What's happening
This bill extends Erie County's ability to sell municipal bonds or notes through private negotiation until June 30, 2020.
Why it matters
Gives Erie County continued flexibility in selling bonds/notes. By extending the authorization for private, negotiated sales, Erie County can choose buyers and terms that best suit its financial needs, rather than being limited to open public auctions.
May reduce borrowing costs or speed up financing. The ability to negotiate terms could allow Erie County to access capital more quickly and potentially secure better interest rates or lower fees compared to traditional public sales.
Requires state oversight. All negotiated bond or note sales must still be approved by the State Comptroller, maintaining oversight and potentially increasing public confidence in Erie County’s financial management.
Affects local taxpayers and public projects. How Erie County raises funds for public projects (like roads, schools, or infrastructure) can directly impact tax rates, service levels, and the timing of improvements, making this extension relevant to residents and local businesses.
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Who cares
Headline styles
Extend Erie Bond Sale Rules
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Substituted by S4159
- Advanced to third reading cal.497
- 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.
Extend Erie Bond Sale Window
Signed by Governor · Sponsor Timothy M. Kennedy
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3697
2019-2020 Regular Sessions
IN ASSEMBLY
January 30, 2019
Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES -- read once and referred to the Committee on Local Governments
AN ACT to amend the local finance law, in relation to the sale of municipal obligations by the county of Erie
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 54.50 of the local finance law, as amended by chapter 83 of the laws of 2018, is amended to read as follows:
§ 54.50 Costs of sales; county of Erie. To facilitate the marketing of any issue of serial bonds or notes of the county of Erie issued on or before June thirtieth, two thousand [nineteen] twenty such county may, notwithstanding any limitations on private sales of bonds provided by law, and subject to approval by the state comptroller of the terms and conditions of such sale:
a. arrange for the underwriting of its bonds or notes at private sale through negotiated agreement, compensation for such underwriting to be provided by negotiated fee or by sale of such bonds or notes to an underwriter at a price less than the sum of par value of, and the accrued interest on, such obligations; or
b. arrange for the private sale of its bonds or notes through negotiated agreement, compensation for such sales to be provided by negotiated fee, if required. The cost of such underwriting or private placement shall be deemed a preliminary cost for purposes of section 11.00 of this chapter.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04227-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.