senate Bill S7501

Signed By Governor
2011-2012 Legislative Session

Relates to the sale of bonds, the down payment for projects financed by bonds, variable rate debt and interest rate exchange agreements of the city of New York

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2012 signed chap.89
Jun 22, 2012 delivered to governor
Jun 18, 2012 returned to senate
passed assembly
ordered to third reading rules cal.248
substituted for a10243
Jun 14, 2012 referred to ways and means
delivered to assembly
passed senate
Jun 12, 2012 advanced to third reading
Jun 11, 2012 2nd report cal.
Jun 06, 2012 1st report cal.1137
May 30, 2012 referred to local government

Votes

view votes

Jun 6, 2012 - Local Government committee Vote

S7501
7
0
committee
7
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: Jun 6, 2012

aye wr (1)

S7501 - Details

See Assembly Version of this Bill:
A10243
Law Section:
Local Finance Law
Laws Affected:
Amd §§54.10, 57.00, 90.00, 107.00 & 54.90, Loc Fin L; amd §10-a, §2 of Chap 868 of 1975; amd §5, Chap 142 of 2004

S7501 - Summary

Relates to the sale of bonds, the down payment for projects financed by bonds, variable rate debt and interest rate exchange agreements of the city of New York.

S7501 - Sponsor Memo

S7501 - Bill Text download pdf

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

                                  7501

                            I N  S E N A T E

                              May 30, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- 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 New York, the refunding of bonds, the down
  payment for projects financed by bonds, variable rate debt, and inter-
  est rate exchange agreements of the city of New York; to amend the New
  York state financial emergency act  for  the  city  of  New  York,  in
  relation  to a pledge and agreement of the state; and to amend chapter
  142 of the laws of 2004, amending the local finance  law  relating  to
  interest  rate exchange agreements of the city of New York and refund-
  ing bonds of such city, in relation to the effectiveness thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The opening paragraph of paragraph (a) of section 54.10 of
the local finance law, as amended by chapter 141 of the laws of 2011, is
amended to read as follows:
  To facilitate the marketing of any issue of bonds or notes of the city
of New York issued on or before June thirtieth,  two  thousand  [twelve]
THIRTEEN,  the  mayor  and  comptroller of such city may, subject to the
approval of the state comptroller and the limitations on  private  sales
of bonds and notes, respectively, provided by law:
  S  2.  The  opening  paragraph  of paragraph a of section 57.00 of the
local finance law, as amended by chapter 141 of the  laws  of  2011,  is
amended to read as follows:
  Bonds  shall  be  sold  only at public sale and in accordance with the
procedure set forth in this section and sections 58.00 and 59.00 of this
title, except as otherwise provided in this paragraph. Bonds may be sold
at private sale to the United States government or any agency or instru-
mentality thereof, the state of New York municipal bond bank agency,  to
any sinking fund or pension fund of the municipality, school district or
district corporation selling such bonds, or, in the case of sales by the
city  of  New  York prior to July first, two thousand [twelve] THIRTEEN,
also to the municipal assistance corporation for the city of New York or
to any other purchaser with the consent of the mayor and the comptroller

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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