NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9066
SPONSOR: Peoples-Stokes 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 OR GENERAL IDEA OF BILL:
The purpose of this bill is to provide Erie County with flexibility in
its bond sales to maximize its return on bonds sold.
SUMMARY OF PROVISIONS:
Section 1 amends section 54.50 of the local finance law to permit the
county of Erie to market serial bonds at private sale through the sunset
date.
Section 2 Provides for an immediate effective date.
JUSTIFICATION:
In competitive sales, the date of bidding is determined once the first
advertisement is made, unless the sale is withdrawn and a new one adver-
tised. In negotiated sales, the timing of sales is announced as an
objective, but the date of the sale can be changed as required. The
flexibility provided by this bill 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.
It is appropriate to continue to provide Erie County with this flexibil-
ity for an additional year.
PRIOR LEGISLATIVE HISTORY:
2023: Chapter 172; 2022: Chapter 329; 2021: Chapter 171; 2020: Chap-
tered; 2019: Chapter 74; 2018: Chapter 83; 2017:Chapter 75; 2016: Chap-
ter 85;2015:Chapter 43; 2014: Chapter 74; 2013: Chapter89; 2012: Chap-
ter 80; 2011: Chapter 63; 2010: Chapter 127; 2009: Chapter39; 2008:
Chapter 80; 2007: Chapter 87; 2006: Chapter 123; 2005: Chapter113;
2004: Chapter 115; 2003: Chapter 405; 2002: Chapter 98; 2001: Chapter57;
2000: Chapter 96; 1999: Chapter 406; 1998: Chapter 139; 1997: Chapter
148;1996: Chapter 119;
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the State. This legislation will result in lower interest rates
for the county of Erie in negotiating the sale of their bonds.
EFFECTIVE DATE:
Immediately
STATE OF NEW YORK
________________________________________________________________________
9066
IN ASSEMBLY
February 6, 2024
___________
Introduced by M. of A. 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 munic-
ipal obligations by the county of Erie
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of section 54.50 of the local finance
2 law, as amended by chapter 172 of the laws of 2023, is amended to read
3 as follows:
4 To facilitate the marketing of any issue of serial bonds or notes of
5 the county of Erie issued on or before June thirtieth, two thousand
6 [twenty-four] twenty-five such county may, notwithstanding any limita-
7 tions on private sales of bonds provided by law, and subject to approval
8 by the state comptroller of the terms and conditions of such sale:
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14006-01-4
