Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before a certain date, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5403
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 21, 2025
                                ___________
 
 Introduced  by  Sen. S. RYAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 2
 
 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:
 
   Section 1. Section 54.30 of the local finance law, as amended by chap-
 ter 165 of the laws of 2024, is amended to read as follows:
   § 54.30 Costs of sales; bonds  and  notes  of  the  city  of  Buffalo.
 Subject  to the provisions of chapter one hundred twenty-two of the laws
 of two thousand three creating the Buffalo fiscal  stability  authority,
 to facilitate the marketing of any issue of serial bonds or notes of the
 city  of Buffalo issued on or before June thirtieth, two thousand [twen-
 ty-five] TWENTY-SIX, 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 nego-
 tiated  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.
                                                            LBD03007-02-5