senate Bill S4804B

2019-2020 Legislative Session

Relates to establishing an electronic open auction public bond sale pilot program for certain municipalities

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Current Bill Status - Passed Senate


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 19, 2019 referred to local governments
delivered to assembly
passed senate
home rule request
ordered to third reading cal.1690
committee discharged and committed to rules
May 10, 2019 print number 4804b
May 10, 2019 amend and recommit to local government
Apr 05, 2019 print number 4804a
Apr 05, 2019 amend (t) and recommit to local government
Mar 26, 2019 referred to local government

S4804 - Details

See Assembly Version of this Bill:
A7266
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L

S4804 - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

S4804 - Sponsor Memo

S4804 - Bill Text download pdf


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

                                  4804

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 26, 2019
                               ___________

Introduced  by  Sen.  RANZENHOFER -- 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
  certain  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
58.20 to read as follows:
  §  58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM; MUNI-
CIPALITIES. A. AS USED IN THIS SECTION:
  1. "MUNICIPALITY" MEANS THE COUNTY OF GENESEE.
  2. "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.
  3.  "OPEN AUCTION" MEANS A BOND SALE PROCEDURE THAT ALLOWS A BIDDER TO
RECEIVE INFORMATION WITH RESPECT TO THE STATUS OR RANK  OF  HIS  OR  HER
BIDS  PRIOR  TO  THE CONCLUSION OF THE BID SUBMISSION PERIOD AND IMPROVE
HIS OR HER BID AS A RESULT OF THE  RECEIVED  INFORMATION  IN  ACCORDANCE
WITH  THE  MUNICIPALITY'S NOTICE OF SUCH BOND SALE CIRCULATED IN ACCORD-
ANCE WITH APPLICABLE REQUIREMENTS OF THIS SECTION.
  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 AUTHORIZING GENESEE COUNTY TO  CONDUCT  OPEN  AUCTION
PUBLIC  BOND  SALES THROUGH ANY NATIONALLY RECOGNIZED ELECTRONIC SECURI-
TIES BIDDING SERVICE.
  C. THE CHIEF FISCAL OFFICER OF SUCH MUNICIPALITY MAY ACCEPT ELECTRONIC
BIDS SUBMITTED  IN  THE  FORM  OF  OPEN  AUCTIONS  CONDUCTED  THROUGH  A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S4804A - Details

See Assembly Version of this Bill:
A7266
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L

S4804A - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

S4804A - Sponsor Memo

S4804A - Bill Text download pdf


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

                                 4804--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 26, 2019
                               ___________

Introduced  by  Sen.  RANZENHOFER -- 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 the  establishment
  of  an  electronic  open auction public bond sale pilot program solely
  for certain 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
58.20 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 THE COUNTY OF GENESEE.
  3. "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 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 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.
  5. "PROGRAM" MEANS THE ELECTRONIC OPEN AUCTION PUBLIC BOND SALE  PILOT
PROGRAM ESTABLISHED PURSUANT TO THIS SECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S4804B (ACTIVE) - Details

See Assembly Version of this Bill:
A7266
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L

S4804B (ACTIVE) - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

S4804B (ACTIVE) - Sponsor Memo

S4804B (ACTIVE) - Bill Text download pdf


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

                                 4804--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 26, 2019
                               ___________

Introduced  by  Sen.  RANZENHOFER -- 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 -- committee discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

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  certain  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
58.20 to read as follows:
  § 58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM;  MUNI-
CIPALITIES. A. AS USED IN THIS SECTION:
  1.  "MUNICIPALITY" MEANS THE COUNTY OF GENESEE.
  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 ON-LINE 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 SOLELY FOR MUNICIPALITIES, AUTHORIZING MUNICIPALITIES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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