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Senate Bill S6551

2015-2016 Legislative Session

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

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Archive: Last Bill Status - Stricken

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2015-S6551 (ACTIVE) - Details

Law Section:
Local Finance Law
Laws Affected:
Amd 54.30, Loc Fin L

2015-S6551 (ACTIVE) - Summary

Extends certain authorizations relating to the sale of bonds and notes of the city of Buffalo until 2017.

2015-S6551 (ACTIVE) - Sponsor Memo

2015-S6551 (ACTIVE) - Bill Text download pdf 

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

                                  6551

                            I N  S E N A T E

                            January 25, 2016
                               ___________

Introduced by Sen. PANEPINTO -- 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 44 of the laws of 2015, 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
[sixteen]  SEVENTEEN,  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.
                                                           LBD13810-01-6

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