGNIZED NATIONALLY BY THE PREDOMINANT USERS OF ELECTRONIC SECURITIES BIDDING SERVICES AS PROVIDING AN ACCURATE, SECURE AND RELIABLE ON-LINE BIDDING SYSTEM. 4. "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 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 CHAPTER. 5. "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 AUTHORIZING MUNICIPALITIES TO CONDUCT OPEN AUCTION PUBLIC BOND SALES THROUGH ANY NATIONALLY RECOGNIZED ELECTRONIC SECURI- TIES BIDDING SERVICE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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