Bill Text: NY A04887 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to the sale of bonds and notes of the city of Buffalo.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2017-06-29 - signed chap.62 [A04887 Detail]

Download: New_York-2017-A04887-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4887
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
                                       ___________
        Introduced  by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS -- read once
          and referred to the Committee on Cities
        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 86 of the laws of 2016, 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 [seven-
     8  teen]  eighteen,  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.
                                                                   LBD08634-01-7