Assembly Bill A1309

Signed By Governor
2015-2016 Legislative Session

Relates to bonds and notes of the city of Yonkers

download bill text pdf

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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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2015-A1309 (ACTIVE) - Details

See Senate Version of this Bill:
S3463
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.40, Loc Fin L

2015-A1309 (ACTIVE) - Summary

Relates to bonds and notes of the city of Yonkers.

2015-A1309 (ACTIVE) - Bill Text download pdf 

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

                                  1309

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 9, 2015
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Cities

AN ACT to amend the local finance law, in relation to bonds and notes of
  the city of Yonkers

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 54.40 of the local finance law, as amended by chap-
ter 70 of the laws of 2014, is amended to read as follows:
  S  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
provisions of the New York state financial  emergency  act  of  nineteen
hundred eighty-four for the city of Yonkers, to facilitate the marketing
of  any  issue of serial bonds or notes of the city of Yonkers issued on
or before June thirtieth, two thousand [fifteen] SIXTEEN, 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 negotiated 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.
                                                           LBD05393-01-5

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