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S04300 Summary:

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S04300 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4300
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     March 11, 2015
                                       ___________
 
        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 74 of the laws of 2014, 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 [fifteen] sixteen 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.
                                                                   LBD09864-01-5