Relates to the objects or purposes of certain bonds issued by the city of Buffalo for site improvements adjacent to All High stadium

1 Co-sponsor

• Dale M. Volker

Title of bill

An act to deem the objects or purposes for which certain bonds were issued by the city of Buffalo to be for site improvements adjacent to All High stadium in said city and authorizing the expenditure of the proceeds from such bonds for such objects or purposes

Purpose

The purpose of the bill is to deem the objects or purpose for which certain bonds were issued by the city of Buffalo in the county of Erie (the "City"), to be for site improvements adjacent to All High Stadium in said city and to authorize the City to expend a $598,000 portion of the proceeds of certain bonds issued on April 26, 2006 for such purposes.

Summary of provisions

This bill, which would be effective immediately upon enactment, would deem the objects or purposes for which certain bonds were issued by the City on April 26, 2006 to be for site improvements adjacent to All High Stadium in the City, to expand parking facilities and create a buffer zone between the parking facilities and adjacent residences, and to authorize the City to expend a $598,000 portion of the proceeds from the issuance of such bonds for such objects or purposes.

Existing law

Section 165.00 of the Local Finance Law provides that the proceeds from the issuance of bonds shall be expended only for the object or purpose for which said bonds were issued or for the payment of principal of and interest on said bonds.

Justification

The Common Council of the City adopted on February 7, 2006 a bond resolution authorizing the issuance of City bonds in the amount of $1,000,000 to finance the cost of land acquisition to expand the existing site for P.S. 307, East High School at 820 Northampton Street, in the City, including parcels listed in the Exhibit A attached to such bond resolution, together with site acquisition and infrastructure improvements. The City subsequently issued on April 26, 2006 $995,196.16 aggregate principal amount of bonds for such purposes. Expenditure of a portion of the proceeds from such bonds was not needed to finance such cost of land acquisition because the City acquired certain of such parcels through in rem foreclosures and auctions and transferred jurisdiction for school purposes to the Buffalo City School District. The City desires to expend a $598,000 portion of the proceeds of such bond proceeds for site improvement adjacent to All High Stadium in the City to expand parking facilities and create a buffer zone between the parking facilities and adjacent residences. Notwithstanding any other provision of law to the contrary, the passage of this act would enable the city to expend said bond proceeds for the All High Stadium parking facilities purposes.

Legislative history

New bill.

Fiscal implications

No fiscal impact to the State. The portion of the bonds for this purpose was non-aidable and would continue to be non-aidable.

Effective date

This act shall take effect immediately.