New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

A01309 Summary:

A01309 Actions:

A01309 Committee Votes:

A01309 Floor Votes:

A01309 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1309
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     January 9, 2015
                                       ___________
 
        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 70 of the laws of 2014, is amended to read as follows:
     3    §  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 [fifteen] sixteen, such city may,
     8  notwithstanding any limitations on private sales of  bonds  provided  by
     9  law,  and  subject to approval by the state comptroller of the terms and
    10  conditions of such sale: (a) arrange for the underwriting of  its  bonds
    11  or  notes at private sale through negotiated agreement, compensation for
    12  such underwriting to be provided by negotiated fee or by  sale  of  such
    13  bonds  or notes to an underwriter at a price of less than the sum of par
    14  value of, and the accrued interest on, such obligations; or (b)  arrange
    15  for the private sale of its bonds or notes through negotiated agreement,
    16  compensation  for  such  sales  to  be  provided  by  negotiated fee, if
    17  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    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05393-01-5