senate Bill S6610

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 - 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 (13)
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
referred to ways and means
delivered to assembly
passed senate
May 24, 2021 advanced to third reading
May 20, 2021 2nd report cal.
May 18, 2021 1st report cal.1121
May 10, 2021 referred to cities 1

S6610 (ACTIVE) - Details

See Assembly Version of this Bill:
A7398
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:
S4197, A6293

S6610 (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.

S6610 (ACTIVE) - Sponsor Memo

S6610 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6610
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 10, 2021
                                ___________
 
 Introduced  by  Sen. KRUEGER -- (at request of the NYC Office of Manage-
   ment and Budget) -- read twice and ordered printed, and  when  printed
   to be committed to the Committee on Cities 1
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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