Amd §2, Chap 88 of 2009; amd §2, Chap 89 of 2009; amd §2, Chap 62 of 2015; amd §3, Chap 327 of 2006; amd §2,
Chap 405 of 2005; amd §2, Chap 368 of 2008; amd §2, Chap 218 of 2009; amd §2, Chap 98 of 2009; amd §3, Chap
105 of 2009; amd §§1903 & 1803-a, RPT L; amd §§54.30, 54.10, 54.90, 57.00, 90.00, 107.00 & 54.40, Loc Fin L;
amd §10-a, §2 of Chap 868 of 1975; amd §5, Chap 142 of 2004
Extends the city of New Rochelle occupancy tax for three years; extends the city of Rye occupancy tax for three years; extends the city of Yonkers occupancy tax for three years; extends the expiration of the authority of the county of Essex to impose an additional mortgage recording tax; extends the expiration of the authority of the county of Albany to impose a county mortgage recording tax; extends Warren county's additional mortgage recording tax authorization; extends the authorization for the county of Greene to impose an additional mortgage recording tax; extends provisions of law relating to authorizing the county of Cattaraugus to impose an additional mortgage recording tax; extends the ability of the county of Albany to impose and collect taxes on occupancy of hotel or motel rooms in Albany county; relates to adjusted base proportions for assessment rolls; relates to the determination of adjusted base proportions in special assessing units which are cities for the fiscal year two thousand nineteen; allows certain special assessing units other than cities to adjust their current base proportions, adjusted base proportions for assessment rolls, and the base proportion in approved assessing units in Nassau county; relates to the sale of bonds and notes of the city of Buffalo; relates to bonds and notes of the city of Yonkers.
STATE OF NEW YORK
________________________________________________________________________
9104
IN SENATE
June 17, 2018
___________
Introduced by COMMITTEE ON RULES -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT to amend chapter 88 of the laws of 2009 amending the tax law
relating to the imposition of an occupancy tax in the city of New
Rochelle, in relation to extending the effectiveness thereof; to amend
chapter 89 of the laws of 2009 amending the tax law relating to the
imposition of an occupancy tax in the city of Rye, in relation to
extending the effectiveness thereof; to amend chapter 62 of the laws
of 2015 amending the tax law, relating to the imposition of an occu-
pancy tax in the city of Yonkers, in relation to extending the effec-
tiveness thereof; to amend chapter 327 of the laws of 2006, amending
the tax law relating to authorizing the county of Essex to impose an
additional mortgage recording tax, in relation to extending the expi-
ration and repeal of such provisions; to amend chapter 405 of the laws
of 2005 amending the tax law relating to authorizing the county of
Albany to impose a county recording tax on obligations secured by a
mortgage on real property, in relation to extending the effectiveness
thereof; to amend chapter 368 of the laws of 2008, amending the tax
law relating to authorizing the county of Warren to impose an addi-
tional mortgage recording tax, in relation to extending the effective-
ness thereof; to amend chapter 218 of the laws of 2009 amending the
tax law relating to authorizing the county of Greene to impose an
additional mortgage recording tax, in relation to extending the effec-
tiveness thereof; to amend chapter 98 of the laws of 2009, amending
the tax law relating to authorizing the county of Cattaraugus to
impose an additional mortgage recording tax, in relation to extending
the expiration thereof; to amend chapter 105 of the laws of 2009
amending chapter 693 of the laws of 1980 enabling the county of Albany
to impose and collect taxes on occupancy of hotel or motel rooms in
Albany county relating to revenues received from the collection of
hotel or motel occupancy taxes, in relation to the effectiveness ther-
eof; to amend the real property tax law, in relation to adjusted base
proportions for assessment rolls; to amend the real property tax law,
in relation to the determination of adjusted base proportions in
special assessing units which are cities for the fiscal year two thou-
sand nineteen; to amend the real property tax law, in relation to
allowing certain special assessing units other than cities to adjust
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16262-03-8
S. 9104 2
their current base proportions, adjusted base proportions for assess-
ment rolls, and the base proportion in approved assessing units in
Nassau county; to amend the local finance law, in relation to the sale
of bonds and notes of the city of Buffalo; to amend the local finance
law, in relation to the sale of bonds and notes of the city of New
York, the issuance of bonds or notes with variable rates of interest,
interest rate exchange agreements of the city of New York, the refund-
ing of bonds, and the down payment for projects financed by bonds; to
amend chapter 868 of the laws of 1975 constituting the New York state
financial emergency act for the city of New York, in relation to a
pledge and agreement of the state; and to amend chapter 142 of the
laws of 2004, amending the local finance law relating to interest rate
exchange agreements of the city of New York and refunding bonds of
such city, in relation to the effectiveness thereof; and to amend the
local finance law, in relation to bonds and notes of the city of Yonk-
ers
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2 of chapter 88 of the laws of 2009 amending the
2 tax law relating to the imposition of an occupancy tax in the city of
3 New Rochelle, as amended by chapter 159 of the laws of 2015, is amended
4 to read as follows:
5 § 2. This act shall take effect immediately and shall expire and be
6 deemed repealed September 1, [2018] 2021.
