Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2016 |
signed chap.78 |
Jun 27, 2016 |
delivered to governor |
Jun 17, 2016 |
returned to assembly passed senate 3rd reading cal.1189 substituted for s7593 |
Jun 17, 2016 |
substituted by a9929 |
Jun 01, 2016 |
advanced to third reading |
May 25, 2016 |
2nd report cal. |
May 24, 2016 |
1st report cal.1189 |
May 10, 2016 |
referred to cities |
Senate Bill S7593
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A9929 - 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
Actions
Votes
2015-S7593 (ACTIVE) - Details
2015-S7593 (ACTIVE) - Summary
Relates to the sale of bonds and notes of New York city, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of New York city, the refunding of bonds, and the down payment for projects financed by bonds; amends the New York state financial emergency act for New York city; makes further amendments relating to the effectiveness thereof.
2015-S7593 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7593 TITLE OF BILL : An act to amend the local finance law, in relation to the sale of bonds and notes of the city of New York, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of the city of New York, the refunding of bonds, and the down payment for projects financed by bonds; 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 refunding bonds of such city, in relation to the effectiveness thereof SUMMARY OF PROVISIONS : Section one of this bill would amend § 54.10(a) of the Local Finance Law ("LFL'1) to extend until 2017 the provisions of such section authorizing the City to sell its obligations through negotiated agreement, to provide for compensation for services rendered in connection with the private sale of obligations by selling such obligations at a discount, to provide for redemption of its obligations prior to maturity at prices and pursuant to terms determined by the City, and to include the costs of a negotiated underwriting and other costs of issuance of its obligations in the cost of the object or purpose being financed by such obligations. Section two of the bill would amend LFL § 54.90(a) to extend through
2015-S7593 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7593 I N S E N A T E May 10, 2016 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed 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 New York, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of the city of New York, the refunding of bonds, and the down payment for projects financed by bonds; 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 refunding 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 34 of the laws of 2015, 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 [sixteen] SEVENTEEN, 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 closing paragraph of paragraph a of section 54.90 of the local finance law, as amended by chapter 34 of the laws of 2015, is amended to read as follows: Notwithstanding the foregoing, whenever in the judgment of the finance board of the city of New York the interest of such city would be served thereby, the city of New York may without further approval issue bonds or notes, on or before July fifteenth, two thousand [sixteen] SEVENTEEN, with interest rates that vary in accordance with a formula or procedure and are subject to a maximum rate of interest set forth or referred to in the bonds or notes and may provide the holders thereof with such rights to require the city or other persons to purchase such bonds or notes or renewals thereof from the proceeds of the resale thereof or EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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