What's happening
This bill extends until June 30, 2018, Yonkers' authority to privately sell bonds or notes with state approval.
Why it matters
Extending Yonkers' bonding authority by another year gives the city more time to manage its finances through private bond or note sales. , which can be crucial for addressing budget gaps, infrastructure needs, or emergencies without waiting for public sales or auctions.
The requirement for state comptroller approval on each sale ensures oversight and accountability. , meaning the city can’t simply make these arrangements without state-level checks, potentially safeguarding taxpayer interests and the city’s long-term financial health.
Allowing continued private sales and negotiated agreements may help Yonkers secure better terms or flexibility in borrowing. , especially if market conditions make public offerings less attractive or feasible—important for a city that has faced fiscal emergencies in the past.
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Who cares
Headline styles
Extend Yonkers Bond Authority
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Signed chap.44
- Delivered to governor
- Returned to assembly
- Passed senateVote 62–0
- Home rule request
- 3rd reading cal.124
- Substituted for S1759
- Referred to local government
- Delivered to senate
- Passed assembly
- Home rule request
- Advanced to third reading cal.297
Show 3 earlier actions
- Reported
- Reported referred to ways and means
- 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.
Extend Yonkers Bond Authority
Senate Floor Calendar · Sponsor Andrea Stewart-Cousins
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6389
2017-2018 Regular Sessions
IN ASSEMBLY
March 6, 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] 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.
LBD02776-02-7
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.