7 § 2. Section 2 of chapter 89 of the laws of 2009 amending the tax law
8 relating to the imposition of an occupancy tax in the city of Rye, as
9 amended by chapter 204 of the laws of 2015, is amended to read as
10 follows:
11 § 2. This act shall take effect immediately and shall expire and be
12 deemed repealed September 1, [2018] 2021.
13 § 3. Section 2 of chapter 62 of the laws of 2015 amending the tax
14 relating to the imposition of an occupancy tax in the city of Yonkers,
15 is amended to read as follows:
16 § 2. This act shall take effect immediately and shall expire and be
17 deemed repealed September 1, [2018] 2021.
18 § 4. Section 3 of chapter 327 of the laws of 2006, amending the tax
19 law relating to authorizing the county of Essex to impose an additional
20 mortgage recording tax, as amended by chapter 289 of the laws of 2015,
21 is amended to read as follows:
22 § 3. This act shall take effect immediately; provided, however, that
23 this act shall expire and be deemed repealed December 1, [2018] 2021.
24 § 5. Section 2 of chapter 405 of the laws of 2005 amending the tax law
25 relating to authorizing the county of Albany to impose a county record-
26 ing tax on obligations secured by a mortgage on real property, as
27 amended by chapter 132 of the laws of 2016, is amended to read as
28 follows:
29 § 2. This act shall take effect on the thirtieth day after it shall
30 have become a law and shall expire and be deemed repealed on the first
31 of December, [2018] 2020.
32 § 6. Section 2 of chapter 368 of the laws of 2008, amending the tax
33 law relating to authorizing the county of Warren to impose an additional
34 mortgage recording tax, as amended by chapter 190 of the laws of 2016,
35 is amended to read as follows:
S. 9104 3
1 § 2. This act shall take effect immediately and shall expire and be
2 deemed repealed December 1, [2018] 2020.
3 § 7. Section 2 of chapter 218 of the laws of 2009 amending the tax law
4 relating to authorizing the county of Greene to impose an additional
5 mortgage recording tax, as amended by chapter 129 of the laws of 2016,
6 is amended to read as follows:
7 § 2. This act shall take effect on the sixtieth day after it shall
8 have become a law and shall expire and be deemed repealed December 1,
9 [2018] 2020.
10 § 8. Section 2 of chapter 98 of the laws of 2009, amending the tax law
11 relating to authorizing the county of Cattaraugus to impose an addi-
12 tional mortgage recording tax, as amended by chapter 303 of the laws of
13 2015, is amended to read as follows:
14 § 2. This act shall take effect immediately and shall expire and be
15 deemed repealed December 1, [2018] 2021.
