Senate Bill S8061

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 - In Senate Committee Local Government Committee

  • 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-S8061 (ACTIVE) - Details

See Assembly Version of this Bill:
A9909
Current Committee:
Senate Local Government
Law Section:
Local Finance Law
Laws Affected:
Amd §54.30, Loc Fin L

2019-S8061 (ACTIVE) - Summary

Extends the date for the sale of bonds and notes of the city of Buffalo.

2019-S8061 (ACTIVE) - Sponsor Memo

2019-S8061 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8061
 
                             I N  S E N A T E
 
                              March 16, 2020
                                ___________
 
 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 77 of the laws of 2019, 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 [twen-
 ty] TWENTY-ONE,  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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15445-01-0

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