Assembly Bill A5897

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 Via S4244 - 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-A5897 (ACTIVE) - Details

See Senate Version of this Bill:
S4244
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.30, Loc Fin L
Versions Introduced in 2011-2012 Legislative Session:
A9354, S6517

2013-A5897 (ACTIVE) - Summary

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

2013-A5897 (ACTIVE) - Bill Text download pdf 

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

                                  5897

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2013
                               ___________

Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, GABRYSZAK, KEARNS --
  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 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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