Westchester County, N.Y., plans to take electronic bids for its next competitive bond sale in a pilot program that could become a model for the rest of the state. Last week New York Gov. David Paterson signed into law a bill that authorized the county to start a three-year pilot program to sell its bonds competitively by accepting only electronic bids.
"We are looking to get a lower cost of issuance and a savings for our taxpayers," said Westchester commissioner of finance Kathy Thorsberg. "We're hoping we can prove that we had savings and it's just a better method than the paper method we've been using."