|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|
senate Bill S8479
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8479 (ACTIVE) - Details
S8479 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8479 SPONSOR: RANZENHOFER TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: This legislation would establish a two year electronic open auction bond sale pilot program to allow municipalities the option to sell municipal bonds in an open electronic auction format instead of by a closed elec- tronic bid format. This pilot program would be used to assess the finan- cial and administrative advantages of selling bonds via an open auction format by a nationally recognized electronic securities bidding plat- form. This bill is similar to Chapter 643 of 2019 as amended by part BB of S.7505-B of 2020.
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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