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Sponsors
2 Co-sponsors
History
- Signed chap.127
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading cal.910
- Substituted for A9941
- Referred to local governments
- Delivered to assembly
- Passed senateVote 60–1
- Home rule request
- Advanced to third reading
Show 3 earlier actions
- 2nd report cal.
- 1st report cal.285
- 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.
Permits the county of Erie to market serial bonds at private sale through June 30, 2011
Assembly Floor Calendar · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6833
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
To provide Erie County with sufficient flexibility in its bond sales to maximize its return on bonds sold.
Summary of provisions
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, 2010. Under current law, the ability for the County of Erie to sell its serial bonds at private sale expires on June 30, 2009.
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 In competitive sales the date of bidding is determined once the first advertisement is made, unless the sale is withdrawn and a new one advertised.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 the 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.
Legislative history
2009: Chapter 39 of 2009 (S.1279/A.4132) 2008: Chapter 80 of 2008 (S.6740/A.9858) 2007: Chapter 87 of 2007 (S.2676/A.5405) 2006: Chapter 123 of 2006 (S.6799/A.10176) 2005: Chapter 113 of 2005 (S.271/A.2443) 2004: Chapter 115 of 2004 (S.5828/A.9250) 2003: Chapter 405 of 2003 (S.843/A.1785) 2002: Chapter 98 of 2002 (S.6159/A.9741) 2001: Chapter 57 of 2001 (S.1526/A.2397) 2000: Chapter 96 (S.6356/A.9338) 1999: Chapter 406 1998: Chapter 139 1997: Chapter 148 1996: Chapter 119
Local fiscal implications
Produces lower interest rates for the County of Erie in negotiating the sale of their bonds.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.