Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 05, 2022 |
referred to local government |
Apr 23, 2021 |
referred to local government |
Senate Bill S6360
2021-2022 Legislative Session
Sponsored By
(R) Senate District
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
Actions
2021-S6360 (ACTIVE) - Details
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Add §58.11, Loc Fin L
- Versions Introduced in 2019-2020 Legislative Session:
-
S8479
2021-S6360 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6360 SPONSOR: RATH 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: The purpose of this bill is to establish a two year pilot program for Genesee County to sell municipal bonds via an open auction format instead of by a closed bid format. Such open auction would be conducted via an electronic means instead of being done in person. This pilot program would be used to assess the financial and administrative advan- tages of selling bonds via an open auction format by a nationally recog- nized electronic securities bidding platform. SUMMARY OF PROVISIONS:
2021-S6360 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6360 2021-2022 Regular Sessions I N S E N A T E April 23, 2021 ___________ Introduced by Sen. RATH -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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