S2787-2011 - NY Senate Open Legislation - Permits the county of Erie to market serial bonds at private sale through June 30, 2012

Permits the county of Erie to market serial bonds at private sale through June 30, 2012.

Sponsor: GALLIVAN / Co-sponsor(s): KENNEDY
Law Section: Local Finance Law / Law: Amd S54.50, Loc Fin L

S2787-2011 Actions

Jun 8, 2011: SIGNED CHAP.63
May 27, 2011: DELIVERED TO GOVERNOR
May 23, 2011: returned to senate
May 23, 2011: passed assembly
May 23, 2011: home rule request
May 23, 2011: ordered to third reading cal.384
May 23, 2011: substituted for a4215
May 4, 2011: referred to ways and means
May 4, 2011: DELIVERED TO ASSEMBLY
May 4, 2011: PASSED SENATE
May 4, 2011: HOME RULE REQUEST
Apr 12, 2011: ADVANCED TO THIRD READING
Apr 11, 2011: 2ND REPORT CAL.
Apr 6, 2011: 1ST REPORT CAL.328
Feb 1, 2011: REFERRED TO LOCAL GOVERNMENT

S2787-2011 Meetings

Local Government: Apr 6, 2011

S2787-2011 Calendars

Active List: May 4, 2011 , Floor Calendar: Apr 11, 2011 , Floor Calendar: Apr 12, 2011 , Floor Calendar: Apr 13, 2011 , Floor Calendar: May 2, 2011 , Floor Calendar: May 3, 2011 , Floor Calendar: May 4, 2011

S2787-2011 Votes

VOTE: COMMITTEE VOTE: - Local Government - Apr 6, 2011

Ayes (7): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Excused (1): Oppenheimer

VOTE: FLOOR VOTE: - May 4, 2011

Ayes (62): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Huntley, Johnson, Kennedy, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin

S2787-2011 Memo

BILL NUMBER:S2787

TITLE OF BILL:

An act
to amend the local finance law, in relation to the sale of municipal
obligations by the county of Erie

PURPOSE:

To provide Erie County with sufficient flexibility in its bond sales
to maximize its return on bonds sold.

SUMMARY OF PROVISIONS:

� 1- Amends Section 54.50 of the Local Finance Law to permit the
County of Erie to market serial bonds at private sale through June
30, 2012.

�2- Effective date.

JUSTIFICATION:

Recent swings in the stock market and confusion and uncertainty in the
credit market mandate the need for greater flexibility in the
marketing of bonds. In competitive sales the date of bidding is
determined once the first advertisement is made, unless the sale is
withdrawn and a new one advertised. In negotiated sales, the timing
of sales is announced as an objective, but the date of the sale can
be changed as required. This flexibility allows the County of Erie to
adjust coupon rates, maturities and general conditions of the sales
to ensure a more successful sale of the instruments.

LEGISLATIVE HISTORY:

2010: A.9941/S.6833  - Chapter 127
2009: A.4132/S.1279  - Chapter 39
2008: A.9858/S.6740  - Chapter 80
2007: A.5405/S.2676  - Chapter 87
2006: A.10176 S.6799 - Chapter 123
2005: A.2443/S.271   - Chapter 113
2004: A.9250/S..5828 - Chapter 115
2003: A.1785/S.843   - Chapter 405
2002: A.9741/S.6159  - Chapter 98
2001: A.2397/S.1526  - Chapter 57
2000: A.9338/S.6356  - Chapter 96
1999: Chapter 406
1998: Chapter 139
1997: Chapter 148
1996: Chapter 119

FISCAL IMPLICATIONS:

Produces lower interest rates for the County of Erie in negotiating
the sale of their bonds.

EFFECTIVE DATE:

This act shall take effect immediately.

S2787-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          2787
 2011-2012 Regular Sessions
 I N  SENATE
 February 1, 2011
 
 Introduced  by Sen. GALLIVAN -- 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
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1.

Section 54.50 of the local finance law, as amended by chap
 ter 127 of the laws of 2010, is amended to read as follows:

 

S 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 [eleven]  TWELVE  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
 chapter.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07912-01-1

S2787-2011: Permits the county of Erie to market serial bonds at private sale through June 30, 2012