Bill Text: NY S06460 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to bonds and notes of the city of Yonkers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-06 - SUBSTITUTED BY A9292 [S06460 Detail]

Download: New_York-2011-S06460-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6460
                                   I N  S E N A T E
                                   February 10, 2012
                                      ___________
       Introduced  by  Sen.  STEWART-COUSINS -- 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 bonds and notes of
         the city of Yonkers
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 54.40 of the local finance law, as amended by chap-
    2  ter 66 of the laws of 2011, is amended to read as follows:
    3    S  54.40  Bonds  and  notes  of  the  city  of Yonkers. Subject to the
    4  provisions of the New York state financial  emergency  act  of  nineteen
    5  hundred eighty-four for the city of Yonkers, to facilitate the marketing
    6  of  any  issue of serial bonds or notes of the city of Yonkers issued on
    7  or before June thirtieth, two thousand [twelve] THIRTEEN, such city may,
    8  notwithstanding any limitations on private sales of  bonds  provided  by
    9  law,  and  subject to approval by the state comptroller of the terms and
   10  conditions of such sale: (a) arrange for the underwriting of  its  bonds
   11  or  notes at private sale through negotiated agreement, compensation for
   12  such underwriting to be provided by negotiated fee or by  sale  of  such
   13  bonds  or notes to an underwriter at a price of less than the sum of par
   14  value of, and the accrued interest on, such obligations; or (b)  arrange
   15  for the private sale of its bonds or notes through negotiated agreement,
   16  compensation  for  such  sales  to  be  provided  by  negotiated fee, if
   17  required. The cost of such underwriting or private  placement  shall  be
   18  deemed a preliminary cost for purposes of section 11.00 of this article.
   19    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14573-01-2