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A09689 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to amend chapter 643 of the laws of 2019 amending the local finance law, relating to establishing an electronic open auction bond sale pilot program, in relation to the effectiveness thereof PURPOSE:: To extend the duration of the electronic open auction bond sale pilot program by lengthening the statutory sunset period. SUMMARY OF PROVISIONS:: Section 1 amends section 2 of chapter 643 of the laws of 2019, as amended by chapter 240 of the laws of 2025, to extend the expiration of the electronic open auction bond sale pilot program from eight years to ten years after its effective date. The amendment correspondingly delays the date upon which the provisions of the act are deemed repealed. Section 2 provides that the act shall take effect immediately. JUSTIFICATION:: The amended language of this bill extends the existing electronic open auction bond sale pilot program to allow additional time for its contin- ued operation and evaluation. By lengthening the sunset period from eight to ten years, the legislation enables local governments to contin- ue utilizing the open auction process for bond sales and allows policy- makers to further assess the program's effectiveness, transparency, and fiscal impacts before its expiration. LEGISLATIVE HISTORY:: 05/08/25 referred to local governments 05/13/25 reported referred to ways and means 05/27/25 reported referred to rules 05/29/25 reported 05/29/25 rules report cal.355 05/29/25 ordered to third reading rules cal.355 05/29/25 passed assembly 05/29/25 delivered to senate 05/29/25 REFERRED TO LOCAL GOVERNMENT: 06/10/25 SUBSTITUTED FOR S8316 06/10/25 3RD READING CAL.1592 06/10/25 PASSED SENATE 06/10/25 RETURNED TO ASSEMBLY 08/04/25 delivered to governor 08/07/25 signed chap.240 FISCAL IMPLICATIONS:: None. EFFECTIVE DATE:: This act shall take effect immediately.