senate Bill S8479

2019-2020 Legislative Session

Establishes an electronic open auction public bond sale pilot program for certain municipalities

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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 20, 2020 reported and committed to rules
Jul 15, 2020 committee discharged and committed to local government
Jun 03, 2020 referred to rules

Votes

view votes

Jul 20, 2020 - Local Government committee Vote

S8479
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: Jul 20, 2020

S8479 (ACTIVE) - Details

See Assembly Version of this Bill:
A10593
Current Committee:
Senate Rules
Law Section:
Local Finance Law
Laws Affected:
Add §58.11, Loc Fin L
Versions Introduced in 2021-2022 Legislative Session:
S6360, A5786

S8479 (ACTIVE) - Summary

Establishes an electronic open auction public bond sale pilot program for certain municipalities, to be administered by the municipality's chief fiscal officer and calls for an evaluation of the program annually.

S8479 (ACTIVE) - Sponsor Memo

S8479 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8479

                            I N  S E N A T E

                              June 3, 2020
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the local finance law, in relation to the  establishment
  of  an  electronic  open auction public bond sale pilot program solely
  for certain municipalities; and  providing  for  the  repeal  of  such
  provisions upon the expiration 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
58.11 to read as follows:
  §  58.11 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM. A. AS
USED IN THIS SECTION:
  1. "MUNICIPALITY" MEANS  A  COUNTY  WITH  A  POPULATION  GREATER  THAN
FIFTY-SEVEN  THOUSAND, AND LESS THAN SIXTY-ONE THOUSAND, THAT HAS ISSUED
AT LEAST THREE MILLION FIVE HUNDRED THOUSAND 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 SUPERINTENDENT 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 SUPERINTENDENT.   NATIONALLY  RECOGNIZED
ELECTRONIC SECURITIES BIDDING SERVICES DESIRING TO OPERATE AN ELECTRONIC
OPEN  AUCTION  SHALL APPLY TO THE SUPERINTENDENT FOR AUTHORIZATION TO DO
SO BY FILING AN APPLICATION WITH THE SUPERINTENDENT. THE  SUPERINTENDENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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