| 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 |
senate Bill S7157
2019-2020 Legislative Session
Sponsored By
Timothy M. Kennedy
(D, IP, WF) 63rd Senate District
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
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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) - Sponsor Memo
BILL NUMBER: S7157 SPONSOR: KENNEDY TITLE OF BILL: An act to amend the local finance law, in relation to the sale of munic- ipal obligations by the county of Erie PURPOSE: To provide Erie County with sufficient flexibility in its bond sales to maximize its return on bonds sold. SUMMARY OF PROVISIONS: Section 1 amends section 54.50 of the local finance law to permit the county of Erie to market serial bonds at private sale through the sunset date Section 2 sets the effective date.
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
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