Bill Text: NY S04850 | 2021-2022 | General Assembly | Introduced

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Bill Title: Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before June 30, 2022.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2021-06-29 - SIGNED CHAP.170 [S04850 Detail]

Download: New_York-2021-S04850-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4850

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 16, 2021
                                       ___________

        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  facilitating  the
          marketing of any issue of serial bonds or notes of the city of Buffalo
          issued on or before a certain date

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 54.30 of the  local  finance  law,  as  amended  by
     2  section  1 of item HH of subpart B of part XXX of chapter 58 of the laws
     3  of 2020, is amended to read as follows:
     4    § 54.30 Costs of sales; bonds  and  notes  of  the  city  of  Buffalo.
     5  Subject  to the provisions of chapter one hundred twenty-two of the laws
     6  of two thousand three creating the Buffalo fiscal  stability  authority,
     7  to facilitate the marketing of any issue of serial bonds or notes of the
     8  city  of Buffalo issued on or before June thirtieth, two thousand [twen-
     9  ty-one] twenty-two, such city may, notwithstanding  any  limitations  on
    10  private  sales  of bonds provided by law, and subject to approval by the
    11  state comptroller of the terms and conditions of such sale: (a)  arrange
    12  for the underwriting of its bonds or notes at private sale through nego-
    13  tiated  agreement,  compensation for such underwriting to be provided by
    14  negotiated fee or by sale of such bonds or notes to an underwriter at  a
    15  price of less than the sum of par value of, and the accrued interest on,
    16  such  obligations;  or  (b) arrange for the private sale of its bonds or
    17  notes through negotiated agreement, compensation for such  sales  to  be
    18  provided  by  negotiated fee, if required. The cost of such underwriting
    19  or private placement shall be deemed a preliminary cost for purposes  of
    20  section 11.00 of this article.
    21    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08543-01-1