What's happening
This bill extends Buffalo's authority to privately sell bonds and notes through June 30, 2018, subject to state comptroller approval.
Why it matters
Maintains Buffalo's fiscal flexibility. By allowing private sales of bonds and notes, the city can negotiate terms directly, which may help Buffalo respond more nimbly to changing market conditions or urgent financial needs.
State oversight remains intact. The requirement for state comptroller approval ensures that even with more flexibility, there are still checks to protect taxpayers and ensure financial practices are sound.
Continued access to alternative financing. Extending this authority can help Buffalo potentially secure better rates or terms than through public sales, which can be particularly important if public demand for municipal debt is low or market conditions are volatile.
Supports broader fiscal stability efforts. This authority ties into long-term state efforts to help Buffalo manage its finances, complementing oversight from the Buffalo Fiscal Stability Authority and ongoing recovery measures.
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Who cares
Headline styles
Extend Buffalo Bond Sales
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Substituted by A4887
- Advanced to third reading
- 2nd report cal.
- 1st report cal.798
- 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 Buffalo Bond Sales
Signed by Governor · Sponsor Robin Schimminger
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5469
2017-2018 Regular Sessions
IN SENATE
March 30, 2017
Introduced by Sen. RANZENHOFER -- 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 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.
Sponsor's memo
Title of bill
An act to amend the local finance law, in relation to the sale of bonds and notes of the city of Buffalo
Purpose of the bill
This bill extends authorization for the private sale of bonds and notes of the City of Buffalo.
Summary of specific provisions
§ 1 - Amends § 54.30 of the Local Finance Law to extend the provisions of this section from June 30, 2017 to June 30, 2018. This is simply a one year extender of existing law to allow the City of Buffalo to sell its bonds at private sale,
§ 2 - Effective date.
Justification
The present law, which expires on June 30, 2017, has given the City of Buffalo a valuable tool to provide expeditious funds for projects which require immediate attention. Since this law has already proven its usefulness, an extension of one year would provide the City with enough financial flexibility to encounter any further needs in that time frame. This bill incorporates, by reference, the newly created Buffalo Fiscal Stability Authority.
Prior legislative history
Chapter 86 of the Laws of 2016; Chapter 44 of the Laws of 2015; Chapter 72 of the Laws of 2014; Chapter 86 of the Laws of 2013; Chapter 78 of the laws of 2012; Chapter 104 of the Laws of 2011; Chapter 128 of the Laws of 2010; Chapter 78 of the Laws of 2009; Chapter 116 of the Laws of 2008; Chapter 38 of 2007; Chapter 79 of 2006; Chapter 69 of 2005; Chapter 122 of 2004; Chapter 108 of 2003; Chapter 115 of 2002; Chapter 118 of 2001: Chapter 90 of 2000; Chapter 406 of 1999; Chapter 111 of 1998; Chapter 32 of 1997; Chapter 100 of 1996. This bill has been continually extended since 1984.
Fiscal implications
None to New York State.
Fiscal implications for state and local governments
Positive effects to the City of Buffalo.
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.