NY S00047

Establishes a 3-year pilot program allowing counties, cities, towns, villages, and school districts to sell public bonds through electronic open auctions using nationally recognized electronic securities bidding services

Defines "open auction" as a process where bidders can see the status or rank of their bids during the submission period and improve their bids accordingly, unlike "closed auctions" where bid information is hidden until the end

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

Mandates annual evaluations submitted to the State Comptroller by February 1st, comparing open auction results to closed auction processes, including cost comparisons, number of bids received, and any achieved savings

Requires the State Comptroller to compile municipal reports and submit findings to the legislature and legislative leaders by April 1st annually