senate Bill S6517

Signed By Governor
2011-2012 Legislative Session

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

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2012 signed chap.78
Jun 22, 2012 delivered to governor
Jun 04, 2012 returned to senate
passed assembly
home rule request
ordered to third reading cal.703
substituted for a9354
May 14, 2012 referred to cities
delivered to assembly
passed senate
home rule request
Mar 19, 2012 advanced to third reading
Mar 15, 2012 2nd report cal.
Mar 14, 2012 1st report cal.359
Feb 21, 2012 referred to local government

Votes

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Mar 14, 2012 - Local Government committee Vote

S6517
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: Mar 14, 2012

aye wr (1)
excused (1)

S6517 - Bill Details

See Assembly Version of this Bill:
A9354
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L

S6517 - Bill Texts

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

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BILL NUMBER:S6517

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, 2012 to June 30, 2013. 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, 2012, 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 104 of the Laws of 2011; Chapter 128 of the Laws of 2010; Chap-
ter 78 of the Laws of 2009; Chapter 116 of the Laws of 2008; 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.

LOCAL FISCAL IMPLICATIONS:
Positive effects to the City of Buffalo.

EFFECTIVE DATE:
This act shall take effect immediately.



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

                                  6517

                            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.
                                                           LBD14663-01-2

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