Assembly Bill A4416

2021-2022 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A4416 (ACTIVE) - Details

See Senate Version of this Bill:
S2295
Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9270, S6579
2015-2016: A1625, S4142
2017-2018: A2536, S3849
2019-2020: A6756, S7577
2023-2024: A5137, S4284

2021-A4416 (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.

2021-A4416 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4416
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced  by M. of A. WALCZYK -- read once and referred to the Commit-
   tee on Local Governments
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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