Senate BillChaptered/Signed
S 5403: Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before June 30, 2026.
What S 5403 does, verified July 2, 2025
The bill aims to facilitate the marketing of serial bonds or notes of the city of Buffalo, issued before a certain date. The city may arrange for private sales of its bonds or notes through negotiated agreements, with compensation provided by a negotiated fee or the sale of bonds to an underwriter at a price less than the sum of par value and accrued interest. The cost of underwriting or private placement is considered a preliminary cost. The bill takes effect immediately.
Bill journey
✓IntroducedComplete
✓In CommitteeComplete
✓First Chamber FloorComplete
✓Second ChamberComplete
✓GovernorComplete
6ChapteredCurrent
Last action: SIGNED CHAP.149 (2025-06-18)Alert me
Quick answers about S 5403
- What is the current status of S 5403?
- As of July 2, 2025, S 5403 is recorded as "Chaptered/Signed": it has been signed by the Governor and chaptered into law. The last recorded action, on June 18, 2025, was "SIGNED CHAP.149".
- Did S 5403 pass?
- Yes. S 5403 passed both houses and was signed into law (last action June 18, 2025). New York laws take effect on the date written into the bill, often immediately on signing or a set number of days afterward.
- Who wrote S 5403, and where is it now?
- S 5403 was authored by Sen. Sean Ryan.
Author and sponsors
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| Jun. 18, 2025 | SIGNED CHAP.149 |
| Jun. 18, 2025 | DELIVERED TO GOVERNOR |
| May. 29, 2025 | returned to senate |
| May. 29, 2025 | passed assembly |
| May. 29, 2025 | home rule request |
Latest bill textIntroduced version, February 21, 2025 · 368 words
STATE OF NEW YORK ________________________________________________________________________ 5403 2025-2026 Regular Sessions IN SENATE 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: 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-8ty-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
Text of S 5403 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions