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Sponsors
Senator · Senate District 59
1 Co-sponsor
History
- Signed chap.63
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading cal.384
- Substituted for A4215
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Home rule request
- Advanced to third reading
Show 3 earlier actions
- 2nd report cal.
- 1st report cal.328
- 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, 2012
Assembly Floor Calendar · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2787
Title of bill
An act to amend the local finance law, in relation to the sale of municipal 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
§ 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, 2012.
§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 In competitive sales the date of bidding is determined once the first advertisement is made, unless the sale is withdrawn and a new one advertised.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.
Legislative history
2010: A.9941/S.6833 - Chapter 127 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.