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History
- Signed chap.494
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.201
- Substituted for A493A
- Referred to local governments
- Returned to assembly
- Repassed senate
- Amended on third reading (t) 2369a
- Vote reconsidered - restored to third reading
- Returned to senate
Show 8 earlier actions
- Recalled from assembly
- Referred to local governments
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.326
- 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.
Relates to the notice of sale of bonds
Assembly Floor Calendar · Sponsor Amy Paulin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2369A
Title of bill
An act to amend the local finance law, in relation to the notice of sale of bonds
Purpose or general idea of bill
To authorize municipalities, school districts and district corporations to require electronic submission of sealed bids for the bonds issued.
Summary of specific provisions
Section 1 amends paragraph a of section 58 of the local finance law, to provide that a summary of the notice of the public sale of bonds shall contain the designation of the receiving device if the finance board of the issuing municipality, school district or district corporation has required the receipt of bids in electronic format.
Section 2 amends subdivision 1 of paragraph b of section 58 of the local finance law to extend the provisions of the subdivision to those cases in which the issuing municipality, school district or district corpo- ration has required the receipt of bids in electronic format.
Section 3 amends paragraphs d, e and f of section 58 of the local finance law. Paragraphs d and e are amended to reflect gender equality in the provisions of the law. Paragraph f is amended to provide that submission in electronic format may be required as the sole method for the submission of sealed bids.
Section 4 provides the effective date.
Justification
Electronic bidding processes have been recognized to increase the speed and efficiency of bidding for municipal bonds as well as reduce the administrative burden and costs of conducting a paper bond bidding process. A pilot program, which was enacted by Chapter 304 of the Laws of 2009, has enhanced the efficiency and profitability of West- chester County's sale of public bonds by allowing municipalities to conduct such sale electronically.
According to Westchester County, the electronic bond bidding pilot program has not only reduced the overhead costs for sponsoring a munici- pal bond offering, but it has also increased participation rates among those interested in purchasing public bonds. This increased partic- ipation rate among bidders helps to drive down the interest rate charged for such bonds, providing further cost savings.
This bill allows municipalities to require the submission of sealed bids in electronic format. This would extend the positive results of a very successful program that is being operated by Westchester County to every municipality in the State.
Prior legislative history
Similar to A.9608A of 2012, referred to local governments. Same as S.6372-B (Klein), referred to local government.
Similar to the demonstration program established by Chapter 304 of the Laws of 2009.
Fiscal implications
None to the State; potential cost savings to muni- cipalities.
Effective date
This act shall take effect January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.