A09365 Summary:
BILL NO | A09365 |
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SAME AS | SAME AS S08129 |
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SPONSOR | Peoples-Stokes |
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COSPNSR | |
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MLTSPNSR | |
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Amd §54.50, Loc Fin L | |
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Extends provisions providing for the sale of municipal obligations by the county of Erie. |
A09365 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 9365 IN ASSEMBLY February 23, 2022 ___________ 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 chap- 2 ter 171 of the laws of 2021, 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 [twenty-two] twenty-three such coun- 6 ty may, notwithstanding any limitations on private sales of bonds 7 provided by law, and subject to approval by the state comptroller of the 8 terms and 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] article. 19 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14458-01-2