Bill Text: NY A05464 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to the sale of municipal obligations by the county of Erie.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-06-07 - substituted by s4851 [A05464 Detail]
Download: New_York-2021-A05464-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5464 2021-2022 Regular Sessions IN ASSEMBLY February 17, 2021 ___________ Introduced by M. of A. 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 2 section 1 of item T of subpart B of part XXX of chapter 58 of the laws 3 of 2020, is amended to read as follows: 4 § 54.50 Costs of sales; county of Erie. To facilitate the marketing of 5 any issue of serial bonds or notes of the county of Erie issued on or 6 before June thirtieth, two thousand [twenty-one] twenty-two such county 7 may, notwithstanding any limitations on private sales of bonds provided 8 by law, and subject to approval by the state comptroller of the terms 9 and conditions of such sale: 10 a. arrange for the underwriting of its bonds or notes at private sale 11 through negotiated agreement, compensation for such underwriting to be 12 provided by negotiated fee or by sale of such bonds or notes to an 13 underwriter at a price less than the sum of par value of, and the 14 accrued interest on, such obligations; or 15 b. arrange for the private sale of its bonds or notes through negoti- 16 ated agreement, compensation for such sales to be provided by negotiated 17 fee, if required. The cost of such underwriting or private placement 18 shall be deemed a preliminary cost for purposes of section 11.00 of this 19 chapter. 20 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08545-01-1