Provides that for the purposes of the electronic open auction public bond sale pilot program, the term "municipality" shall mean a county or a city or town with a population of one hundred thousand or more.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A10173AREVISED 5/28/24
SPONSOR: Rules (Thiele) TITLE OF BILL:
An act to amend the local finance law, in relation to the electronic
open auction public bond sale pilot program
PURPOSE OR GENERAL IDEA OF BILL:
This legislation would expand the opportunity for more municipalities
across the State to participate in the electronic open auction public
bond sale pilot program.
SUMMARY OF PROVISIONS:
Section 1. Amends § 58.10 of the Local Finance Law, relating to the
electronic open auction public bond sale pilot program, by changing the
requirement that a municipality must have issued twenty-five million
dollars in bonds within any one of the last three to within any one of
the last five years. Further, the 400,000 or more-population restriction
for counties is removed. This will allow more municipalities to eligible
to participate.
Section 2 sets the effective date.
JUSTIFICATION:
In 2019, New York authorized the establishment of an open auction bond
sale pilot program and set forth specific provisions for participation.
The removal of the county population requirements will expand eligibil-
ity and allow more municipalities that have issued $25 million in bonds
within one of the preceding five years to participate in the electronic
open auction public bond sale pilot program across the State.
PRIOR LEGISLATIVE HISTORY:
2024: New Legislation
FISCAL IMPLICATIONS:
None
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that the
amendments to subdivision 1 of paragraph a of section 58.10 of the local
finance law made by section one of this act shall not affect the repeal
of such section and shall be deemed repealed therewith.
STATE OF NEW YORK
________________________________________________________________________
10173--A
IN ASSEMBLY
May 10, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Thiele) --
read once and referred to the Committee on Local Governments --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the local finance law, in relation to the electronic
open auction public bond sale pilot program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of paragraph a of section 58.10 of the local
2 finance law, as amended by section 1 of subpart BB of part XX of chapter
3 55 of the laws of 2020, is amended to read as follows:
4 1. "Municipality" means a county [with a population of four hundred
5 thousand or more], or a city or town with a population of one hundred
6 thousand or more that has issued at least twenty-five million dollars in
7 bonds within at least one of the preceding [three] five years.
8 § 2. This act shall take effect immediately; provided, however, that
9 the amendments to subdivision 1 of paragraph a of section 58.10 of the
10 local finance law made by section one of this act shall not affect the
11 repeal of such section and shall be deemed repealed therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15324-02-4
