senate Bill S7157

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 28, 2020 committed to rules
Feb 26, 2020 advanced to third reading
Feb 25, 2020 2nd report cal.
Feb 24, 2020 1st report cal.446
Jan 09, 2020 referred to local government

Votes

view votes

Feb 24, 2020 - Local Government committee Vote

S7157
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: Feb 24, 2020

S7157 (ACTIVE) - Details

See Assembly Version of this Bill:
A9583
Current Committee:
Senate Rules
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
S7547, A9711

S7157 (ACTIVE) - Summary

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

S7157 (ACTIVE) - Sponsor Memo

S7157 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7157
 
                             I N  S E N A T E
 
                              January 9, 2020
                                ___________
 
 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 74 of the laws of 2019, 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 [twenty] TWENTY-ONE 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.
                                                            LBD04227-02-0


Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.