Relates to bonds and notes of the city of Yonkers.

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S6460-2011 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

S6460-2011 Meetings

Local Government: Apr 19, 2012

S6460-2011 Calendars

Active List: Jun 6, 2012 , Floor Calendar: Apr 25, 2012 , Floor Calendar: Apr 26, 2012 , Floor Calendar: Apr 30, 2012 , Floor Calendar: May 1, 2012 , Floor Calendar: May 2, 2012 , Floor Calendar: May 7, 2012 , Floor Calendar: May 8, 2012 , Floor Calendar: May 9, 2012 , Floor Calendar: May 14, 2012 , Floor Calendar: May 15, 2012 , Floor Calendar: May 16, 2012 , Floor Calendar: May 21, 2012 , Floor Calendar: May 22, 2012 , Floor Calendar: May 23, 2012 , Floor Calendar: May 30, 2012 , Floor Calendar: May 31, 2012 , Floor Calendar: Jun 4, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012

S6460-2011 Votes

S6460-2011 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.

S6460-2011 Text

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

                                    6460

                              I N  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