BILL NUMBER: S8145
SPONSOR: KENNEDY
 
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:
To provide Erie County with sufficient 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: Sets the 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advertisement is made, unless the sale is withdrawn and a new one adver-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. This
flexibility allows the county of Erie to adjust coupon rates, maturi-
ties, and general conditions of the sales to ensure a more successful
sale of the instruments.
 
PRIOR LEGISLATIVE HISTORY:
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: Chapter 89;
2012: Chapter 80;
2011: Chapter 63;
2010: Chapter 127;
2009: Chapter 39;
2008: Chapter 80;
2007: Chapter 87;
2006: Chapter 123;
2005: Chapter 113;
2004: Chapter 115;
2003: Chapter 405;
2002: Chapter 98;
2001: Chapter 57;
2000: Chapter 96;
1999: Chapter 406;
1998: Chapter 139;
1997: Chapter 148;
1996: Chapter 119;
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
Produces lower interest rates for the county of Erie in negotiating the
sale of their bonds.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8145: 54.50 local finance law