Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2014 |
signed chap.74 delivered to governor |
Jun 09, 2014 |
returned to senate passed assembly home rule request ordered to third reading cal.834 substituted for a8864 |
May 12, 2014 |
referred to local governments delivered to assembly passed senate home rule request |
May 05, 2014 |
advanced to third reading |
Apr 30, 2014 |
2nd report cal. |
Apr 29, 2014 |
1st report cal.446 |
Feb 27, 2014 |
referred to local government |
Senate Bill S6687
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Votes
2013-S6687 (ACTIVE) - Details
2013-S6687 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6687 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: Section 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, 2015. Section 2 sets the 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 In competitive sales, the date of bidding is determined once the first advertisement is made, unless the sale is withdrawn and a new one advertised.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.
2013-S6687 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6687 I N S E N A T E February 27, 2014 ___________ 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 89 of the laws of 2013, 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 [fourteen] FIFTEEN 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. LBD13668-01-4
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