senate Bill S5886A

2019-2020 Legislative Session

Establishes an electronic open auction bond sale pilot program

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Current Bill Status - Passed Senate & Assembly


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

S5886 - Details

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

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.

S5886 - Sponsor Memo

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

S5886A (ACTIVE) - Details

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

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.

S5886A (ACTIVE) - Sponsor Memo

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.

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