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S01033 Summary:

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S01033 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1033
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                     January 6, 2021
                                       ___________
 
        Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
          and when printed to be committed to the Committee on Local Government
 
        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
     2  section 1 of item GG of subpart B of part XXX of chapter 58 of the  laws
     3  of 2020, is amended to read as follows:
     4    §  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
     5  provisions of the New York state financial  emergency  act  of  nineteen
     6  hundred eighty-four for the city of Yonkers, to facilitate the marketing
     7  of  any  issue of serial bonds or notes of the city of Yonkers issued on
     8  or before June thirtieth, two  thousand  [twenty-one]  twenty-two,  such
     9  city  may,  notwithstanding  any  limitations  on private sales of bonds
    10  provided by law, and subject to approval by the state comptroller of the
    11  terms and conditions of such sale: (a) arrange for the  underwriting  of
    12  its bonds or notes at private sale through negotiated agreement, compen-
    13  sation for such underwriting to be provided by negotiated fee or by sale
    14  of such bonds or notes to an underwriter at a price of less than the sum
    15  of  par  value of, and the accrued interest on, such obligations; or (b)
    16  arrange for the private sale of its bonds or  notes  through  negotiated
    17  agreement, compensation for such sales to be provided by negotiated fee,
    18  if required. The cost of such underwriting or private placement shall be
    19  deemed a preliminary cost for purposes of 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.
                                                                   LBD00853-01-1