Senate Bill S7987

2019-2020 Legislative Session

Relates to the electronic open auction public bond sale pilot program

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

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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) - Summary

Relates to the electronic open auction public bond sale pilot program; provides that the superintendent of financial services shall approve nationally recognized electronic securities bidding services for such program.

2019-S7987 (ACTIVE) - Sponsor Memo

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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