assembly Bill A7398

Signed By Governor
2021-2022 Legislative Session

Relates to the sale, issuance and refund of bonds and notes of New York city

download bill text pdf

Sponsored By

Current Bill Status Via S6610 - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2021 signed chap.189
delivered to governor
Jun 01, 2021 returned to senate
passed assembly
May 25, 2021 ordered to third reading rules cal.141
substituted for a7398
May 25, 2021 substituted by s6610
rules report cal.141
reported
May 19, 2021 reported referred to rules
May 11, 2021 reported referred to ways and means
May 06, 2021 referred to cities

A7398 (ACTIVE) - Details

See Senate Version of this Bill:
S6610
Law Section:
Local Finance Law
Laws Affected:
Amd §§54.10, 54.90, 57.00 & 90.00, Loc Fin L; amd §10-a, Chap 868 of 1975; amd §5, Chap 142 of 2004
Versions Introduced in 2019-2020 Legislative Session:
A6293, S4197

A7398 (ACTIVE) - Summary

Relates 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; amends the New York state financial emergency act for the city of New York; makes further amendments relating to the effectiveness thereof.

A7398 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7398
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 6, 2021
                                ___________
 
 Introduced  by M. of A. JACKSON -- read once and referred to the Commit-
   tee 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  or interest, interest rate exchange agreements of the
   city of New York, and the refunding of bonds; to amend chapter 868  of
   the  laws  of 1975 constituting 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 section 1 of item QQ of  subpart  B
 of  part  XXX  of  chapter 58 of the laws of 2020, 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  [twenty-
 one]  TWENTY-TWO, 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:
   §  2.  The  closing  paragraph  of paragraph a of section 54.90 of the
 local finance law, as amended by section 2 of item QQ of  subpart  B  of
 part  XXX  of  chapter  58  of  the  laws of 2020, 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  [twenty-one]  TWEN-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.