senate Bill S6460

Relates to bonds and notes of the city of Yonkers

download pdf

Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
view actions

actions

  • 10 / Feb / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 19 / Apr / 2012
    • 1ST REPORT CAL.556
  • 25 / Apr / 2012
    • 2ND REPORT CAL.
  • 26 / Apr / 2012
    • ADVANCED TO THIRD READING
  • 06 / Jun / 2012
    • SUBSTITUTED BY A9292

Summary

Relates to bonds and notes of the city of Yonkers.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A9292
Versions:
S6460
Legislative Cycle:
2011-2012
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.40, Loc Fin L

Votes

6
1
6
Aye
1
Nay
0
aye with reservations
0
absent
1
excused
0
abstained
show Local Government committee vote details

Sponsor Memo

BILL NUMBER:S6460

TITLE OF BILL:

An act
to amend the local finance law, in relation to bonds and notes of the
city of Yonkers

PURPOSE:

This bill extends for one year, the authority of the city of Yonkers
to issue bonds and notes through negotiated sale.

SUMMARY OF SPECIFIC PROVISIONS:

Section one of the bill amends Section 54.40 of the local finance law
as amended by chapter 66 of the laws of 2011 to extend the city's
authorization to issue bonds and notes through negotiated sale to
June 30, 2013.

JUSTIFICATION:

The authorization for Yonkers to negotiate the private sales of its
bonds or notes is vital to improving the city's financial stability
and independence. The city's bonding authority will expire on June
30, 2012 unless it is extended for one year.

The continuation of this power will allow more cost-effective financing
for the city of Yonkers.

LEGISLATIVE HISTORY:
2011: S.2982 Passed Senate/Signed Chapter 66 of 20l1
2010: S.6720 Passed Senate/Signed Chapter 125 of 2010
2009: S.3336 Passed Senate/Signed Chapter 77 of 2009
2008: S.6878 Passed Senate/Signed Chapter 144 L. of 2008

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This bill shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6460

                            I N  S E N A T E

                            February 10, 2012
                               ___________

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:

  Section 1. Section 54.40 of the local finance law, as amended by chap-
ter 66 of the laws of 2011, is amended to read as follows:
  S  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
provisions of the New York state financial  emergency  act  of  nineteen
hundred eighty-four for the city of Yonkers, to facilitate the marketing
of  any  issue of serial bonds or notes of the city of Yonkers issued on
or before June thirtieth, two thousand [twelve] THIRTEEN, such city may,
notwithstanding any limitations on private sales of  bonds  provided  by
law,  and  subject to approval by the state comptroller of the terms and
conditions of such sale: (a) arrange for the underwriting of  its  bonds
or  notes at private sale through negotiated agreement, compensation for
such underwriting to be provided by negotiated fee or by  sale  of  such
bonds  or notes to an underwriter at a price of less than the sum of par
value of, and the accrued interest on, such obligations; or (b)  arrange
for the private sale of its bonds or notes through negotiated agreement,
compensation  for  such  sales  to  be  provided  by  negotiated fee, if
required. The cost of such underwriting or private  placement  shall  be
deemed a preliminary cost for purposes of section 11.00 of this article.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14573-01-2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.