Bill Text: NY A06245 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the sale of municipal obligations by the county of Erie.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2015-06-09 - substituted by s4300 [A06245 Detail]
Download: New_York-2015-A06245-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6245--A 2015-2016 Regular Sessions I N A S S E M B L Y March 18, 2015 ___________ Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS, CORWIN -- Multi-Sponsored by -- M. of A. CERETTO, DiPIETRO -- read once and referred to the Committee on Local Governments -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 74 of the laws of 2014, is amended to read as follows: 3 S 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 [fifteen] SIXTEEN 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 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09175-02-5