Bill > S08316

This bill extends the duration of an electronic open auction bond sale pilot program from six to eight years. In the context of local government finance, an electronic open auction bond sale is a method for municipalities to sell municipal bonds online through a competitive bidding process, potentially increasing transparency and efficiency in public finance. The original pilot program was established in 2019 and was set to expire six years after its effective date. This amendment changes the expiration period to eight years, giving local governments and financial authorities more time to evaluate and potentially implement the electronic auction method. The bill ensures that after the eight-year period, the provisions of the pilot program will be automatically repealed, requiring further legislative action if the program is to be continued beyond that time. The bill takes effect immediately upon becoming law.

https://www.nysenate.gov/legislation/bills/2025/S8316