Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 17, 2012 |
signed chap.416 |
Aug 06, 2012 |
delivered to governor |
Jun 14, 2012 |
returned to senate passed assembly ordered to third reading rules cal.210 substituted for a9676 |
Mar 06, 2012 |
referred to local governments delivered to assembly passed senate |
Mar 05, 2012 |
advanced to third reading |
Mar 01, 2012 |
2nd report cal. |
Feb 29, 2012 |
1st report cal.234 |
Feb 15, 2012 |
referred to local government |
Senate Bill S6483
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C) 7th 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
2011-S6483 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9676
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd ยง58.00, Loc Fin L
2011-S6483 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6483 TITLE OF BILL: An act to amend the local finance law, in relation to limitations on insurers that may provide certain surety bonds PURPOSE: The purpose of the bill is to amend the local finance law to allow highly rated insurers to provide surety bonds in support of municipal bond underwriting bids. SUMMARY OF PROVISIONS: This bill would amend paragraph three of subsection (c) of section 58 of the local finance law to expand the range of ratings of insurers authorized to provide surety bonds to entities bidding to underwrite municipal bonds from those rated triple-A to those with a rating in the single-A category or higher. JUSTIFICATION: The bill would expand the range of insurers that may provide an "eligible surety bond" in support of underwriter bids on new municipal bond issues. Currently, Section 58 of the Local Finance Law authorizes an entity bidding to underwrite new municipal bond issues to provide an
2011-S6483 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6483 I N S E N A T E February 15, 2012 ___________ Introduced by Sen. MARTINS -- 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 limitations on insurers that may provide certain surety bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of paragraph c of section 58.00 of the local finance law, as amended by chapter 386 of the laws of 2010, is amended to read as follows: 3. A requirement that as a condition precedent to the consideration of his or her bid, each bidder shall deposit with such official as the agency in charge of the sale may designate, a certified or cashier's check drawn upon an incorporated bank or trust company to the order of the municipality, school district or district corporation or such offi- cial, for the amount specified in the notice, but in no event less than one-half of one per centum of the amount of bonds to be bid for. Such notice may also provide that, in lieu of a certified or cashier's check, bidders may furnish as security cash in such amount remitted by wire transfer to an account specified in the notice or an eligible sure- ty bond or an eligible letter of credit, approved by such official as to form, sufficiency, and manner of execution. For purposes of this section, "eligible surety bond" shall mean a bond executed by an insur- ance company authorized to do business in this state, the claims-paying ability of which is rated in ONE OF the THREE highest rating [category] CATEGORIES by at least [two] ONE nationally recognized statistical rating [organizations] ORGANIZATION; and "eligible letter of credit" shall mean an irrevocable letter of credit issued in favor of the muni- cipality, school district or district corporation, for a term not to exceed ninety days by a bank, as that term is defined in section two of the banking law, whose commercial paper and other unsecured short-term debt obligations (or, in the case of a bank which is the principal subsidiary of a holding company, whose holding company's commercial paper and other unsecured short-term debt obligations) are rated in one of the three highest rating categories (based on the credit of such bank EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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