S T A T E O F N E W Y O R K
________________________________________________________________________
6313
I N S E N A T E
January 14, 2014
___________
Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed,
and when printed to be committed to the Committee on Local Government
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 69 of the laws of 2013, is amended to read as follows:
3 S 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 [fourteen] FIFTEEN, such city
8 may, notwithstanding any limitations on private sales of bonds provided
9 by law, and subject to approval by the state comptroller of the terms
10 and conditions of such sale: (a) arrange for the underwriting of its
11 bonds or notes at private sale through negotiated agreement, compen-
12 sation for such underwriting to be provided by negotiated fee or by sale
13 of such bonds or notes to an underwriter at a price of less than the sum
14 of par value of, and the accrued interest on, such obligations; or (b)
15 arrange for the private sale of its bonds or notes through negotiated
16 agreement, compensation for such sales to be provided by negotiated fee,
17 if 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 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13360-01-3