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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A4617
- Advanced to third reading
- 2nd report cal.
- 1st report cal.642
- Reported and committed to finance
- Referred to local government
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.
Establishes a pilot program in Westchester county authorizing the county to sell bonds through electronic securities bidding services; repealer
Signed by Governor · Sponsor Amy Paulin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the local finance law, in relation to the establishment of an electronic public bond sale pilot program for Westchester county; and providing for the repeal of such provisions upon the expiration thereof
Purpose or general idea of bill
To allow Westchester County to establish a pilot program to assess the potential advantages of selling public bonds via nationally recognized electronic securities bidding platforms.
The current law
Currently Westchester County must conduct the sale of public bonds via paper bids.
Summary of specific provisions
Section I amends the local finance law by adding a new' section, 58.10. Paragraph a establishes an electronic public bond sale pilot program for the county of Westchester. Paragraph b provides that electronic bidding will be conducted through certain nationally recognized electronic securities bidding services, and may be used for both open and closed auctions, and provides the definition of an open auction. Paragraph c states that, with certain exceptions, where the notice of sale has specified that bids will only be accepted electronically, the county shall not be obligated to receive paper bids. Paragraph d provides that the program shall be administered by the County's chief fiscal officer, provides requirements for publishing its program policy and procedure, and stipulates how the program shall comply with existing laws, rules and regulations. Paragraph e provides that the County's chief fiscal officer shall review the program to ensure functionality and profitability, and provides certain procedures and requirements for the program's evaluation.
Section 2 provides the effective and expiration dates.
Justification
Electronic bidding processes have been recognized to increase the speed and efficiency of bidding as well as reduce the administrative burden and costs of the paper bidding process. This bill will thus enhance the efficiency and profitability of Westchester County's sale of public bonds by allowing them to conduct such sales electronically, and will further enhance this process for the County by allowing them to take advantage of the latest advances in internet bidding platforms operated by nationally recognized electronic securities bidding firms. Currently, ten states, including New Jersey, Ohio and Texas, have enacted legislation that allow municipalities to conduct public bond sales through these nationally recognized bidding firms.
Legislative history
A11365-A, 2008 referred to rules. Same as S7966-A, passed senate.
Fiscal implications
None to the State and potentially positive to local government.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.