16 § 9. Section 3 of chapter 105 of the laws of 2009 amending chapter 693
17 of the laws of 1980 enabling the county of Albany to impose and collect
18 taxes on occupancy of hotel or motel rooms in Albany county relating to
19 revenues received from the collection of hotel or motel occupancy taxes,
20 as amended by chapter 452 of the laws of 2016, is amended to read as
21 follows:
22 § 3. This act shall take effect upon the adoption by the county of
23 Albany of a local law imposing in such county the additional occupancy
24 tax authorized by this act and shall expire and be deemed repealed
25 December 31, [2018] 2020; provided that Albany county shall notify the
26 legislative bill drafting commission upon the occurrence of the enact-
27 ment of such local law in order that the commission may maintain an
28 accurate and timely effective data base of the official text of the laws
29 of the state of New York in furtherance of effecting the provisions of
30 section 44 of the legislative law and section 70-b of the public offi-
31 cers law.
32 § 10. Subparagraph (iv) of paragraph (a) of subdivision 3 of section
33 1903 of the real property tax law, as amended by chapter 152 of the laws
34 of 2017, is amended to read as follows:
35 (iv) Notwithstanding any other provision of law, in an approved
36 assessing unit in the county of Suffolk and for current base proportions
37 to be determined by taxes based on such approved assessing unit's two
38 thousand three - two thousand four, two thousand four - two thousand
39 five and two thousand five - two thousand six assessment rolls, the
40 current base proportion of any class shall not exceed the adjusted base
41 proportion or adjusted proportion, whichever is appropriate, of the
42 immediately preceding year by more than two percent, or in the case of
43 the two thousand five--two thousand six, two thousand six--two thousand
44 seven, two thousand seven--two thousand eight, two thousand eight--two
45 thousand nine, two thousand twelve--two thousand thirteen, two thousand
46 thirteen--two thousand fourteen, two thousand fourteen--two thousand
47 fifteen, two thousand fifteen--two thousand sixteen, two thousand
48 sixteen--two thousand seventeen, [and] two thousand seventeen--two thou-
49 sand eighteen, and two thousand eighteen--two thousand nineteen assess-
50 ment rolls, one percent. Where the computation of current base
51 proportions would otherwise produce such result, the current base
52 proportion of such class or classes shall be limited to such two percent
53 or one percent increase whichever is applicable, and the legislative
54 body of such approved assessing unit shall alter the current base
55 proportion of either class so that the sum of the current base
56 proportions equals one.
S. 9104 4
1 § 11. Subdivision 1 of section 1803-a of the real property tax law is
2 amended by adding a new paragraph (dd) to read as follows:
3 (dd) Notwithstanding the provisions of paragraph (c) of this subdivi-
4 sion to the contrary, in a special assessing unit which is a city and
5 for current base proportions to be determined in such special assessing
6 unit's fiscal year two thousand nineteen, the current base proportion of
7 any class shall not exceed the adjusted base proportion or adjusted
8 proportion, whichever is appropriate, of the immediately preceding year
9 by more than one-half of one percent. Where the computation performed
10 pursuant to paragraph (b) of this subdivision would otherwise produce
11 such result, the current base proportion of such class or classes shall
12 be limited to a one-half of one percent increase and the legislative
13 body of such special assessing unit shall alter the current base propor-
14 tion of any or all remaining classes so that the sum of the current base
15 proportions equals one.
16 § 12. In the event the special assessing unit which is a city has sent
17 out real property tax bills for its fiscal year 2019 before this act
18 shall have become a law, the city shall take such actions as are neces-
19 sary, consistent with applicable state and local law, to effect the
20 provisions of section eleven of this act, including, but not limited to,
21 revising the current base proportions and adjusted base proportions,
22 resetting the real property tax rates and sending amended real property
23 tax bills. Provided, however, that nothing herein shall be deemed to
24 affect the obligation of any taxpayer with respect to the payment of any
25 installment of real property tax for such fiscal year which was due and
26 payable prior to the date such amended real property tax bills are sent;
27 for this purpose, such obligations shall be determined in accordance
28 with the applicable provisions of law that were in effect immediately
29 prior to the effective date of this act, and such city shall be author-
30 ized to determine the date on which amended bills are to be sent and the
31 installments of real property tax which are to be reflected therein.
