BILL NUMBER: S5403
SPONSOR: RYAN S
 
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 Buffalo from June 30, 2025, to
June 30, 2026.
 
SUMMARY OF PROVISIONS:
Section 1: amends section 54.50 of the local finance law to extend the
provisions of this section from June 30, 2025, to June 30, 2026. 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: immediate effective date.
 
JUSTIFICATION:
The present law, which expires on June 30, 2025, 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:
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:
S5403: 54.30 local finance law