What's happening
This bill extends the deadline for Yonkers to issue certain bonds or notes through private sale from 2019 to 2020.
Why it matters
Extends Yonkers’ access to private bond/notes sales. for another year, allowing the city to use private sales (rather than open market bidding) for its financing needs—potentially enabling faster or more flexible borrowing.
May help Yonkers respond to fiscal emergencies or cash flow needs. by preserving access to negotiated sales, which can be useful if market conditions or the city's financial situation make public bond sales less attractive or feasible.
Requires state comptroller oversight. for any such private sales, ensuring that terms and conditions are reviewed and approved, which introduces a layer of state-level accountability and may help protect taxpayers.
Treats costs associated with these sales as preliminary expenses. , which can affect how borrowing costs are accounted for in the city’s budgets and possibly influence the total amount Yonkers is permitted to borrow.
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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 S3405
- Ordered to third reading rules cal.341
- Rules report cal.341
- Reported
- Reported referred to rules
- Reported referred to ways and means
- Print number 3845a
- Amend and recommit to cities
- 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
Signed by Governor · Sponsor Andrea Stewart-Cousins
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3845--A
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Cities -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
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 81 of the laws of 2018, 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 [nineteen] twenty, 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.
LBD08380-02-9
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.