Senate Bill S3405

Signed By Governor
2019-2020 Legislative Session

Relates to bonds and notes of the city of Yonkers

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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2019-S3405 (ACTIVE) - Details

See Assembly Version of this Bill:
A3845
Law Section:
Local Finance Law
Laws Affected:
Amd §54.40, Loc Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8659
2017-2018: S7352, A4324, A6389

2019-S3405 (ACTIVE) - Summary

Relates to bonds and notes of the city of Yonkers.

2019-S3405 (ACTIVE) - Sponsor Memo

2019-S3405 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3405
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 6, 2019
                                ___________
 
 Introduced  by  Sen.  STEWART-COUSINS -- 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 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 81 of the laws of 2018, is amended to read as follows:
   §  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 [nineteen] TWENTY, 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05383-01-9

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