32 § 13. Subdivision 1 of section 1803-a of the real property tax law is
33 amended by adding a new paragraph (ee) to read as follows:
34 (ee) Notwithstanding the provisions of paragraph (c) of this subdivi-
35 sion to the contrary, in a special assessing unit that is not a city and
36 for current base proportions to be determined by taxes based on such
37 special assessing unit's two thousand eighteen assessment roll, the
38 current base proportion of any class shall not exceed the adjusted base
39 proportion or adjusted proportion, whichever is appropriate, of the
40 immediately preceding year by more than one percent. Where the computa-
41 tion performed pursuant to paragraph (b) of this subdivision would
42 otherwise produce such result, the current base proportion of such class
43 or classes shall be limited to such one percent increase and the legis-
44 lative body of such special assessing unit shall alter the current base
45 proportion of any or all remaining classes so that the sum of the
46 current base proportions equals one.
47 § 13-a. Paragraph (a) of subdivision 3 of section 1903 of the real
48 property tax law is amended by adding a new subparagraph (xix) to read
49 as follows:
50 (xix) Notwithstanding any other provision of law, in an approved
51 assessing unit in the county of Nassau and for current base proportions
52 to be determined by taxes based on such approved assessing unit's two
53 thousand eighteen roll, the current base proportion of any class shall
54 not exceed the adjusted base proportion or adjusted proportion, whichev-
55 er is appropriate, of the immediately preceding year, by more than one
56 percent, provided that such approved assessing unit has passed a local
S. 9104 5
1 law, ordinance or resolution providing therefor. Where the computation
2 of current base proportions would otherwise produce such result, the
3 current base proportion of such class or classes shall be limited to
4 such one percent increase and the legislative body of such approved
5 assessing unit shall alter the current base proportion of either class
6 so that the sum of the current base proportions equals one.
7 § 14. Section 54.30 of the local finance law, as amended by chapter 62
8 of the laws of 2017, is amended to read as follows:
9 § 54.30 Costs of sales; bonds and notes of the city of Buffalo.
10 Subject to the provisions of chapter one hundred twenty-two of the laws
11 of two thousand three creating the Buffalo fiscal stability authority,
12 to facilitate the marketing of any issue of serial bonds or notes of the
13 city of Buffalo issued on or before June thirtieth, two thousand [eigh-
14 teen] nineteen, such city may, notwithstanding any limitations on
15 private sales of bonds provided by law, and subject to approval by the
16 state comptroller of the terms and conditions of such sale: (a) arrange
17 for the underwriting of its bonds or notes at private sale through nego-
18 tiated agreement, compensation for such underwriting to be provided by
19 negotiated fee or by sale of such bonds or notes to an underwriter at a
20 price of less than the sum of par value of, and the accrued interest on,
21 such obligations; or (b) arrange for the private sale of its bonds or
22 notes through negotiated agreement, compensation for such sales to be
23 provided by negotiated fee, if required. The cost of such underwriting
24 or private placement shall be deemed a preliminary cost for purposes of
25 section 11.00 of this article.
