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.
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
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
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.