Bill > S00433

This bill extends the authorization for the city of Yonkers to use certain flexible bonding and note-issuing procedures until June 30, 2026. Specifically, the legislation amends Section 54.40 of the local finance law to allow the city to continue marketing its serial bonds or notes through special procedures, even if these methods would normally be restricted by standard legal limitations. Under these provisions, the city can: (a) arrange bond underwriting through private negotiated agreements, where compensation can be provided either through a negotiated fee or by selling bonds at a price below their par value plus accrued interest, or (b) arrange private sales of bonds or notes through negotiated agreements with compensation via negotiated fees if necessary. These procedures are subject to approval by the state comptroller and are part of a broader financial flexibility framework established by the New York state financial emergency act of 1984 for the city of Yonkers. The bill will take effect immediately upon passage, giving the city continued flexibility in its financial management and bond issuance strategies.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S433