NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5298
SPONSOR: Pretlow TITLE OF BILL:
An act to amend the local finance law, in relation to bonds and notes of
the city of Yonkers
PURPOSE:
The purpose of this law is to extend the authorization for the city of
Yonkers to issue serial bonds and notes until June 30, 2026.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends existing law to extend authorization for
the City of Yonkers to issue serial bonds and notes through negotiated
sale until June 30, 2026.
Section 2 is the effective date.
JUSTIFICATION:
This bill extends the marketing limitation on serial bonds/notes of
Yonkers from June 30, 2025 to June 30, 2026. The authorization for Yonk-
ers to negotiate the private sales of its bonds or notes is vital to
improving the city's financial stability and independence. The city's
bonding authority will expire on June 30, 2025 unless it is extended.
The continuation of this power will allow more cost-effective financing
for the city of Yonkers.
LEGISLATIVE HISTORY:
2024- A9466 Signed Chapter 131
2024 - S8899 (Stewart-Cousins);Chapter 131
2023 - S400 (Stewart-Cousins); Chapter 168
2022 - S8387 (Stewart-Cousins); Chapter 332
2021 - S1033 (Stewart-Cousins); Chapter 168
2020 - S7508B (Budget); Chapter 58, Part XXX, Subpart B, Item GG
2019 - S3405 (Stewart-Cousins); Chapter 71
2018 - S7352 (Stewart-Cousins); Chapter 81
2017 - S6720 (Stewart-Cousins); Chapter 44
2016 - S6355 (Stewart-Cousins); Chapter 45
2015 - S3463 (Stewart-Cousins); Chapter 21
2014 - S6313 (Stewart-Cousins); Chapter 70
2013 - S3020 (Stewart-Cousins); Chapter 69
2012 - S6460 (Stewart-Cousins); Chapter 72
2011 - S2982 (Stewart-Cousins); Chapter 66
2010 - S6720 (Stewart-Cousins); Chapter 125
2009 - S3336 (Stewart-Cousins); Chapter 77
2008 - S6878 (Stewart-Cousins); Chapter 144
2007 - S4137 (Stewart-Cousins); Chapter 80
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
5298
2025-2026 Regular Sessions
IN ASSEMBLY
February 12, 2025
___________
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 131 of the laws of 2024, 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 [twenty-five] twenty-six, such
8 city may, notwithstanding any limitations on private sales of bonds
9 provided by law, and subject to approval by the state comptroller of the
10 terms and conditions of such sale: (a) arrange for the underwriting of
11 its 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 § 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
