Governor Paterson Signs into Law Assemblywoman Paulin's Bill to Establish Pilot Program to Conduct Electronic Sales of Public Bonds

Today Gov. Paterson signed into law Assemblywoman Paulin’s legislation to establish a 3-year pilot program in which Westchester County will be authorized to conduct public bond sales through nationally recognized electronic securities bidding services. (A.4617) The legislation will go into effect immediately and Westchester County will be able to take advantage of the latest advances in internet bidding platforms.

The bill passed unanimously in the Assembly and Senate.

Currently, Westchester County conducts its public bond sales through a physical submission of paper bids or by fax or e-mail. The bill will facilitate more efficient and up-to-date bidding by allowing bids to be submitted electronically through an accurate, secure and reliable on-line bidding system.

“This bill will streamline the bidding process for our county, and save money on administrative costs. We’re happy the governor agrees that this bill will enhance not only the efficiency of how the bids are placed, by the profitability of Westchester’s public bond sales,” said Assemblywoman Paulin.

The county will be relieved from the cost and use of staff resources associated with handling paperwork associated with bids. With the electronic bidding system, county officials will be able to view instant reports on staff computer screens.

“This new law will allow Westchester County to use technology to do business in more efficient way and ultimately save taxpayer money,” said County Executive Andy Spano. “We thank Assemblywoman Paulin and our state delegation for responding so positively and so rapidly to our request.’’