Relates to bonds and notes of the city of Yonkers.
Ayes (58): Addabbo, Avella, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Ball
Excused (2): Dilan, Espaillat
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, 2014 to June 30, 2015.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 Section 54.40 of the local finance law, as amended by chapter 69 of the laws of 2013, 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, 2015.
JUSTIFICATION: Extender law - this bill extends the marketing limitation on serial bonds/notes of Yonkers from June 30, 2014 to June 30, 2015.
LEGISLATIVE HISTORY: 2013 - S3020 - Extender Law - Chapter 69 2012 S6460 - Extender Law - Chapter 72
FISCAL IMPLICATIONS: None to the State.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 6313 IN SENATE January 14, 2014 ___________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 69 of the laws of 2013, 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
[fourteen]FIFTEEN, 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. LBD13360-01-3