senate Bill S3020

Relates to bonds and notes of the city of Yonkers

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Sponsor

Co-Sponsors

Bill Status


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

  • 28 / Jan / 2013
    • REFERRED TO LOCAL GOVERNMENT
  • 19 / Mar / 2013
    • 1ST REPORT CAL.234
  • 20 / Mar / 2013
    • 2ND REPORT CAL.
  • 21 / Mar / 2013
    • ADVANCED TO THIRD READING
  • 12 / Jun / 2013
    • SUBSTITUTED BY A3157

Summary

Relates to bonds and notes of the city of Yonkers.

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Bill Details

See Assembly Version of this Bill:
A3157
Versions:
S3020
Legislative Cycle:
2013-2014
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.40, Loc Fin L
Versions Introduced in 2011-2012 Legislative Cycle:
S6460, A9292

Votes

8
1
8
Aye
1
Nay
0
aye with reservations
0
absent
0
excused
0
abstained
show Local Government committee vote details

Sponsor Memo

BILL NUMBER:S3020

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

PURPOSE: Extender law - this bill extends the marketing limitation on
serial bonds/notes of Yonkers from June 30, 2013 to June 30, 2014.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 Section 54.40 of the local finance law, as amended by
chapter 72 of the laws of 2012, is amended to read as follows: Bonds
and notes of the city of Yonkers, subject to the provisions of the New
York State Financial Emergency Act of 1984 for the city of Yonkers
issued on or before June 30, 2014.

JUSTIFICATION: Extender law - this bill extends the marketing
limitation on serial bonds/notes of Yonkers from June 30, 2013 to June
30, 2014.

LEGISLATIVE HISTORY: 2012 - S.6460 - Extender Law - Chapter 72

FISCAL IMPLICATIONS: Undetermined at this time.

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  3020

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 28, 2013
                               ___________

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 72 of the laws of 2012, 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 [thirteen]  FOURTEEN,  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,  compen-
sation 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.
                                                           LBD03307-01-3

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