assembly Bill A6133

2021-2022 Legislative Session

Relates to establishing an electronic open auction public bond sale pilot program for certain municipalities

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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
May 10, 2022 held for consideration in local governments
Jan 05, 2022 referred to local governments
Mar 10, 2021 referred to local governments

Co-Sponsors

A6133 (ACTIVE) - Details

Law Section:
Local Finance Law
Laws Affected:
Add §58.20, Loc Fin L
Versions Introduced in 2019-2020 Legislative Session:
A7266

A6133 (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; calls for an evaluation of the program annually.

A6133 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6133
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2021
                                ___________
 
 Introduced by M. of A. HAWLEY -- read once and referred to the Committee
   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  solely
   for  certain  municipalities;  and  providing  for  the repeal of such
   provisions upon 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
 58.20 to read as follows:
   § 58.20 ELECTRONIC OPEN AUCTION PUBLIC BOND SALE PILOT PROGRAM;  MUNI-
 CIPALITIES. A. AS USED IN THIS SECTION:
   1.  "MUNICIPALITY" MEANS THE COUNTY OF GENESEE.
   2. "NATIONALLY RECOGNIZED ELECTRONIC SECURITIES BIDDING SERVICE" MEANS
 A  BIDDING  SERVICE  THAT IS RECOGNIZED NATIONALLY BY MUNICIPAL USERS OF
 ELECTRONIC SECURITIES BIDDING SERVICES AS PROVIDING AN ACCURATE,  SECURE
 AND RELIABLE ON-LINE BIDDING SYSTEM.
   3.  "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  BY
 SUBMITTING  A  BID AT A LOWER INTEREST RATE, 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 CHAP-
 TER.
   4.  "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 SOLELY FOR MUNICIPALITIES, AUTHORIZING MUNICIPALITIES
 TO  CONDUCT OPEN AUCTION PUBLIC BOND SALES THROUGH ANY NATIONALLY RECOG-
 NIZED ELECTRONIC SECURITIES BIDDING SERVICE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02003-01-1