Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 26, 2024 |
referred to cities 2 |
Senate Bill S8899
2023-2024 Legislative Session
Sponsored By
(D, WF) 35th Senate District
Current Bill Status - In Senate Committee Cities 2 Committee
- 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
Actions
2023-S8899 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9466
- Current Committee:
- Senate Cities 2
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd §54.40, Loc Fin L
2023-S8899 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8899 SPONSOR: STEWART-COUSINS TITLE OF BILL: An act to amend the local finance law, in relation to bonds and notes of the city of Yonkers PURPOSE: Extender law - this bill extends the marketing limitation on serial bonds/notes of Yonkers from June 30, 2024 to June 30, 2025. SUMMARY OF SPECIFIC PROVISIONS: Section one extends the City of Yonkers' authorization to issue bonds and notes through negotiated sale to June 30, 2025. Section two is the effective date. JUSTIFICATION:
2023-S8899 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8899 I N S E N A T E March 26, 2024 ___________ Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 2 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 168 of the laws of 2023, 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 [twenty-four] TWENTY-FIVE, 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, compen- sation 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. LBD14808-01-4
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