Relates to bonds and notes of the city of Yonkers.

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S2982-2011 Actions

• Jun 8, 2011: SIGNED CHAP.66
• May 27, 2011: DELIVERED TO GOVERNOR
• May 23, 2011: returned to senate
• May 23, 2011: passed assembly
• May 23, 2011: home rule request
• May 23, 2011: ordered to third reading cal.374
• May 23, 2011: substituted for a2429
• May 4, 2011: referred to ways and means
• May 4, 2011: DELIVERED TO ASSEMBLY
• May 4, 2011: PASSED SENATE
• May 4, 2011: HOME RULE REQUEST
• Apr 12, 2011: ADVANCED TO THIRD READING
• Apr 11, 2011: 2ND REPORT CAL.
• Apr 6, 2011: 1ST REPORT CAL.329
• Feb 4, 2011: REFERRED TO LOCAL GOVERNMENT

S2982-2011 Meetings

Local Government: Apr 6, 2011

S2982-2011 Calendars

Active List: May 4, 2011 , Floor Calendar: Apr 11, 2011 , Floor Calendar: Apr 12, 2011 , Floor Calendar: Apr 13, 2011 , Floor Calendar: May 2, 2011 , Floor Calendar: May 3, 2011 , Floor Calendar: May 4, 2011

S2982-2011 Votes

S2982-2011 Memo

BILL NUMBER:S2982

TITLE OF BILL:
An act
to amend the local finance law, in relation to bonds and notes of the
city of Yonkers

PURPOSE:
This bill extends for one year, the authority of the city of Yonkers
to issue bonds and notes through negotiated sale.

SUMMARY OF SPECIFIC PROVISIONS:
Section one of the bill amends Section 54.40 of the local finance law
as amended by chapter 125 of the laws of 2010 to extend the city's
authorization to issue bonds and notes through negotiated sale to
June 30, 2012.

JUSTIFICATION:
The authorization for Yonkers to negotiate the private sale of its
bonds or notes is vital to improving the city's financial stability
and independence. The City's bonding authority will expire on June
30, 2011 unless it is extended for one year.

The continuation of this power will allow more cost-effective
financing for the city of Yonkers.

LEGISLATIVE HISTORY:
2010:  S.6720 Passed Senate/Signed Chapter 125 of 2010
2009:  S.3336 Passed Senate/Signed Chapter 77  of 2009
2008:  S.6878 Passed Senate/Signed Chapter 144 of 2008

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This bill shall take effect immediately.

S2982-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    2982

                         2011-2012 Regular Sessions

                              I N  SENATE

                              February 4, 2011
                                 ___________

  Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
    and when printed to be committed to the Committee on Local Government

  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