NY S06579

Establishes a three-year electronic open auction public bond sale pilot program authorizing municipalities (counties, cities, towns, villages, and school districts) to conduct bond sales through nationally recognized electronic securities bidding services

Allows municipal finance commissioners to accept electronic bids submitted through open auctions where bidders can view the status and rank of their bids during the submission period and improve bids accordingly

Requires municipalities' chief fiscal officers to publish their electronic bidding policies and procedures on their websites and in nationally recognized bond market publications, and to review each auction for timeliness and accuracy

Mandates municipalities submit annual evaluations to the State Comptroller by February 1st comparing electronic open auction costs to traditional closed auction processes, including analysis of bid numbers and cost savings

Requires the State Comptroller to compile municipal evaluations and submit compiled results to the Legislature and legislative leadership by April 1st each year