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A04887 Summary:

Amd 54.30, Loc Fin L
Relates to the sale of bonds and notes of the city of Buffalo.
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A04887 Actions:

02/06/2017referred to cities
05/23/2017reported referred to ways and means
06/05/2017reported referred to rules
06/07/2017rules report cal.101
06/07/2017ordered to third reading rules cal.101
06/08/2017home rule request
06/08/2017passed assembly
06/08/2017delivered to senate
06/14/2017SUBSTITUTED FOR S5469
06/14/20173RD READING CAL.798
06/23/2017delivered to governor
06/29/2017signed chap.62
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A04887 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
SPONSOR: Schimminger
  TITLE OF BILL: An act to amend the local finance law, in relation to the sale of bonds and notes of the city of Buffalo   PURPOSE OF THE BILL: This bill extends authorization for the private sale of bonds and notes of the City of Buffalo.   SUMMARY OF SPECIFIC PROVISIONS: § 1 - Amends § 54.30 of the Local Finance Law to extend the provisions of this section from June 30, 2017 to June 30, 2018. This is simply a one year extender of existing law to allow the City of Buffalo to sell its bonds at private sale, § 2 - Effective date.   JUSTIFICATION: The present law, which expires on June 30, 2017, has given the City of Buffalo a valuable tool to provide expeditious funds for projects which require immediate attention. Since this law has already proven its usefulness, an extension of one year would provide the City with enough financial flexibility to encounter any further needs in that time frame. This bill incorporates, by reference, the newly created Buffalo Fiscal Stability Authority.   PRIOR LEGISLATIVE HISTORY: Chapter 86 of the Laws of 2016; Chapter 44 of the Laws of 2015; Chapter 72 of the Laws of 2014; Chapter 86 of the Laws of 2013; Chapter 78 of the laws of 2012; Chapter 104 of the Laws of 2011; Chapter 128 of the Laws of 2010; Chapter 78 of the Laws of 2009; Chapter 116 of the Laws of 2008; Chapter 38 of 2007; Chapter 79 of 2006; Chapter 69 of 2005; Chapter 122 of 2004; Chapter 108 of 2003; Chapter 115 of 2002; Chapter 118 of 2001: Chapter 90 of 2000; Chapter 406 of 1999; Chapter 111 of 1998; Chapter 32 of 1997; Chapter 100 of 1996. This bill has been continually extended since 1984.   FISCAL IMPLICATIONS: None to New York State.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: Positive effects to the City of Buffalo.   EFFECTIVE DATE: This act shall take effect immediately.
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A04887 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
        Introduced  by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS -- read once
          and referred to the Committee on Cities
        AN ACT to amend the local finance law, in relation to the sale of  bonds
          and notes of the city of Buffalo
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 54.30 of the local finance law, as amended by chap-
     2  ter 86 of the laws of 2016, is amended to read as follows:
     3    § 54.30 Costs of sales; bonds  and  notes  of  the  city  of  Buffalo.
     4  Subject  to the provisions of chapter one hundred twenty-two of the laws
     5  of two thousand three creating the Buffalo fiscal  stability  authority,
     6  to facilitate the marketing of any issue of serial bonds or notes of the
     7  city of Buffalo issued on or before June thirtieth, two thousand [seven-
     8  teen]  eighteen,  such  city  may,  notwithstanding  any  limitations on
     9  private sales of bonds provided by law, and subject to approval  by  the
    10  state  comptroller of the terms and conditions of such sale: (a) arrange
    11  for the underwriting of its bonds or notes at private sale through nego-
    12  tiated agreement, compensation for such underwriting to be  provided  by
    13  negotiated  fee or by sale of such bonds or notes to an underwriter at a
    14  price of less than the sum of par value of, and the accrued interest on,
    15  such obligations; or (b) arrange for the private sale of  its  bonds  or
    16  notes  through  negotiated  agreement, compensation for such sales to be
    17  provided by negotiated fee, if required. The cost of  such  underwriting
    18  or  private placement shall be deemed a preliminary cost for purposes of
    19  section 11.00 of this article.
    20    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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