Assembly Bill A5786

2021-2022 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 - Stricken


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2021-A5786 (ACTIVE) - Details

See Senate Version of this Bill:
S6360
Law Section:
Local Finance Law
Laws Affected:
Add §58.11, Loc Fin L
Versions Introduced in 2019-2020 Legislative Session:
A10593, S8479

2021-A5786 (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.

2021-A5786 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5786
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 25, 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 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.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.