Bill Text: NY A05897 | 2013-2014 | 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 4-0)

Status: (Introduced - Dead) 2013-06-05 - substituted by s4244 [A05897 Detail]

Download: New_York-2013-A05897-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5897
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 8, 2013
                                      ___________
       Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, GABRYSZAK, 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 78 of the laws of 2012, is amended to read as follows:
    3    S  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  [thir-
    8  teen]  FOURTEEN,  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    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08316-01-3