Bill Text: NY A03845 | 2019-2020 | General Assembly | Amended

Bill Title: Relates to bonds and notes of the city of Yonkers; extends to June 30, 2020.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-06-17 - reported [A03845 Detail]

Download: New_York-2019-A03845-Amended.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 31, 2019
        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Cities -- committee discharged, bill amended, ordered reprinted
          as amended and recommitted to said committee
        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 81 of the laws of 2018, 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 [nineteen] twenty, 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.