senate Bill S6360

2021-2022 Legislative Session

Establishes an electronic open auction public bond sale pilot program for certain municipalities

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Local Government 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to local government
Apr 23, 2021 referred to local government

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

S6360 (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.

S6360 (ACTIVE) - Sponsor Memo

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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