New York State Assembly

 
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A09711 Summary:

A09711 Actions:

A09711 Committee Votes:

Committee:LOCAL GOVERNMENTS   Chair:Magnarelli      
DATE:04/24/2018AYE/NAY:17/0  Action: Favorable refer to committee Ways and Means        
Magnarelli
Aye
Friend
Excused
Gantt
Excused
Stec
Aye
Magee
Aye
Brabenec
Aye
Ramos
Aye
Miller
Aye
Jenne
Aye
Walsh
Aye
Bronson
Aye
Ryan
Aye
Buchwald
Aye
Otis
Aye
Skoufis
Aye
Jean-Pierre
Aye
Woerner
Aye
Wallace
Aye
Thiele
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:04/24/2018AYE/NAY:30/0  Action: Favorable         
Weinstein
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Excused
Gantt
Excused
Fitzpatrick
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Malliotakis
Aye
Pretlow
Excused
Walter
Aye
Perry
Aye
Montesano
Aye
Colton
Aye
Curran
Aye
Cook
Aye
Ra
Aye
Cahill
Aye
Aubry
Aye
Hooper
Excused
Thiele
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Weprin
Abstained
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Peoples-Stokes
Aye
Simotas
Aye

A09711 Floor Votes:

A09711 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9711
 
                   IN ASSEMBLY
 
                                    February 2, 2018
                                       ___________
 
        Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES -- Multi-Sponsored by
          --  M.  of A.   DiPIETRO -- 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 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