Extends authorization for private sale of bonds and notes of the city of Buffalo to include serial bonds or notes issued on or before June 30, 2011.
Ayes (7): Stewart-Cousins, Oppenheimer, Valesky, Thompson, Johnson C, Little, Bonacic
Excused (1): Morahan
Ayes (60): Adams, Addabbo, Alesi, Aubertine, Bonacic, Breslin, DeFrancisco, Diaz, Dilan, Duane, Espada, Farley, Flanagan, Foley, Fuschillo, Golden, Griffo, Hannon, Hassell-Thomps, Huntley, Johnson C, Johnson O, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Leibell, Libous, Little, Marcellino, Maziarz, McDonald, Montgomery, Nozzolio, Onorato, Oppenheimer, Padavan, Parker, Peralta, Perkins, Ranzenhofer, Robach, Saland, Sampson, Savino, Schneiderman, Serrano, Seward, Smith, Squadron, Stachowski, Stavisky, Stewart-Cousins, Thompson, Valesky, Volker, Winner, Young
Nays (1): Skelos
Excused (1): Morahan
BILL NUMBER: S6862
TITLE OF BILL : An act to amend the local finance law, in relation to the sale of bonds and notes of the city of Buffalo
PURPOSE OF THE BILL : This bill extends authorization for the private sale of bonds and notes of the City of Buffalo.
SUMMARY OF SPECIFIC PROVISIONS : § 1- Amends § 54.30 of the Local Finance Law to extend the provisions of this section from June 30, 2010 to June 30, 2011. This is simply a one year extender of existing law to allow the City of Buffalo to sell its bonds at private sale.
§ 2- Effective date.
JUSTIFICATION : The present law, which expires on June 30, 2010, has given the City of Buffalo a valuable tool to provide expeditious funds for projects which require immediate attention. Since this law has already proven its usefulness, an extension of one year would provide the City with enough financial flexibility to encounter any further needs in that time frame. This bill incorporates, by reference, the newly created Buffalo Fiscal Stability Authority.
PRIOR LEGISLATIVE HISTORY : Chapter 78 of the Laws of 2009 (A.6296/S.4916); Chapter 116 of the Laws of 2008 (A.9878/S.6739); Chapter 38 of 2007; Chapter 79 of 2006; Chapter 69 of 2005; Chapter 122 of 2004; Chapter 108 of 2003; Chapter 115 of 2002; Chapter 118 of 2001; Chapter 90 of 2000; Chapter 406 of 1999; Chapter 111 of 1998; Chapter 32 of 1997; Chapter 100 of 1996. This bill has been continually extended since 1984.
FISCAL IMPLICATIONS : None to New York State.
LOCAL FISCAL IMPLICATIONS : Positive effects to the City of Buffalo.
EFFECTIVE DATE : This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 6862 IN SENATE February 17, 2010 ___________Introduced by Sen. THOMPSON -- 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 the sale of bonds and notes of the city of Buffalo THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 54.30 of the local finance law, as amended by chap- ter 78 of the laws of 2009, is amended to read as follows: S 54.30 Costs of sales; bonds and notes of the city of Buffalo. Subject to the provisions of chapter one hundred twenty-two of the laws of two thousand three creating the Buffalo fiscal stability authority, to facilitate the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before June thirtieth, two thousand
[ten]ELEVEN, such city may, notwithstanding any limitations on private sales of bonds provided by law, and subject to approval by the state comp- troller 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 negoti- ated 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. LBD15995-01-0