Senate Bill S4244

Signed By Governor
2013-2014 Legislative Session

Relates to the sale of bonds and notes of the city of Buffalo

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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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2013-S4244 (ACTIVE) - Details

See Assembly Version of this Bill:
A5897
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
S6517, A9354

2013-S4244 (ACTIVE) - Summary

Relates to the sale of bonds and notes of the city of Buffalo.

2013-S4244 (ACTIVE) - Sponsor Memo

2013-S4244 (ACTIVE) - Bill Text download pdf 

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

                                  4244

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 15, 2013
                               ___________

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 78 of the laws of 2012, 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 [thir-
teen] FOURTEEN,  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 nego-
tiated  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.
                                                           LBD08316-01-3

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