Bill Text: NY S07547 | 2017-2018 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-05-30 - SUBSTITUTED BY A9711 [S07547 Detail]

Download: New_York-2017-S07547-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7547
                    IN SENATE
                                    January 23, 2018
                                       ___________
        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:
     1    Section 1. Section 54.50 of the local finance law, as amended by chap-
     2  ter 75 of the laws of 2017, 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 [eighteen] nineteen 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.
                                                                   LBD14286-01-8