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A4324Assembly2017-2018 Session

Extend Yonkers Private Bond Sales

Official title

“Relates to bonds and notes of the city of Yonkers”

Sponsor J. Gary PretlowAD-89Affects Local Government
Status
In Assembly Committee
Cities
Impact
3/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Cities

What's happening

This bill extends Yonkers’ authority to sell bonds and notes through negotiated private sales.

Why it matters

  1. Yonkers only. Extends existing borrowing flexibility from June 30, 2017, through June 30, 2019.

  2. Negotiated sales. Lets the city continue arranging private sales and underwriting agreements despite statutory limits on private bond sales.

  3. State oversight. Keeps the requirement that the state comptroller approve the terms and conditions of each sale.

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Who cares

  • Yonkers finance officials

    They could continue using negotiated private sales to market city bonds and notes.

  • Bond underwriters

    They could continue negotiating underwriting arrangements and compensation with the city.

  • State comptroller

    The office would retain approval authority over sale terms and conditions.

Headline styles

Extend Yonkers Private Bond Sales

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
J. Gary Pretlow

Assembly Member · Assembly District 89

Chair, Ways and Means

No co-sponsors yet.

History

  1. Referred to cities
  2. Referred to cities

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

4324

2017-2018 Regular Sessions

IN ASSEMBLY

February 2, 2017

Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Cities

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 Assembly, do enact as follows:

Section 1. Section 54.40 of the local finance law, as amended by chapter 45 of the laws of 2016, 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 [seventeen] nineteen, 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, compensation 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.

LBD02776-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.