NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9499
SPONSOR: Peoples-Stokes TITLE OF BILL:
An act to amend the local finance law, in relation to facilitating the
marketing of any issue of serial bonds or notes of the city of Buffalo
issued on or before a certain date
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to extend the authorization for the private
sale of bonds and notes of the city of from Buffalo June 30, 2023 to
June 30, 2025.
SUMMARY OF PROVISIONS:
Section 1 amends section 54.50 of the local finance law to extend the
provisions of this section from June 30, 2024 to June 30, 2025. This is
simply a one-year extender of existing law to allow the City of Buffalo
to sell its bonds at private sale.
Section 2 provides for an immediate effective date. JUSTIFICATION: The
present law, which expires on June 30, 2024, 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 for one year is appropriate and would provide
the City with enough financial flexibility to encounter any further
needs in that time frame.
PRIOR LEGISLATIVE HISTORY:
Chapter 176 of the Laws of 2023; Chapter 330 of the Laws of 2022; Chap-
ter 170 of the Laws of 2021; Chapter 77 of the Laws of 2019; Chapter 105
of the Laws of 2018; Chapter 62of the Laws of 2017; 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; Chap-
ter 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. This law has been continually extended since 1984.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the State. This bill provides financial benefits to the City of
Buffalo.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
9499
IN ASSEMBLY
March 14, 2024
___________
Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the
Committee on Cities
AN ACT to amend the local finance law, in relation to facilitating the
marketing of any issue of serial bonds or notes of the city of Buffalo
issued on or before a certain date
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 176 of the laws of 2023, is amended to read as follows:
3 § 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 [twen-
8 ty-four] twenty-five, such city may, notwithstanding any limitations on
9 private sales of bonds provided by law, and subject to approval by the
10 state comptroller of the terms and conditions of such sale: (a) arrange
11 for the underwriting of its bonds or notes at private sale through nego-
12 tiated 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 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14770-01-4
