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A01177 Summary:

BILL NO	A01177
SAME AS	SAME AS S06928
SPONSOR	Peoples-Stokes
COSPNSR
MLTSPNSR
Amd §54.50, Loc Fin L
Extends provisions providing for the sale of municipal obligations by the county of Erie.

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A01177 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A1177
 
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advertisement is made, unless the sale is withdrawn and a new one adver-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:
 
2024: Chapter 156; 2023: Chapter 172; 2022: Chapter 329; 2021: Chapter
171; 2020: Chaptered; 2019: Chapter 74; 2018: Chapter 83; 2017:Chapter
75; 2016: Chapter 85;2015:Chapter 43; 2014: Chapter 74; 2013: Chapter89;
2012: Chapter 80;2011: Chapter 63;2010: Chapter 127;
2009:Chapter39;2008: Chapter 80; 2007:Chapter87;2006:
Chapter123;2005:Chapter113;2004: Chapter 115; 2003:Chapter405;2002:
Chapter98;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

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