Bill Text: NY S06461 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 6461 (Prior Session Legislation)

Introduced

Bill Title: Relates to the sale of bonds and notes of the city of Buffalo.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-06-30 - SIGNED CHAP.72 [S06461 Detail]

Download: New_York-2013-S06461-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6461
                                   I N  S E N A T E
                                   January 27, 2014
                                      ___________
       Introduced  by Sen. GRISANTI -- 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 ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 54.30 of the local finance law, as amended by chap-
    2  ter 86 of the laws of 2013, is amended to read as follows:
    3    S 54.30 Costs of sales; bonds  and  notes  of  the  city  of  Buffalo.
    4  Subject  to the provisions of chapter one hundred twenty-two of the laws
    5  of two thousand three creating the Buffalo fiscal  stability  authority,
    6  to facilitate the marketing of any issue of serial bonds or notes of the
    7  city  of Buffalo issued on or before June thirtieth, two thousand [four-
    8  teen] FIFTEEN, such city may, notwithstanding any limitations on private
    9  sales of bonds provided by law, and subject to  approval  by  the  state
   10  comptroller  of  the  terms and conditions of such sale: (a) arrange for
   11  the underwriting of its bonds or notes at private sale  through  negoti-
   12  ated  agreement,  compensation  for  such underwriting to be provided by
   13  negotiated fee or by sale of such bonds or notes to an underwriter at  a
   14  price of less than the sum of par value of, and the accrued interest on,
   15  such  obligations;  or  (b) arrange for the private sale of its bonds or
   16  notes through negotiated agreement, compensation for such  sales  to  be
   17  provided  by  negotiated fee, if required. The cost of such underwriting
   18  or private placement shall be deemed a preliminary cost for purposes  of
   19  section 11.00 of this article.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13667-01-4