S T A T E O F N E W Y O R K
I N S E N A T E
February 21, 2012
Introduced by Sen. GRISANTI -- 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 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:
Section 1. Section 54.30 of the local finance law, as amended by chap-
ter 104 of the laws of 2011, is amended to read as follows:
S 54.30 Costs of sales; bonds and notes of the city of Buffalo.
Subject to the provisions of chapter one hundred twenty-two of the laws
of two thousand three creating the Buffalo fiscal stability authority,
to facilitate the marketing of any issue of serial bonds or notes of the
city of Buffalo 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 nego-
tiated 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.