Senate Bill S9416

Signed By Governor
2023-2024 Legislative Session

Relates to the sale of bond and notes of the city of New York

download bill text pdf

Sponsored By

Current Bill Status Via A9671 - 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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2023-S9416 (ACTIVE) - Details

See Assembly Version of this Bill:
A9671
Law Section:
Local Finance Law
Laws Affected:
Amd §§54.10, 54.90, 57.00, 90.00 & 107.00, Loc Fin L; amd §10-a, Chap 868 of 1975; amd §5, Chap 142 of 2004

2023-S9416 (ACTIVE) - Summary

Relates to the sale of bonds and notes of the city of New York, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of the city of New York, the selling of bonds at private sale, the refunding of bonds, and the down payment for projects financed by bonds; relates to a pledge and agreement of the state; extends certain provisions relating to interest rate exchange agreements of the city of New York.

2023-S9416 (ACTIVE) - Sponsor Memo

2023-S9416 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9416
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced by Sen. SEPULVEDA -- (at request of the NYC Office of Manage-
   ment  and  Budget) -- read twice and ordered printed, and when printed
   to be committed to the Committee on Cities 1
 
 AN ACT to amend the local finance law, in relation to the sale of  bonds
   and notes of the city of New York, the issuance of bonds or notes with
   variable  rates  of interest, interest rate exchange agreements of the
   city of New York, the selling of bonds at private sale, the  refunding
   of  bonds,  and  the  down  payment for projects financed by bonds; to
   amend the New York state financial emergency act for the city  of  New
   York, in relation to a pledge and agreement of the state; and to amend
   chapter 142 of the laws of 2004, amending the local finance law relat-
   ing  to  interest rate exchange agreements of the city of New York and
   refunding bonds of such city, in relation to the effectiveness thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The opening paragraph of paragraph (a) of section 54.10 of
 the local finance law, as amended by chapter 152 of the laws of 2023, is
 amended to read as follows:
   To facilitate the marketing of any issue of bonds or notes of the city
 of New York issued on or before June thirtieth,  two  thousand  [twenty-
 four]  TWENTY-FIVE,  the mayor and comptroller of such city may, subject
 to the approval of the state comptroller and the limitations on  private
 sales of bonds and notes, respectively, provided by law:
   §  2.  The  closing  paragraph  of paragraph a of section 54.90 of the
 local finance law, as amended by chapter 152 of the  laws  of  2023,  is
 amended to read as follows:
   Notwithstanding the foregoing, whenever in the judgment of the finance
 board  of the city of New York the interest of such city would be served
 thereby, the city of New York may without further approval  issue  bonds
 or  notes, on or before July fifteenth, two thousand [twenty-four] TWEN-
 TY-FIVE, with interest rates that vary in accordance with a  formula  or
 procedure  and  are  subject  to a maximum rate of interest set forth or
 referred to in the bonds or notes and may provide  the  holders  thereof
 with  such  rights to require the city or other persons to purchase such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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