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S04384 Summary:

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S04384 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4384
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     March 18, 2015
                                       ___________
 
        Introduced  by  Sen.  RANZENHOFER -- 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 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 72 of the laws of 2014, 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
     8  [fifteen] sixteen, 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.
                                                                   LBD09477-01-5