senate Bill S7352

2017-2018 Legislative Session

Relates to bonds and notes of the city of Yonkers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2018 referred to local government

S7352 - Details

See Assembly Version of this Bill:
Current Committee:
Senate Local Government
Law Section:
Local Finance Law
Laws Affected:
Amd §54.40, Loc Fin L
Versions Introduced in 2019-2020 Legislative Session:

S7352 - Summary

Relates to bonds and notes of the city of Yonkers.

S7352 - Sponsor Memo

S7352 - Bill Text download pdf

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


                            I N  S E N A T E

                             January 9, 2018

Introduced  by  Sen.  STEWART-COUSINS -- 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 bonds and notes of
  the city of Yonkers


  Section 1. Section 54.40 of the local finance law, as amended by chap-
ter 44 of the laws of 2017, 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 [eighteen]  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.


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