Skip to content
A4887Assembly2017-2018 SessionSame asS5469

Extend Buffalo Bond Sales

Official title

“Relates to the sale of bonds and notes of the city of Buffalo”

Sponsor Robin SchimmingerAD-140+1 co-sponsorAffects Local Government
Status
Signed by Governor
Impact
3/10
Low
Outcome
Signed into law

Bill progress

Signed into law

What's happening

This bill extends until June 30, 2018, Buffalo's ability to privately sell bonds or notes with state comptroller approval.

Why it matters

  1. Allows Buffalo continued flexibility to negotiate bond or note sales privately. (rather than being required to use public auctions), which can help the city secure better financing terms or respond quickly to market conditions.

  2. Requires oversight and approval by the state comptroller. , adding a layer of accountability and potentially protecting taxpayers from unfavorable deals or misuse of this authority.

  3. Supports Buffalo’s ongoing fiscal management and recovery efforts. by extending access to financial tools meant to stabilize the city’s budget and operations, particularly important given its historical fiscal challenges.

  4. Impacts how quickly and efficiently the city can access funding for critical projects. , possibly affecting the speed and cost at which infrastructure or public services can be maintained or improved.

The daily · weekday mornings

Albany, before your first meeting.

Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.

Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.

Who cares

Headline styles

Extend Buffalo Bond Sales

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

Sponsors

Primary sponsor
Robin Schimminger

Assembly Member · Assembly District 140

History

  1. Signed chap.62
  2. Delivered to governor
  3. Returned to assembly
  4. Passed senateVote 63–0
  5. Home rule request
  6. 3rd reading cal.798
  7. Substituted for S5469
  8. Referred to rules
  9. Delivered to senate
  10. Passed assembly
  11. Home rule request
  12. Ordered to third reading rules cal.101
Show 5 earlier actions
  1. Rules report cal.101
  2. Reported
  3. Reported referred to rules
  4. Reported referred to ways and means
  5. Referred to cities

Companion bill

The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.

S5469Senate

Extend Buffalo Bond Sales

Senate Floor Calendar · Sponsor Michael H. Ranzenhofer

Impact 3 · Low0% to pass

Full text

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

STATE OF NEW YORK

4887

2017-2018 Regular Sessions

IN ASSEMBLY

February 6, 2017

Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS -- read once and referred to the Committee on Cities

AN ACT to amend the local finance law, in relation to the sale of bonds and notes of the city of Buffalo

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

Section 1. Section 54.30 of the local finance law, as amended by chapter 86 of the laws of 2016, is amended to read as follows:

§ 54.30 Costs of sales; bonds and notes of the city of Buffalo. Subject to the provisions of chapter one hundred twenty-two of the laws of two thousand three creating the Buffalo fiscal stability authority, to facilitate the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before June thirtieth, two thousand [seventeen] eighteen, 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.

LBD08634-01-7

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.