S3020-2013 - NY Senate Open Legislation - Relates to bonds and notes of the city of Yonkers

Relates to bonds and notes of the city of Yonkers.

Sponsor: STEWART-COUSINS / Co-sponsor(s): LATIMER
Law Section: Local Finance Law / Law: Amd S54.40, Loc Fin L

S3020-2013 Actions

Mar 21, 2013: ADVANCED TO THIRD READING
Mar 20, 2013: 2ND REPORT CAL.
Mar 19, 2013: 1ST REPORT CAL.234
Jan 28, 2013: REFERRED TO LOCAL GOVERNMENT

S3020-2013 Meetings

Local Government: Mar 19, 2013

S3020-2013 Calendars

S3020-2013 Votes

VOTE: COMMITTEE VOTE: - Local Government - Mar 19, 2013

Ayes (8): Martins, Boyle, Marchione, Ritchie, Valesky, Gipson, Latimer, O'Brien
Nays (1): Ball

S3020-2013 Memo

BILL NUMBER:S3020

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

PURPOSE:  Extender law - this bill extends the marketing limitation on
serial bonds/notes of Yonkers from June 30, 2013 to June 30, 2014.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 Section 54.40 of the local finance law, as amended by
chapter 72 of the laws of 2012, is amended to read as follows: Bonds
and notes of the city of Yonkers, subject to the provisions of the New
York State Financial Emergency Act of 1984 for the city of Yonkers
issued on or before June 30, 2014.

JUSTIFICATION:  Extender law - this bill extends the marketing
limitation on serial bonds/notes of Yonkers from June 30, 2013 to June
30, 2014.

LEGISLATIVE HISTORY:  2012 - S.6460 - Extender Law - Chapter 72

FISCAL IMPLICATIONS: Undetermined at this time.

EFFECTIVE DATE:  This act shall take effect immediately.

S3020-2013 Text

 S T A T E   O F   N E W   Y O R K
 
                                          3020
 2013-2014 Regular Sessions
 I N  SENATE
 January 28, 2013
 
 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 72 of the laws of 2012, 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 [thirteen]  FOURTEEN,  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,  compen
 sation 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.
 LBD03307-01-3

S3020-2013: Relates to bonds and notes of the city of Yonkers