Bill Text: NY A06354 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the sale of municipal obligations by the county of Erie.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2013-05-29 - substituted by s4364 [A06354 Detail]

Download: New_York-2013-A06354-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6354
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 25, 2013
                                      ___________
       Introduced  by  M. of A. SCHIMMINGER, PEOPLES-STOKES, GABRYSZAK, KEARNS,
         CORWIN -- 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 80 of the laws of 2012, 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 [thirteen] FOURTEEN 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.
                                                                  LBD09395-01-3