26 § 15. The opening paragraph of paragraph (a) of section 54.10 of the
27 local finance law, as amended by chapter 64 of the laws of 2017, is
28 amended to read as follows:
29 To facilitate the marketing of any issue of bonds or notes of the city
30 of New York issued on or before June thirtieth, two thousand [eighteen]
31 nineteen, the mayor and comptroller of such city may, subject to the
32 approval of the state comptroller and the limitations on private sales
33 of bonds and notes, respectively, provided by law:
34 § 16. The closing paragraph of paragraph a of section 54.90 of the
35 local finance law, as amended by chapter 64 of the laws of 2017, is
36 amended to read as follows:
37 Notwithstanding the foregoing, whenever in the judgment of the finance
38 board of the city of New York the interest of such city would be served
39 thereby, the city of New York may without further approval issue bonds
40 or notes, on or before July fifteenth, two thousand [eighteen] nineteen,
41 with interest rates that vary in accordance with a formula or procedure
42 and are subject to a maximum rate of interest set forth or referred to
43 in the bonds or notes and may provide the holders thereof with such
44 rights to require the city or other persons to purchase such bonds or
45 notes or renewals thereof from the proceeds of the resale thereof or
46 otherwise from time to time prior to the final maturity of such bonds or
47 notes as the finance board of the city of New York may determine and the
48 city may resell, at any time prior to final maturity, any such bonds or
49 notes acquired as a result of the exercise of such rights; provided,
50 however, that at no time shall the total principal amount of bonds and
51 notes issued by the city of New York pursuant to this paragraph (other
52 than bonds and notes (1) bearing interest at rates and for periods of
53 time that are specified without reference to future events or contingen-
54 cies, or (2) described in section 136.00 of this article) exceed twen-
55 ty-five percent of the limit prescribed by section 104.00 of this arti-
56 cle.
S. 9104 6
1 § 17. The opening paragraph of subdivision 1 of paragraph d of section
2 54.90 of the local finance law, as amended by chapter 64 of the laws of
3 2017, is amended to read as follows:
4 On or before July fifteenth, two thousand [eighteen] nineteen the
5 mayor and comptroller of the city of New York may:
6 § 18. The opening paragraph of paragraph a of section 57.00 of the
7 local finance law, as amended by chapter 64 of the laws of 2017, is
8 amended to read as follows:
9 Bonds shall be sold only at public sale and in accordance with the
10 procedure set forth in this section and sections 58.00 and 59.00 of this
11 title, except as otherwise provided in this paragraph. Bonds may be sold
12 at private sale to the United States government or any agency or instru-
13 mentality thereof, the state of New York municipal bond bank agency, to
14 any sinking fund or pension fund of the municipality, school district or
15 district corporation selling such bonds, or, in the case of sales by the
16 city of New York prior to July first, two thousand [eighteen] nineteen,
17 also to the municipal assistance corporation for the city of New York or
18 to any other purchaser with the consent of the mayor and the comptroller
19 of such city and approval of the state comptroller, or, in the case of
20 sales by the county of Nassau prior to December thirty-first, two thou-
21 sand seven, also to the Nassau county interim finance authority with the
22 approval of the state comptroller, or, in the case of sales by the city
23 of Buffalo prior to June thirtieth, two thousand thirty-seven, also to
24 the Buffalo fiscal stability authority with the approval of the state
25 comptroller, or, in the case of bonds or other obligations of a munici-
26 pality issued for the construction of any sewage treatment works, sewage
27 collecting system, storm water collecting system, water management
28 facility, air pollution control facility or solid waste disposal facili-
29 ty, also to the New York state environmental facilities corporation, or,
30 in the case of bonds or other obligations of a school district or a city
31 acting on behalf of a city school district in a city having a population
32 in excess of one hundred twenty-five thousand but less than one million
33 inhabitants according to the latest federal census, issued to finance or
34 refinance the cost of school district capital facilities or school
35 district capital equipment, as defined in section sixteen hundred seven-
36 ty-six of the public authorities law, also to the dormitory authority of
37 the state of New York. Bonds of a river improvement or drainage district
38 established by or under the supervision of the department of environ-
39 mental conservation may be sold at private sale to the state of New York
40 as investments for any funds of the state which by law may be invested,
41 provided, however, that the rate of interest on any such bonds so sold
42 shall be approved by the water power and control commission and the
43 state comptroller. Bonds may also be sold at private sale as provided in
44 section 63.00 of this title. No bonds shall be sold on option or on a
45 deferred payment plan, except that options to purchase, effective for a
46 period not exceeding one year, may be given:
47 § 19. Subdivision 3 of paragraph g of section 90.00 of the local
48 finance law, as amended by chapter 64 of the laws of 2017, is amended to
49 read as follows:
50 3. Outstanding bonds may, pursuant to a power to recall and redeem or
51 with the consent of the holders thereof, be exchanged for refunding
52 bonds (i) if the refunding bonds are to bear interest at a rate equal to
53 or lower than that borne by the bonds to be refunded or (ii) if, in the
54 case of the city of New York prior to July first, two thousand [eigh-
55 teen] nineteen, the annual payment required for principal and interest
56 on the refunding bond is less than the annual payment required for prin-
S. 9104 7
1 cipal and interest on the bond to be refunded, in each case such annual
2 payments to be determined by dividing the total principal and interest
3 payments due over the remaining life of the bond by the number of years
4 to maturity of the bond or (iii) if the bonds to be refunded were issued
5 by the city of New York after June thirtieth, nineteen hundred seventy-
6 eight and prior to July first, two thousand [eighteen] nineteen and
7 contain covenants referring to the existence of the New York state
8 financial control board for the city of New York or any other covenants
9 relating to matters other than the prompt payment of principal and
10 interest on the obligations when due and the refunding bond omits or
11 modifies any such covenant.
