Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2011 |
signed chap.104 delivered to governor |
Jun 17, 2011 |
returned to assembly passed senate home rule request 3rd reading cal.778 substituted for s4632 |
Jun 17, 2011 |
substituted by a5377 |
May 24, 2011 |
advanced to third reading |
May 23, 2011 |
2nd report cal. |
May 18, 2011 |
1st report cal.778 |
Apr 14, 2011 |
referred to local government |
Senate Bill S4632
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, IP) Senate District
Archive: Last Bill Status Via A5377 - 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
Actions
Votes
2011-S4632 (ACTIVE) - Details
2011-S4632 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4632 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 OF THE BILL: 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, 2010 to June 30, 2011. 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, 2011, 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
2011-S4632 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4632 2011-2012 Regular Sessions I N S E N A T E April 14, 2011 ___________ 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 128 of the laws of 2010, 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 [elev- en] TWELVE, 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 negoti- ated 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. LBD07911-01-1
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