Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 15, 2010 |
signed chap.128 |
Jun 04, 2010 |
delivered to governor |
May 18, 2010 |
returned to senate passed assembly home rule request ordered to third reading cal.864 substituted for a9951 |
May 18, 2010 |
substituted by s6862 |
May 13, 2010 |
advanced to third reading cal.864 |
May 10, 2010 |
reported |
Apr 13, 2010 |
reported referred to ways and means |
Feb 17, 2010 |
referred to cities |
Assembly Bill A9951
Signed By Governor2009-2010 Legislative Session
Sponsored By
SCHIMMINGER
Archive: Last Bill Status Via S6862 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
Sam Hoyt
Crystal Peoples-Stokes
Mark J.F. Schroeder
Dennis H. Gabryszak
2009-A9951 (ACTIVE) - Details
2009-A9951 (ACTIVE) - Sponsor Memo
BILL NUMBER:A9951 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
2009-A9951 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9951 I N A S S E M B L Y February 17, 2010 ___________ Introduced by M. of A. SCHIMMINGER, HOYT, PEOPLES-STOKES, SCHROEDER, GABRYSZAK -- read once and referred to the Committee on Cities 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
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