A08450 Summary:

BILL NO    A08450 


SPONSOR    Pretlow



Amd S54.40, Loc Fin L

Relates to bonds and notes of the city of Yonkers.
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A08450 Actions:

BILL NO    A08450 

01/15/2014 referred to cities
06/03/2014 reported referred to ways and means
06/09/2014 reported referred to rules
06/11/2014 reported 
06/11/2014 rules report cal.161
06/11/2014 substituted by s6313
           S06313  AMEND=  STEWART-COUSINS
           01/14/2014 REFERRED TO LOCAL GOVERNMENT
           03/04/2014 1ST REPORT CAL.223
           03/05/2014 2ND REPORT CAL.
           03/06/2014 ADVANCED TO THIRD READING 
           05/12/2014 HOME RULE REQUEST
           05/12/2014 PASSED SENATE
           05/12/2014 DELIVERED TO ASSEMBLY
           05/12/2014 referred to cities
           06/11/2014 substituted for a8450
           06/11/2014 ordered to third reading rules cal.161
           06/11/2014 home rule request
           06/11/2014 passed assembly
           06/11/2014 returned to senate
           06/30/2014 DELIVERED TO GOVERNOR
           06/30/2014 SIGNED CHAP.70
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A08450 Votes:

There are no votes for this bill in this legislative session.
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A08450 Memo:


TITLE OF BILL:  An act to amend the local finance law, in relation to
bonds and notes of the city of Yonkers

PURPOSE: This bill extends for one year, the authority of the city of
Yonkers to issue bonds and notes through negotiated sale.

JUSTIFICATION: The authorization for Yonkers to negotiate the private
sale of its bonds or notes is vital to improving the city's financial
stability and independence. The continuance of this power will allow
more cost-effective financing for the city of Yonkers.

The City's bonding authority will expire on June 30, 2014, unless it
is extended one year. This bill will permit the sale of serial bonds
or notes of the City of Yonkers issued before June 30, 2015, by
negotiated agreement, subject to the approval of the State

LEGISLATIVE HISTORY:  2013/A3157 Passed Assembly chapter 69 2012/A9292
Passed Assembly Chapter 72 2011/A.2429 Passed Assembly Chapter 66.
2009/2010 referred to cities 2005: S.3125 Passed Senate / A.4687
Passed Assembly Signed Chap. 118 2004: S.7221 Passed Senate / A.11055
Passed Assembly Signed Chap. 148 2003: S.3225 Passed Senate / A.8647
Passed Assembly Signed Chap. 93 2002: S.5330 Passed Senate / A.3884a
Passed Assembly Signed Chap. 96 2000: S.5955 Passed Senate / A.5254
Passed Assembly Signed Chap. 587 1998: S.4858 Passed Senate / A.5977
Passed Assembly Signed Chap. 217

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: Immediately.
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A08450 Text:

                           S T A T E   O F   N E W   Y O R K


                                 I N  A S S E M B L Y

                                   January 15, 2014

       Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
         tee on Cities

       AN ACT to amend the local finance law, in relation to bonds and notes of
         the city of Yonkers


    1    Section 1. Section 54.40 of the local finance law, as amended by chap-
    2  ter 69 of the laws of 2013, is amended to read as follows:
    3    S  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
    4  provisions of the New York state financial  emergency  act  of  nineteen
    5  hundred eighty-four for the city of Yonkers, to facilitate the marketing
    6  of  any  issue of serial bonds or notes of the city of Yonkers issued on
    7  or before June thirtieth, two thousand  [fourteen]  FIFTEEN,  such  city
    8  may,  notwithstanding any limitations on private sales of bonds provided
    9  by law, and subject to approval by the state comptroller  of  the  terms
   10  and  conditions  of  such  sale: (a) arrange for the underwriting of its
   11  bonds or notes at private sale  through  negotiated  agreement,  compen-
   12  sation for such underwriting to be provided by negotiated fee or by sale
   13  of such bonds or notes to an underwriter at a price of less than the sum
   14  of  par  value of, and the accrued interest on, such obligations; or (b)
   15  arrange for the private sale of its bonds or  notes  through  negotiated
   16  agreement, compensation for such sales to be provided by negotiated fee,
   17  if required. The cost of such underwriting or private placement shall be
   18  deemed a preliminary cost for purposes of section 11.00 of this article.
   19    S 2. This act shall take effect immediately.

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
       A                                                          LBD13360-01-3
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