senate Bill S4851

Signed By Governor
2021-2022 Legislative Session

Relates to the sale of municipal obligations by the county of Erie

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2021 signed chap.171
Jun 17, 2021 delivered to governor
Jun 07, 2021 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.439
substituted for a5464
Jun 01, 2021 referred to local governments
delivered to assembly
passed senate
Mar 18, 2021 advanced to third reading
Mar 17, 2021 2nd report cal.
Mar 16, 2021 1st report cal.563
Feb 16, 2021 referred to local government

S4851 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Local Finance Law
Laws Affected:
Amd §54.50, Loc Fin L

S4851 (ACTIVE) - Summary

Relates to the sale of municipal obligations by the county of Erie.

S4851 (ACTIVE) - Sponsor Memo

S4851 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2021-2022 Regular Sessions
                             I N  S E N A T E
                             February 16, 2021
 Introduced  by  Sen. KENNEDY -- 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 sale of munic-
   ipal obligations by the county of Erie
   Section  1.  Section  54.50  of  the  local finance law, as amended by
 section 1 of item T of subpart B of part XXX of chapter 58 of  the  laws
 of 2020, is amended to read as follows:
   § 54.50 Costs of sales; county of Erie. To facilitate the marketing of
 any  issue  of  serial bonds or notes of the county of Erie issued on or
 before June thirtieth, two thousand [twenty-one] TWENTY-TWO such  county
 may,  notwithstanding any limitations on private sales of bonds provided
 by law, and subject to approval by the state comptroller  of  the  terms
 and conditions of such sale:
   a.  arrange for the underwriting of its bonds or notes at private sale
 through negotiated agreement, compensation for such underwriting  to  be
 provided  by  negotiated  fee  or  by  sale of such bonds or notes to an
 underwriter at a price less than the  sum  of  par  value  of,  and  the
 accrued interest on, such obligations; or
   b.  arrange for the private sale of its bonds or notes through negoti-
 ated agreement, compensation for such sales to be provided by negotiated
 fee, if required. The cost of such  underwriting  or  private  placement
 shall be deemed a preliminary cost for purposes of section 11.00 of this
   § 2. This act shall take effect immediately.
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.


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