senate Bill S4159

Signed By Governor
2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 03, 2019 signed chap.74
Jun 28, 2019 delivered to governor
Jun 04, 2019 returned to senate
passed assembly
home rule request
ordered to third reading cal.497
substituted for a3697
May 29, 2019 referred to ways and means
delivered to assembly
passed senate
home rule request
May 08, 2019 advanced to third reading
May 07, 2019 2nd report cal.
May 06, 2019 1st report cal.569
Mar 01, 2019 referred to local government

Votes

view votes

May 6, 2019 - Local Government committee Vote

S4159
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: May 6, 2019

S4159 (ACTIVE) - Details

See Assembly Version of this Bill:
A3697
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
S7547, A9711

S4159 (ACTIVE) - Summary

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

S4159 (ACTIVE) - Sponsor Memo

S4159 (ACTIVE) - Bill Text download pdf


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

                                  4159

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              March 1, 2019
                               ___________

Introduced  by  Sen. KENNEDY -- 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

  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 83 of the laws of 2018, 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 [nineteen] TWENTY 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.
                                                           LBD04227-01-9

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