BILL NUMBER: S8859
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:
The purpose of this law is to extend the authorization for the city of
Yonkers to issue serial bonds and notes until June 30, 2027.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends existing law to extend authorization for
the City of Yonkers to issue serial bonds and notes through negotiated
sale until June 30, 2027.
Section 2 is the effective date.
 
JUSTIFICATION:
Extender law - this bill extends the marketing limitation on serial
bonds/notes of Yonkers from June 30, 2026 to June 30, 2027. 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, 2026 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:
2025 S433 (Stewart-Cousins);Chapter 136
2024 S8899 (Stewart-Cousins);Chapter 131
2023 S400 (Stewart-Cousins);Chapter 168
2022 S8387 (Stewart-Cousins);Chapter 332
2021 S1033 (Stewart-Cousins);Chapter 168
2020 S7508B (Budget);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:
S8859: 54.40 local finance law