NY S04284

Establishes a 3-year pilot program allowing municipalities (counties, cities, towns, villages, and school districts) to conduct public bond sales through electronic open auctions via nationally recognized electronic securities bidding services.

Permits municipalities' finance commissioners to accept electronic bids submitted through open auctions, where bidders can view the status and rank of their bids and improve them during the submission period.

Requires municipalities' chief fiscal officers to administer the program, publish policies and procedures on their website and in nationally recognized bond market publications, and 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 data on bid numbers and savings achieved; requires the Comptroller to report compiled findings to the legislature by April 1st annually.

Expires and is repealed 3 years after the act takes effect.