S T A T E O F N E W Y O R K
________________________________________________________________________
4324
2017-2018 Regular Sessions
I N A S S E M B L Y
February 2, 2017
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Cities
AN ACT to amend the local finance law, in relation to bonds and notes of
the city of Yonkers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 54.40 of the local finance law, as amended by chap-
ter 45 of the laws of 2016, is amended to read as follows:
§ 54.40 Bonds and notes of the city of Yonkers. Subject to the
provisions of the New York state financial emergency act of nineteen
hundred eighty-four for the city of Yonkers, to facilitate the marketing
of any issue of serial bonds or notes of the city of Yonkers issued on
or before June thirtieth, two thousand [seventeen] NINETEEN, 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 negotiated agreement, compen-
sation 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.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02776-01-7