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Assembly Bill A8613

Signed By Governor

2013-2014 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status Via S6461 - Signed by Governor

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2013-A8613 (ACTIVE) - Details

See Senate Version of this Bill:
S6461
Law Section:
Local Finance Law
Laws Affected:
Amd ยง54.30, Loc Fin L
Versions Introduced in 2015-2016 Legislative Session:
A5975, S4384

2013-A8613 (ACTIVE) - Summary

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

2013-A8613 (ACTIVE) - Bill Text download pdf 

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

                                  8613

                          I N  A S S E M B L Y

                            January 28, 2014
                               ___________

Introduced  by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS -- read once
  and referred to the Committee on Cities

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 86 of the laws of 2013, 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 [four-
teen] FIFTEEN, 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.
                                                           LBD13667-01-4

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