Bill Text: NY S07352 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 7352 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-09 - REFERRED TO LOCAL GOVERNMENT [S07352 Detail]

Download: New_York-2017-S07352-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7352
                    IN SENATE
                                     January 9, 2018
                                       ___________
        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 44 of the laws of 2017, 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 [eighteen]  nineteen,  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    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14173-01-8