Section 58.10. Electronic public bond sale pilot program

a. There is
  hereby  established  an  electronic  public  bond  sale  pilot   program
  (referred  to in this section as the "program") solely for the county of
  Westchester (referred to in this section as  the  "county")  authorizing
  the  county  to  conduct  public bond sales through any bidding services
  that are recognized nationally by the predominant  users  of  electronic
  securities  bidding  services  as  providing  an  accurate,  secure  and
  reliable on-line bidding system (referred  to  in  this  section  as  "a
  nationally recognized electronic securities bidding service").
    b.  If  the  finance board of the county has authorized the receipt of
  bids in electronic format, such electronic bids may be submitted in  the
  form  of open auctions or closed auctions conducted through a nationally
  recognized electronic securities bidding service which shall  be  deemed
  to  be the designated receiving device. "Open auction" shall mean a bond
  sale procedure that allows a bidder to receive information with  respect
  to the ranking of its bids prior to the conclusion of the bidding period
  in  accordance  with  the provisions of the county's notice of such bond
  sale circulated in  accordance  with  applicable  requirements  of  this
  chapter. "Closed auction" shall mean a bond sale procedure that does not
  allow a bidder to receive information with respect to the ranking of its
  bids  prior  to  the conclusion of the bidding period. Such notice shall
  provide for the manner in which the bidding period may be  extended  and
  the basis for determination of the winning bidder.
    c. Notwithstanding the provisions of section three hundred five of the
  state  technology law or any other law, if the notice of sale contains a
  provision that bids will only be accepted electronically in  the  manner
  provided  in  such  notice  of sale, the county shall not be required to
  accept non-electronic bids in any form.
    d. The county's chief fiscal officer shall administer the program  and
  shall  publish  its  policies  and  procedures  for  the  procurement of
  electronic securities bidding services on the county's internet  website
  and  in a nationally recognized publication used by professionals in the
  bond market. Except as modified by  this  section,  the  county  program
  shall  comply with this chapter and all other applicable laws, rules and
  regulations related to the sale of bonds.
    e. The county's chief  fiscal  officer  shall  review  the  electronic
  bidding  process  to ensure that the bond sale was completed in a timely
  fashion; the sale was completed without errors; and the results achieved
  were favorable as compared to the manual method currently  used  by  the
  county.
    f.  The county shall conduct evaluations of the pilot program annually
  with a summary evaluation at the end of the three  year  pilot  program.
  The  county  will  submit  the evaluations to the state comptroller, the
  temporary president of the senate and the speaker of the assembly.  Such
  report  shall  include, but not be limited to, any demonstrated evidence
  that sale of public bonds using electronic auctions is comparable to the
  cost of issuing public bonds through the  current  sealed  bid  process,
  that  the  use of electronic auctions resulted in an increased number of
  bidders and whether the results achieved for public bond sales conducted
  through electronic auctions achieved savings compared to the current bid
  process used by the county.
    * NB Repealed August 11, 2012