Senate Bill S6720

Signed By Governor
2009-2010 Legislative Session

Relates to the issuance of serial bonds or notes by the city of Yonkers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

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

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2009-S6720 (ACTIVE) - Details

See Assembly Version of this Bill:
A10060
Law Section:
Local Finance Law
Laws Affected:
Amd §54.40, Loc Fin L

2009-S6720 (ACTIVE) - Summary

Relates to the issuance of serial bonds or notes by the city of Yonkers.

2009-S6720 (ACTIVE) - Sponsor Memo

2009-S6720 (ACTIVE) - Bill Text download pdf 

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

                                  6720

                            I N  S E N A T E

                            January 29, 2010
                               ___________

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  the  issuance  of
  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 77 of the laws of 2009, 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 [ten] ELEVEN, 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.
                                                           LBD15647-01-0

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