N.Y. Local Finance Law Section 54.10
Bonds and notes of the city of New York

  • certain provisions

Subject to the provisions of the financial emergency act for the city of New York but notwithstanding any other law to the contrary:

(a)

To facilitate the marketing of any issue of bonds or notes of the city of New York issued on or before June thirtieth, two thousand twenty-four, the mayor and comptroller of such city may, subject to the approval of the state comptroller and the limitations on private sales of bonds and notes, respectively, provided by law:

(i)

arrange for the underwriting of its bonds or notes through negotiated agreement or public letting, and provide for compensation for services rendered in connection with such underwriting by negotiated fee or by sale of such bonds or notes to an underwriter at a price of less than the sum of par value of, and the accrued interest on, such obligations;

(ii)

arrange for the private sale of its bonds or notes through negotiated agreement, and provide for compensation for services rendered in connection with such sales by negotiated fee or by sale of such bonds or notes at a price of less than the sum of par value of, and the accrued interest on, such obligations;

(iii)

provide for redemption of its bonds or notes on such date or dates prior to the date of their maturity at a price or prices and pursuant to such terms as may be determined by the city at the time of the issuance thereof, notwithstanding any limitation set forth in section 53.00 of this chapter. The cost of such underwriting or private placement together with other costs of the issuance of obligations, shall be deemed a part of the cost of the objects or purposes financed by an issue of obligations.

(b)

Without further approval the mayor and comptroller of the city of New York may provide for or enter into agreements which provide for the payment of a guarantee fee or any other amounts required by the United States of America or any agency or instrumentality thereof in connection with any guarantee of the payment of the principal of or interest on bonds or notes issued by such city or the municipal assistance corporation for the city of New York.

(c)

Without further approval the mayor and comptroller of the city of New York may provide for or enter into agreements which provide for the payment of compensation by negotiated fee or otherwise to a financial advisor to such city engaged pursuant to any agreement with the secretary of the Treasury in connection with the guarantee by the United States of America or any agency or instrumentality thereof of the principal of or interest on bonds or notes issued by such city or the municipal assistance corporation for the city of New York or to enhance the city’s ability to market its obligations to the public.

(d)

Without further approval the mayor and the comptroller of the city of New York may provide for or enter into agreements which provide for the compensation by negotiated fee or otherwise of a trust company or bank having the powers of a trust company in the state of New York to hold, maintain and administer funds in accordance with the provisions of section nine-a of the New York state financial emergency act for the city of New York.

(e)

Without further approval the mayor and the comptroller of the city of New York may provide for or enter into agreements which provide for the payment of any amount required in exchange for a commitment to purchase bonds or notes of the city, and in addition may enter into agreements upon such terms, including but not limited to terms governing payment, redemption and refunding, as they deem reasonable and appropriate to facilitate the issuance and sale of notes with an interest rate which may vary pursuant to section 60.00 of this chapter.

Source: Section 54.10 — Bonds and notes of the city of New York; certain provisions, https://www.­nysenate.­gov/legislation/laws/LFN/54.­10 (updated Jul. 7, 2023; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Jul. 7, 2023

§ 54.10’s source at nysenate​.gov

Link Style