What's happening
This bill extends the city of Yonkers' authority to privately sell bonds or notes through June 30, 2018.
Why it matters
Allows Yonkers to continue using private sales for bonds/notes. , offering the city more flexibility and speed in raising funds compared to public auctions, which can be slower and more restrictive.
May help Yonkers secure better financial terms or react to market changes quickly. , potentially saving taxpayer money or ensuring critical projects aren’t delayed due to slow financing processes.
Requires oversight by the state comptroller. , meaning that even with this flexibility, there will still be state-level review to help prevent misuse or unfavorable deals for the city.
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Who cares
Headline styles
Extend Yonkers Bond Authority
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by A6389
- Advanced to third reading
- 2nd report cal.
- 1st report cal.124
- Referred to local government
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
Signed by Governor · Sponsor J. Gary Pretlow
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1759
2017-2018 Regular Sessions
IN SENATE
January 10, 2017
Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government
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.
Sponsor's memo
Title of bill
An act to amend the local finance law, in relation to bonds and notes of the city of Yonkers
Purpose
Extender law - this bill extends the marketing limitation on serial bonds/notes of Yonkers from June 30, 2017 to June 30, 2018
Summary of specific provisions
Section one of the bill amends Section 54.40 of the local finance law as amended by chapter 45 of the laws of 2016 to extend the city's authorization to issue bonds and notes through negotiated sale to June 30, 2018
Justification
Extender law - this bill extends the marketing limitation on serial bonds/notes of Yonkers from June 30, 2017 to June 30, 2018. The authorization for Yonkers to negotiate the private sales of its bonds or notes is vital to improving the city's financial stability and independence. The city's bonding authority will expire on June 30, 2017 unless it is extended for one year. The continuation of this power will allow more cost-effective financing for the city of Yonkers.
Legislative history
2016 - S6355 Chapter 45; 2015 - S3463 Chapter 21; 2014 - S6313 Chapter 70; 2013 - S3020 Chapter 69; 2012 - S6460 Chapter 72; 2011 - S2982 Chapter 66; 2010 - S6720 Chapter 125; 2009 - S3336 Chapter 77; 2008 S6878 Chapter 144
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.