senate Bill S4244

Signed by Governor

Relates to the sale of bonds and notes of the city of Buffalo

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Sponsor

Bill Status


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

  • 15 / Mar / 2013
    • REFERRED TO LOCAL GOVERNMENT
  • 30 / Apr / 2013
    • 1ST REPORT CAL.492
  • 01 / May / 2013
    • 2ND REPORT CAL.
  • 06 / May / 2013
    • ADVANCED TO THIRD READING
  • 04 / Jun / 2013
    • HOME RULE REQUEST
  • 04 / Jun / 2013
    • PASSED SENATE
  • 04 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 04 / Jun / 2013
    • REFERRED TO WAYS AND MEANS
  • 05 / Jun / 2013
    • SUBSTITUTED FOR A5897
  • 05 / Jun / 2013
    • ORDERED TO THIRD READING CAL.473
  • 05 / Jun / 2013
    • HOME RULE REQUEST
  • 05 / Jun / 2013
    • PASSED ASSEMBLY
  • 05 / Jun / 2013
    • RETURNED TO SENATE
  • 24 / Jun / 2013
    • DELIVERED TO GOVERNOR
  • 30 / Jun / 2013
    • SIGNED CHAP.86

Summary

Relates to the sale of bonds and notes of the city of Buffalo.

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Bill Details

See Assembly Version of this Bill:
A5897
Versions:
S4244
Legislative Cycle:
2013-2014
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L
Versions Introduced in 2011-2012 Legislative Cycle:
S6517, A9354

Sponsor Memo

BILL NUMBER:S4244

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

PURPOSE: This bill extends authorization for the private sale of bonds
and notes of the City of Buffalo.

SUMMARY OF SPECIFIC PROVISIONS: § 1- Amends § 54.30 of the Local
Finance Law to extend the provisions of this section from June 30,
2013 to June 30, 2014. This is simply a one year extender of existing
law to allow the City of Buffalo to sell its bonds at private sale.

§ 2- Effective date.

JUSTIFICATION: The present law, which expires on June 30, 2013, has
given the City of Buffalo a valuable tool to provide expeditious funds
for projects which require immediate attention. Since this law has
already proven its usefulness, an extension of one year would provide
the City with enough financial flexibility to encounter any further
needs in that time frame. This bill incorporates, by reference, the
newly created Buffalo Fiscal Stability Authority.

PRIOR LEGISLATIVE HISTORY: Chapter 128 of the Laws of 2010
(A.9951/S.6862); Chapter 78 of the Laws of 2009 (A.6296/S.4916);
Chapter 116 of the Laws of 2008 (A.9878/S.6739); Chapter 38 of 2007;
Chapter 79 of 2006; Chapter 69 of 2005; Chapter 122 of 2004; Chapter
108 of 2003; Chapter 115 of 2002; Chapter 118 of 2001; Chapter 90 of
2000; Chapter 406 of 1999; Chapter 111 of 1998; Chapter 32 of 1997;
Chapter 100 of 1996. This bill has been continually extended since
1984.

FISCAL IMPLICATIONS: None to New York State.

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
________________________________________________________________________

                                  4244

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 15, 2013
                               ___________

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 78 of the laws of 2012, 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 [thir-
teen] 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 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.
                                                           LBD08316-01-3

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