What's happening
This bill extends Yonkers' authority to issue bonds or notes through private sale until June 30, 2020.
Why it matters
Extending Yonkers' private bond sale authority gives the city more flexibility in how it borrows money for projects or to cover budget gaps, potentially helping manage finances more effectively during times when market conditions are uncertain or public offerings might not be favorable.
Allowing private sales and negotiated agreements can sometimes result in lower borrowing costs or faster access to funds, which may help Yonkers respond more quickly to urgent financial needs or take advantage of market opportunities.
Requiring state comptroller approval for each sale maintains oversight and accountability, aiming to protect taxpayers from unfavorable deals while still granting the city expanded borrowing options.
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Extend Yonkers Bond Authority
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Signed chap.71
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.341
- Substituted for A3845A
- Referred to cities
- Delivered to assembly
- Passed senateVote 61–0
- Home rule request
- Advanced to third reading
Show 3 earlier actions
- 2nd report cal.
- 1st report cal.788
- 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
Assembly Floor Calendar · Sponsor J. Gary Pretlow
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3405
2019-2020 Regular Sessions
IN SENATE
February 6, 2019
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 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.
LBD05383-01-9
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, 2019 to June 30, 2020
Summary of specific provisions
Section one of the bill amends Section 54.40 of the local finance law as amended by chapter 81 of the laws of 2018 to extend the city's authori- zation to issue bonds and notes through negotiated sale to June 30, 2020
Justification
Extender law - this bill extends the marketing limitation on serial bonds/notes of Yonkers from June 30, 2019 to June 30, 2020, The authori- zation 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, 2019 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
2018- S7352 Chapter 81 2017- S6720 Chapter 44 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.