Senate Bill S5089

Signed By Governor
2015-2016 Legislative Session

Extends provisions of law relating to the sale of bonds and notes in the city of New York

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7632 - 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

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2015-S5089 (ACTIVE) - Details

See Assembly Version of this Bill:
A7632
Law Section:
Local Finance Law
Laws Affected:
Amd §§54.10, 57.00, 90.00, 107.00 & 54.90, Loc Fin L; amd §2, Chap 868 of 1975; amd §5, Chap 142 of 2004

2015-S5089 (ACTIVE) - Summary

Extends provisions of law relating to the sale of bonds and notes in the city of New York.

2015-S5089 (ACTIVE) - Sponsor Memo

2015-S5089 (ACTIVE) - Bill Text download pdf

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

                                  5089

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 30, 2015
                               ___________

Introduced by Sen. GOLDEN -- (at request of the NYC Office of Management
  and  Budget) -- 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 66 of the laws of 2014,  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 [fifteen]
SIXTEEN, 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 66 of the laws of 2014, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10777-01-5
              

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