Relates to bonds and notes of the city of Yonkers.
Ayes (6): Martins, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Nays (1): Ball
Excused (1): Oppenheimer
TITLE OF BILL:
An act to amend the local finance law, in relation to bonds and notes of the city of Yonkers
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.
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.
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.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14573-01-2