Bill > A05298

This bill extends and amends a provision in the local finance law that allows the city of Yonkers more flexibility in issuing and selling municipal bonds and notes. Specifically, the bill changes the expiration date for special bond-selling provisions from June 30, 2025 to June 30, 2026. Under these provisions, Yonkers is permitted to sell bonds or notes through private sales and negotiated agreements, which would normally be restricted by standard municipal finance laws. The city can arrange bond underwriting through negotiated agreements, either by paying underwriting fees or by selling bonds at a price below their par value plus accrued interest. These special provisions are subject to approval by the state comptroller and are designed to help Yonkers more effectively market its municipal bonds. The bill is part of ongoing financial management provisions related to the New York state financial emergency act for the city of Yonkers, and it takes effect immediately upon passage.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A5298