STATE OF NEW YORK
________________________________________________________________________
5897
2013-2014 Regular Sessions
IN ASSEMBLY
March 8, 2013
___________
Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, GABRYSZAK, 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 78 of the laws of 2012, 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 [thir-
8 teen] fourteen, 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.
LBD08316-01-3
