Senate Bill S4632

Signed By Governor
2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A5377 - 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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2011-S4632 (ACTIVE) - Details

See Assembly Version of this Bill:
A5377
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L
Versions Introduced in 2009-2010 Legislative Session:
S6862, A9951

2011-S4632 (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, 2012.

2011-S4632 (ACTIVE) - Sponsor Memo

2011-S4632 (ACTIVE) - Bill Text download pdf 

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

                                  4632

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 14, 2011
                               ___________

Introduced  by Sen. GRISANTI -- 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 128 of the laws of 2010, 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 [elev-
en] TWELVE, 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 negoti-
ated 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.
                                                           LBD07911-01-1

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