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Sponsors
1 Multi-sponsor
History
- Substituted by S6833
- Advanced to third reading cal.910
- Reported
- Reported referred to ways and means
- Referred to local governments
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Permits the county of Erie to market serial bonds at private sale through June 30, 2011
Signed by Governor · Sponsor William T. Stachowski
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9941
Title of bill
An act to amend the local finance law, in relation to the sale of munic- ipal obligations by the county of Erie
Purpose of the bill
To provide Erie County with sufficient flexibility in its bond sales to maximize its return on bonds sold.
Summary of specific provisions
§ 1- Amends Section 54.50 of the Local Finance Law to permit the County of Erie to market serial bonds at private sale through June 30, 2011.
§2- Effective date.
Justification
Recent swings in the stock market and confusion and uncertainty in the credit market mandate the need for greater flexibility in the marketing of bonds. In competitive sales the date of bidding is determined once the first advertisement is made, unless the sale is withdrawn and a new one advertised. In negotiated sales, the timing of sales is announced as an objective, but the date of the sale can be changed as required. This flexibility allows the County of Erie to adjust coupon rates, maturities and general conditions of the sales to ensure a more successful sale of the instruments.
Prior legislative history
2009: A.4132/S.1279-Chapter 39; 2008: A.9858/S.6740 Chapter 80; 2007: A.5405/S.2676-Chapter 87; 2006: A.10176 S.6799-Chapter 123; 2005: A.2443/S.271-Chapter 113; 2004: A.9250/S.5828-Chapter 115; 2003: A.1785/S.843-Chapter 405; 2002: A.9741/S.6159-Chapter 98; 2001: A.2397 /S.1526-Chapter 57; 2000: A.9338/S.6356 Chapter 96; 1999: Chapter 406; 1998: Chapter 139; 1997: Chapter 148; 1996: Chapter 119.
Fiscal implications
Produces lower interest rates for the County of Erie in negotiating the sale of their bonds.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.