NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9520
SPONSOR: Pretlow TITLE OF BILL:
An act to amend the local finance law, in relation to bonds and notes of
the city of Yonkers
PURPOSE:
The purpose of this law is to extend the authorization for the city of
Yonkers to issue serial bonds and notes until June 30, 2027.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends existing law to extend authorization for
the City of Yonkers to issue serial bonds and notes through negotiated
sale until June 30, 2026.
Section 2 is the effective date.
JUSTIFICATION:
This bill extends the marketing limitation on serial bonds/notes of
Yonkers from June 30, 2026 to June 30, 2027. The authorization for Yonk-
ers 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, 2025 unless it is extended.
The continuation of this power will allow more cost-effective financing
for the city of Yonkers.
LEGISLATIVE HISTORY:
2025 - A5298 Signed chap.136
2024- A9466 Signed Chapter 131
2024 - Chapter 131
2023 - Chapter 168
2022 - Chapter 332
2021 - Chapter 168
2020 - (Budget); Chapter 58, Part XXX, Subpart B, Item GG
2019 - Chapter 71
2018 - Chapter 81
2017 - Chapter 44
2016 - Chapter 45
2015 - Chapter 21
2014 - Chapter 70
2013 - Chapter 69
2012 - Chapter 72
2011 - Chapter 66
2010 - Chapter 125
2009 - Chapter 77
2008 - Chapter 144
2007 - Chapter 80
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
