BILL NUMBER: S9256
SPONSOR: RYAN
 
TITLE OF BILL:
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
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to extend the authorization for the private
sale of bonds and notes of the city of from Buffalo June 30, 2024 to
June 30, 2025.
 
SUMMARY OF PROVISIONS:
Section 1 amends section 54.50 of the local finance law to extend the
provisions of this section from June 30, 2024 to June 30, 2025. This is
simply a one-year extender of existing law to allow the City of Buffalo
to sell its bonds at private sale.
Section 2 provides for an immediate effective date.
 
JUSTIFICATION:
The present law, which expires on June 30, 2024, has given the City of
Buffalo a valuable tool to provide expeditious funds for projects which
require immediate attention. Since this law has already proven its
usefulness, an extension for one year is appropriate and would provide
the City with enough financial flexibility to encounter any further
needs in that time frame.
 
PRIOR LEGISLATIVE HISTORY:
Chapter 176 of the Laws of 2023 Chapter 330 of the Laws of 2022; Chapter
170 of the Laws of 2021; Chapter 77 of the Laws of 2019; Chapter 105 of
the Laws of 2018; Chapter 62 of the Laws of 2017; Chapter 86 of the Laws
of 2016; Chapter 44 of the Laws of 2015; Chapter 72 of the Laws of 2014;
Chapter 86 of the Laws of 2013; Chapter 78 of the laws of 2012; Chapter
104 of the Laws of 2011; Chapter 128 of the Laws of 2010; Chapter 78 of
the Laws of 2009; Chapter 116 of the Laws of 2008; Chapter 38 of 2007;
Chapter 79 of 2006; Chapter 69 of 2005; Chapter 122 of 2004; Chapter 108
of 2003; Chapter 115 of 2002; Chapter 118 of 2001: Chapter 90 of 2000.
This law has been continually extended since 1984.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the State. This bill provides financial benefits to the City of
Buffalo.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9256: 54.30 local finance law