Authorizes bond proceeds to be used for site improvements next to All High Stadium in Buffalo

2 Co-sponsors

• Antoine M. Thompson
• Dale M. Volker

BILL NUMBER:S7664A

Title of bill

An act in relation to deeming 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 or general idea of bill

The purpose of the bill is to deem the objects or purposes 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 and to authorize the City to expend a $598,000 portion of the proceeds of certain bonds issued on April 26, 2006 for such purpose.

Summary of specific provisions

This bill 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.

This bill also requires that the Common Council of Buffalo pass a new resolution, subject to permissive referendum, stating the new purpose of the bonds and that, should a successful petition be filed, the authorization would not take effect unless approved by an affirmative vote of a majority of the voters in the City.

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 Northhampton Street, in the City, including parcels 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 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.

Prior legislative history

This is new legislation.

Fiscal implications

None to the State. The portion of the bonds for this purpose, were Non-aidable and would continue to be non-aidable.

Effective date

This act shall take effect immediately.