A2429-2011 Actions

• May 23, 2011: substituted by s2982
• May 19, 2011: advanced to third reading cal.374
• May 17, 2011: reported
• Mar 8, 2011: reported referred to ways and means
• Jan 18, 2011: referred to cities

A2429-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         2429
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 18, 2011
 
 Introduced  by  M. of A. PRETLOW, SPANO -- read once and referred to the
 Committee on Cities
 

AN ACT to amend the local finance law, in relation to bonds and notes of
 the city of Yonkers
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1.

Section 54.40 of the local finance law, as amended by chap
 ter 125 of the laws of 2010, is amended to read as follows:

 

S  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
 provisions of the New York state financial  emergency  act  of  nineteen
 hundred eighty-four for the city of Yonkers, to facilitate the marketing
 of  any  issue of serial bonds or notes of the city of Yonkers issued on
 or before June thirtieth, two thousand [eleven] TWELVE, such  city  may,
 notwithstanding  any  limitations  on private sales of bonds provided by
 law, and subject to approval by the state comptroller of the  terms  and
 conditions  of  such sale: (a) arrange for the underwriting of its bonds
 or notes at private sale through negotiated agreement, compensation  for
 such  underwriting  to  be provided by negotiated fee or by sale of such
 bonds or notes to an underwriter at a price of less than the sum of  par
 value  of, and the accrued interest on, such obligations; or (b) arrange
 for the private sale of its bonds or notes through negotiated agreement,
 compensation for such  sales  to  be  provided  by  negotiated  fee,  if
 required.  The  cost  of such underwriting or private placement shall be
 deemed a preliminary cost for purposes of section 11.00 of this article.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03303-01-1

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