Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 06, 2020 |
referred to local government |
Senate Bill S7987
2019-2020 Legislative Session
Sponsored By
(D) Senate District
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
Actions
2019-S7987 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10000
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd §58.10, Loc Fin L
2019-S7987 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7987 SPONSOR: GAUGHRAN TITLE OF BILL: An act to amend the local finance law, in relation to the electronic open auction public bond sale pilot program PURPOSE OR GENERAL IDEA OF BILL: To authorize the Superintendent of the Department of Financial Services (DFS) to oversee the electronic open auction public bond sale pilot program for municipalities. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends Local Finance Law section 58.10 to authorize the Super- intendent of DFS to monitor and oversee the electronic open auction public bond sale pilot program for municipalities. Section 2 sets the effective date.
2019-S7987 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7987 I N S E N A T E March 6, 2020 ___________ 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 electronic open auction public bond sale pilot program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 58.10 of the local finance law, as added by chapter 643 of the laws of 2019, is amended 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] SUPER- INTENDENT 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. 5. "SUPERINTENDENT" MEANS THE SUPERINTENDENT OF FINANCIAL SERVICES. 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] SUPERINTENDENT. Nationally recognized electronic securities bidding services desiring to operate an electronic open auction shall apply to the [state comp- troller] SUPERINTENDENT for authorization to do so by filing an applica- tion with the [state comptroller] SUPERINTENDENT. The [state comp- troller] SUPERINTENDENT shall make available an application form that EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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