Bill Text: NY A03697 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 3697 (Prior Session Legislation)

Introduced

Bill Title: Extends provisions of law relating to the sale of municipal notes and bonds of the county of Erie.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2019-07-03 - SIGNED CHAP.74 [A03697 Detail]

Download: New_York-2019-A03697-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          3697
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2019
                                       ___________
        Introduced  by  M.  of  A.  SCHIMMINGER, PEOPLES-STOKES -- read once and
          referred to the Committee on Local Governments
        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:
     1    Section 1. Section 54.50 of the local finance law, as amended by chap-
     2  ter 83 of the laws of 2018, is amended to read as follows:
     3    § 54.50 Costs of sales; county of Erie. To facilitate the marketing of
     4  any  issue  of  serial bonds or notes of the county of Erie issued on or
     5  before June thirtieth, two thousand [nineteen] twenty such  county  may,
     6  notwithstanding  any  limitations  on private sales of bonds provided by
     7  law, and subject to approval by the state comptroller of the  terms  and
     8  conditions of such sale:
     9    a.  arrange for the underwriting of its bonds or notes at private sale
    10  through negotiated agreement, compensation for such underwriting  to  be
    11  provided  by  negotiated  fee  or  by  sale of such bonds or notes to an
    12  underwriter at a price less than the  sum  of  par  value  of,  and  the
    13  accrued interest on, such obligations; or
    14    b.  arrange for the private sale of its bonds or notes through negoti-
    15  ated agreement, compensation for such sales to be provided by negotiated
    16  fee, if required. The cost of such  underwriting  or  private  placement
    17  shall be deemed a preliminary cost for purposes of section 11.00 of this
    18  chapter.
    19    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04227-01-9