S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    433
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 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 131 of the laws of 2024, 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-five]  TWENTY-SIX,  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.
                                                            LBD01402-01-5