Bill S6460-2011

Relates to bonds and notes of the city of Yonkers

Relates to bonds and notes of the city of Yonkers.

Details

Actions

  • Jun 6, 2012: SUBSTITUTED BY A9292
  • Apr 26, 2012: ADVANCED TO THIRD READING
  • Apr 25, 2012: 2ND REPORT CAL.
  • Apr 19, 2012: 1ST REPORT CAL.556
  • Feb 10, 2012: REFERRED TO LOCAL GOVERNMENT

Votes

VOTE: COMMITTEE VOTE: - Local Government - Apr 19, 2012
Ayes (6): Martins, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Nays (1): Ball
Excused (1): Oppenheimer

Memo

BILL NUMBER:S6460

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 66 of the laws of 2011 to extend the city's authorization to issue bonds and notes through negotiated sale to June 30, 2013.

JUSTIFICATION:

The authorization for Yonkers to negotiate the private sales 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, 2012 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: 2011: S.2982 Passed Senate/Signed Chapter 66 of 20l1 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 L. of 2008

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: This bill shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6460 IN SENATE February 10, 2012 ___________
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 66 of the laws of 2011, 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 [twelve] THIRTEEN, 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.

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