A 2734: Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before June 30, 2026.

  
  STATE OF NEW YORK ________________________________________________________________________ 2734 2025-2026 Regular Sessions  IN ASSEMBLY January 22, 2025 ___________ 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 165 of the laws of 2024, 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-five] twenty-six, 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. LBD03007-02-5