Senate Bill S7577

2019-2020 Legislative Session

Establishes the electronic open auction public bond sale pilot program for counties, cities, towns, villages and school districts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee


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

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

2019-S7577 (ACTIVE) - Details

See Assembly Version of this Bill:
A6756
Current Committee:
Senate Local Government
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6579, A9270
2015-2016: S4142, A1625
2017-2018: S3849, A2536
2021-2022: S2295, A4416
2023-2024: S4284, A5137

2019-S7577 (ACTIVE) - Summary

Establishes the electronic open auction public bond sale pilot program for counties, cities, towns, villages and school districts; such provisions shall remain in effect for 3 years.

2019-S7577 (ACTIVE) - Sponsor Memo

2019-S7577 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7577
 
                             I N  S E N A T E
 
                             January 28, 2020
                                ___________
 
 Introduced  by  Sen.  JORDAN -- 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 muni-
   cipalities; and providing for the repeal of such provisions upon expi-
   ration 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  A  COUNTY,  CITY,  TOWN,  VILLAGE  OR  SCHOOL
 DISTRICT.
   3. "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.
   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 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 CHAPTER.
   5.  "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 MUNICIPALITIES TO CONDUCT OPEN AUCTION
 PUBLIC BOND SALES THROUGH ANY NATIONALLY RECOGNIZED  ELECTRONIC  SECURI-
 TIES BIDDING SERVICE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.

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