Assembly Bill A9951

Signed By Governor
2009-2010 Legislative Session

Extends authorization for private sale of bonds and notes of the city of Buffalo

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Sponsored By

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

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2009-A9951 (ACTIVE) - Details

See Senate Version of this Bill:
S6862
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
A5377, S4632

2009-A9951 (ACTIVE) - Summary

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.

2009-A9951 (ACTIVE) - Sponsor Memo

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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