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S04851 Summary:

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S04851 Committee Votes:

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S04851 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4851
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    February 16, 2021
                                       ___________
 
        Introduced  by  Sen. KENNEDY -- 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
     2  section 1 of item T of subpart B of part XXX of chapter 58 of  the  laws
     3  of 2020, is amended to read as follows:
     4    § 54.50 Costs of sales; county of Erie. To facilitate the marketing of
     5  any  issue  of  serial bonds or notes of the county of Erie issued on or
     6  before June thirtieth, two thousand [twenty-one] twenty-two such  county
     7  may,  notwithstanding any limitations on private sales of bonds provided
     8  by law, and subject to approval by the state comptroller  of  the  terms
     9  and conditions of such sale:
    10    a.  arrange for the underwriting of its bonds or notes at private sale
    11  through negotiated agreement, compensation for such underwriting  to  be
    12  provided  by  negotiated  fee  or  by  sale of such bonds or notes to an
    13  underwriter at a price less than the  sum  of  par  value  of,  and  the
    14  accrued interest on, such obligations; or
    15    b.  arrange for the private sale of its bonds or notes through negoti-
    16  ated agreement, compensation for such sales to be provided by negotiated
    17  fee, if required. The cost of such  underwriting  or  private  placement
    18  shall be deemed a preliminary cost for purposes of section 11.00 of this
    19  chapter.
    20    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08545-01-1