STATE OF NEW YORK
________________________________________________________________________
7157
IN SENATE
January 9, 2020
___________
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 chap-
2 ter 74 of the laws of 2019, 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] twenty-one 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.
LBD04227-02-0
