Senate Bill S4911

Signed By Governor
2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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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2019-S4911 (ACTIVE) - Details

See Assembly Version of this Bill:
A5166
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L
Versions Introduced in 2017-2018 Legislative Session:
S8010, A9895

2019-S4911 (ACTIVE) - Summary

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

2019-S4911 (ACTIVE) - Sponsor Memo

2019-S4911 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4911
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 29, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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 105 of the laws of 2018, is amended to read as follows:
   § 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 [nine-
 teen] TWENTY, 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 negoti-
 ated 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.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04228-01-9

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