| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jun 30, 2014 | signed chap.72 delivered to governor |
| Jun 11, 2014 | returned to senate passed assembly home rule request ordered to third reading rules cal.167 substituted for a8613 |
| May 14, 2014 | referred to cities delivered to assembly passed senate home rule request |
| Mar 06, 2014 | advanced to third reading |
| Mar 05, 2014 | 2nd report cal. |
| Mar 04, 2014 | 1st report cal.224 |
| Jan 27, 2014 | referred to local government |
senate Bill S6461
Signed By Governor2013-2014 Legislative Session
Sponsored By
Mark Grisanti
(R, IP) 0 Senate District
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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S6461 (ACTIVE) - Details
S6461 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6461 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, 2014 to June 30, 2015. 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, 2014, 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 86 of the Laws of 2013; Chapter 78
S6461 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6461
I N S E N A T E
January 27, 2014
___________
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 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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