STATE OF NEW YORK
________________________________________________________________________
6898
2009-2010 Regular Sessions
IN ASSEMBLY
March 13, 2009
___________
Introduced by M. of A. PRETLOW, SPANO -- read once and referred to the
Committee 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 144 of the laws of 2008, 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 [nine] ten, 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.
LBD10420-01-9
