senate Bill S8387

Signed By Governor
2021-2022 Legislative Session

Relates to bonds and notes of the city of Yonkers

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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view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2022 signed chap.332
Jun 22, 2022 delivered to governor
Jun 01, 2022 returned to senate
passed assembly
home rule request
May 31, 2022 ordered to third reading rules cal.478
substituted for a9490
May 17, 2022 referred to cities
delivered to assembly
passed senate
home rule request
May 16, 2022 advanced to third reading
May 11, 2022 2nd report cal.
May 10, 2022 1st report cal.1164
Feb 18, 2022 referred to cities 2

S8387 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Local Finance Law
Laws Affected:
Amd §54.40, Loc Fin L

S8387 (ACTIVE) - Summary

Extends certain provisions relating to bonds and notes of the city of Yonkers.

S8387 (ACTIVE) - Sponsor Memo

S8387 (ACTIVE) - 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
                             February 18, 2022
 Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Cities 2
 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 168 of the laws of 2021, 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 [twenty-two]  TWENTY-THREE,  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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