12 § 20. Subdivision 8 of paragraph d of section 107.00 of the local
13 finance law, as amended by chapter 64 of the laws of 2017, is amended to
14 read as follows:
15 8. Notwithstanding any other provision of law, the financing by the
16 city of New York prior to July first, two thousand [eighteen] nineteen
17 of any object or purpose which has a period of probable usefulness
18 determined by law by the issuance of any bonds or notes, including (i)
19 the issuance of bonds or notes to obtain reimbursement for funds hereto-
20 fore advanced for the object or purpose for which the bonds or notes are
21 being issued, (ii) the issuance of bonds or notes to redeem notes previ-
22 ously issued for the object or purpose for which the bonds or notes are
23 being issued or (iii) the issuance of bonds to refund bonds previously
24 issued for the object or purpose for which bonds are being issued.
25 § 21. Subdivision 1 of section 10-a of section 2 of chapter 868 of the
26 laws of 1975, constituting the New York state financial emergency act
27 for the city of New York, as amended by chapter 64 of the laws of 2017,
28 is amended to read as follows:
29 1. In the event that after the date on which the provisions of this
30 act become operative, any notes or bonds are issued by the city prior to
31 July 1, [2018] 2019, or any bonds are issued by a state financing agen-
32 cy, the state of New York hereby authorizes the city and authorizes and
33 requires such state financing agency to include a pledge and agreement
34 of the state of New York in any agreement made by the city or such state
35 financing agency with holders or guarantors of such notes or bonds that
36 the state will not take any action which will (a) substantially impair
37 the authority of the board during a control period, as defined in subdi-
38 vision twelve of section two of this act as in effect on the date such
39 notes or bonds are issued (i) to approve, disapprove, or modify any
40 financial plan or financial plan modification, including the revenue
41 projections (or any item thereof) contained therein, subject to the
42 standards set forth in paragraphs a, c, d, e and f of subdivision one of
43 section eight of this act as in effect on the date such notes or bonds
44 are issued and paragraph b of such subdivision as in effect from time to
45 time, (ii) to disapprove a contract of the city or a covered organiza-
46 tion if the performance of such contract would be inconsistent with the
47 financial plan or to approve or disapprove proposed short-term or long-
48 term borrowing of the city or a covered organization or any agreement or
49 other arrangement referred to in subdivision four of section seven of
50 this act, or (iii) to establish and adopt procedures with respect to the
51 deposit in and disbursement from the board fund of city revenues; (b)
52 substantially impair the authority of the board to review financial
53 plans, financial plan modifications, contracts of the city or the
54 covered organizations and proposed short-term or long-term borrowings of
55 the city and the covered organizations; (c) substantially impair the
56 independent maintenance of a separate fund for the payment of debt
S. 9104 8
1 service on bonds and notes of the city; (d) alter the composition of the
2 board so that the majority of the voting members of the board are not
3 officials of the state of New York elected in a state-wide election or
4 appointees of the governor; (e) terminate the existence of the board
5 prior to the time to be determined in accordance with section thirteen
6 of this act as in effect on the date such notes or bonds are issued; (f)
7 substantially modify the requirement that the city's financial state-
8 ments be audited by a nationally recognized independent certified public
9 accounting firm or consortium of firms and that a report on such audit
10 be furnished to the board; or (g) alter the definition of a control
11 period set forth in subdivision twelve of section two of this act, as in
12 effect on the date such notes or bonds are issued, or substantially
13 alter the authority of the board, as set forth in said subdivision to
