New York A 1386: Establishes regional technology development centers

Bill Text

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A01386 Summary:

BILL NOA01386 

&nbsp

SAME ASSAME AS S00047

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SPONSORGray

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COSPNSR

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MLTSPNSR

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Add §58.20, Loc Fin L

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Establishes the electronic open auction public bond sale pilot program for counties, cities, towns, villages and school districts; provides such provisions shall remain in effect for 3 years.

Go to top A01386 Actions:

BILL NOA01386 

&nbsp

01/09/2025referred to local governments

01/07/2026referred to local governments

Go to topA01386 Committee&nbspVotes:

Go to topA01386 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01386 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1386

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. GRAY -- read once and referred to the Committee
 on Local Governments

 AN ACT to amend the local finance law, in relation to the establishment
 of an electronic open auction public bond sale pilot program for muni-
 cipalities; and providing for the repeal of such provisions upon expi-
 ration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The local finance law is amended by adding a new section
 2 58.20 to read as follows:
 3 § 58.20 Electronic open auction public bond sale pilot program; muni-
 4 cipalities. a. As used in this section:
 5 1. "Closed auction" means a bond sale procedure that does not allow a
 6 bidder to receive information with respect to the status or rank of its
 7 bids prior to the conclusion of the bid submission period.
 8 2. "Municipality" means a county, city, town, village or school
 9 district.
 10 3. "Nationally recognized electronic securities bidding service" means
 11 a bidding service that is recognized nationally by the predominant users
 12 of electronic securities bidding services as providing an accurate,
 13 secure and reliable on-line bidding system.
 14 4. "Open auction" means a bond sale procedure that allows a bidder to
 15 receive information with respect to the status or rank of its bids prior
 16 to the conclusion of the bid submission period and improve its bid as a
 17 result of the received information in accordance with the municipality's
 18 notice of such bond sale circulated in accordance with applicable
 19 requirements of this chapter.
 20 5. "Program" means the electronic open auction public bond sale pilot
 21 program established pursuant to this section.
 22 b. There is hereby established an electronic open auction public bond
 23 sale pilot program authorizing municipalities to conduct open auction

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00132-01-5

 A. 1386 2

 1 public bond sales through any nationally recognized electronic securi-
 2 ties bidding service.
 3 c. The finance commissioner of a municipality may accept electronic
 4 bids submitted in the form of open auctions conducted through a
 5 nationally recognized electronic securities bidding service which shall
 6 be deemed to be the designated receiving device. Notice of any bond
 7 sale shall provide for the manner in which the bid submission period may
 8 be extended and the basis for determination of the winning bidder.
 9 d. Notwithstanding the provisions of section three hundred five of the
 10 state technology law or any other law, the notice of sale may contain a
 11 provision that bids will only be accepted electronically in the manner
 12 provided in such notice of sale.
 13 e. The municipality's chief fiscal officer shall administer the
 14 program and shall publish its policies and procedures for the procure-
 15 ment of electronic securities bidding services on the municipality's
 16 internet website and in a nationally recognized publication used by
 17 professionals in the bond market. Except as modified by this section,
 18 each municipal program shall comply with this chapter and all other
 19 applicable laws related to the sale of bonds.
 20 f. The municipality's chief fiscal officer shall review the electronic
 21 open auction bidding process to ensure that the bond sale was completed
 22 in a timely fashion and the sale was completed without errors.
 23 g. Each m