Bill Text: NY A05166 | 2019-2020 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-06-18 - substituted by s4911 [A05166 Detail]

Download: New_York-2019-A05166-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 7, 2019
        Introduced  by  M.  of  A.  SCHIMMINGER, PEOPLES-STOKES -- 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 105 of the laws of 2018, 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 [nine-
     8  teen] twenty, such city may, notwithstanding any limitations on  private
     9  sales  of  bonds  provided  by law, and subject to approval by the state
    10  comptroller of the terms and conditions of such sale:  (a)  arrange  for
    11  the  underwriting  of its bonds or notes at private sale through negoti-
    12  ated 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.