BILL NUMBER: S8899
SPONSOR: STEWART-COUSINS
 
TITLE OF BILL:
An act to amend the local finance law, in relation to bonds and notes of
the city of Yonkers
 
PURPOSE:
Extender law - this bill extends the marketing limitation on serial
bonds/notes of Yonkers from June 30, 2024 to June 30, 2025.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section one extends the City of Yonkers' authorization to issue bonds
and notes through negotiated sale to June 30, 2025.
Section two is the effective date.
 
JUSTIFICATION:
Extender law - this bill extends the marketing limitation on serial
bonds/notes of Yonkers from June 30, 2024 to June 30, 2025. The authori-
zation for Yonkers 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, 2024 unless it is
extended for one year. The continuation of this power will allow more
cost-effective financing for the city of Yonkers.
 
LEGISLATIVE HISTORY:
2023 - S400 (Stewart-Cousins); Chapter 168
2022 - S8387 (Stewart-Cousins); Chapter 332
2021 - S1033 (Stewart-Cousins); Chapter 168
2020 - S7508B (Stewart-Cousins); Chapter 58
2019 - S3405 (Stewart-Cousins); Chapter 71
2018 - S7352 (Stewart-Cousins); Chapter 81
2017 - S6720 (Stewart-Cousins); Chapter 44
2016 - S6355 (Stewart-Cousins); Chapter 45
2015 - S3463 (Stewart-Cousins); Chapter 21
2014 - S6313 (Stewart-Cousins); Chapter 70
2013 - S3020 (Stewart-Cousins); Chapter 69
2012 - S6460 (Stewart-Cousins); Chapter 72
2011 - S2982 (Stewart-Cousins); Chapter 66
2010 - S6720 (Stewart-Cousins); Chapter 125
2009 - S3336 (Stewart-Cousins); Chapter 77
2008 - S6878 (Stewart-Cousins); Chapter 144
2007 - S4137 (Stewart-Cousins); Chapter 80
2006 - S6701 (Spano); Chapter 122
 
FISCAL IMPLICATIONS:
None to the State.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8899: 54.40 local finance law