Establishes a three-year pilot program for electronic open auction public bond sales for New York municipalities.
The bill establishes an electronic open auction public bond sale pilot program for counties, cities, towns, villages, and school districts in New York. It authorizes municipalities to conduct open auction public bond sales through nationally recognized electronic securities bidding services. The program will remain in effect for three years, after which it will be repealed. The finance commissioner of a municipality may accept electronic bids submitted through these services.
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