14 reimpose or terminate a control period; provided, however, that the
15 foregoing pledge and agreement shall be of no further force and effect
16 if at any time (i) there is on deposit in a separate trust account with
17 a bank, trust company or other fiduciary sufficient moneys or direct
18 obligations of the United States or obligations guaranteed by the United
19 States, the principal of and/or interest on which will provide moneys to
20 pay punctually when due at maturity or prior to maturity by redemption,
21 in accordance with their terms, all principal of and interest on all
22 outstanding notes and bonds of the city or such state financing agency
23 containing this pledge and agreement and irrevocable instructions from
24 the city or such state financing agency to such bank, trust company or
25 other fiduciary for such payment of such principal and interest with
26 such moneys shall have been given, or (ii) such notes and bonds, togeth-
27 er with interest thereon, have been paid in full at maturity or have
28 otherwise been refunded, redeemed, defeased, or discharged; and provided
29 further that the foregoing pledge and agreement shall be of full force
30 and effect upon its inclusion in any agreement made by the city or state
31 financing agency with holders or guarantors of such notes or bonds.
32 Upon payment for such obligations issued pursuant to this act by the
33 original and all subsequent holders inclusion of the foregoing covenant
34 shall be deemed conclusive evidence of valuable consideration received
35 by the state and city for such covenant and of reliance upon such pledge
36 and agreement by any such holder. The state hereby grants any such bene-
37 fited holder the right to sue the state in a court of competent juris-
38 diction and enforce this covenant and agreement and waives all rights of
39 defense based on sovereign immunity in such an action or suit.
40 § 22. Section 5 of chapter 142 of the laws of 2004, amending the local
41 finance law relating to interest rate exchange agreements of the city of
42 New York and refunding bonds of such city, as amended by chapter 64 of
43 the laws of 2017, is amended to read as follows:
44 § 5. This act shall take effect immediately, provided, that section
45 three of this act shall expire and be deemed repealed July 15, [2018]
46 2019.
47 § 23. Section 54.40 of the local finance law, as amended by chapter 44
48 of the laws of 2017, is amended to read as follows:
49 § 54.40 Bonds and notes of the city of Yonkers. Subject to the
50 provisions of the New York state financial emergency act of nineteen
51 hundred eighty-four for the city of Yonkers, to facilitate the marketing
52 of any issue of serial bonds or notes of the city of Yonkers issued on
53 or before June thirtieth, two thousand [eighteen] nineteen, such city
54 may, notwithstanding any limitations on private sales of bonds provided
55 by law, and subject to approval by the state comptroller of the terms
56 and conditions of such sale: (a) arrange for the underwriting of its
S. 9104 9
1 bonds or notes at private sale through negotiated agreement, compen-
2 sation for such underwriting to be provided by negotiated fee or by sale
3 of such bonds or notes to an underwriter at a price of less than the sum
4 of par value of, and the accrued interest on, such obligations; or (b)
5 arrange for the private sale of its bonds or notes through negotiated
6 agreement, compensation for such sales to be provided by negotiated fee,
7 if required. The cost of such underwriting or private placement shall be
8 deemed a preliminary cost for purposes of section 11.00 of this article.
9 § 24. This act shall take effect immediately; provided, however, that
10 section thirteen of this act shall apply to the levy of taxes based on
11 the 2018 assessment roll in a special assessing unit that is not a city
12 and that section thirteen-a of this act shall apply to the levy of taxes
13 based on the 2018 assessment roll in approved assessing units in the
14 county of Nassau that pass a local law, ordinance or resolution to adopt
15 these provisions.
