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Bill

S 5403

Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before a certain date

2025 Regular Session Introduced by Sean Ryan

Bill S 5403 streamlines marketing of Buffalo's serial bonds, enhancing debt management and potentially lowering borrowing costs for city projects and investors.

SIGNED CHAP.149
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Bill Summary · S 5403

Summary of Bill S 5403

Bill Overview

  • Bill Number: S 5403
  • Title: Facilitates the marketing of any issue of serial bonds or notes of the city of Buffalo issued on or before a certain date
  • Status: Signed into law as Chapter 149
  • Introduced: February 21, 2025

Purpose and Intent

The primary purpose of Bill S 5403 is to streamline and facilitate the marketing of serial bonds or notes issued by the city of Buffalo. This legislation aims to enhance the city's ability to manage its debt and finance public projects by simplifying the process for issuing and marketing these financial instruments.

Key Provisions

  • Facilitation of Marketing: The bill allows for the marketing of any serial bonds or notes issued by the city of Buffalo, specifically those issued on or before a designated date.
  • Home Rule Request: The bill includes provisions for a home rule request, which is a mechanism that allows local governments to exercise powers granted by the state.

Impact

  • City of Buffalo: The legislation directly affects the city of Buffalo, enabling it to more effectively manage its financial obligations and potentially lower borrowing costs through improved marketability of its bonds and notes.
  • Investors and Financial Institutions: The bill may also impact investors and financial institutions by providing clearer guidelines and processes for purchasing these bonds, thereby potentially increasing investment in city projects.

Legislative Timeline

  • February 21, 2025: Bill introduced and referred to the Cities 2 Committee.
  • May 12, 2025: The bill was reported for the first time and advanced to the second reading.
  • May 28, 2025: Passed in the Senate and delivered to the Assembly.
  • May 29, 2025: Passed in the Assembly, returned to the Senate, and substituted for A 2734.
  • June 18, 2025: Delivered to the Governor and signed into law as Chapter 149.

Related Legislation

  • A 2734: This is the companion bill to S 5403, which also addresses similar issues regarding the marketing of bonds for the city of Buffalo.
  • S 9256: A related bill from a prior session that may have influenced the current legislation.

This summary provides an overview of Bill S 5403, highlighting its purpose, key provisions, and the impact it is expected to have on the city of Buffalo and its financial operations.

Compiled from official sources — confirm details with the bill’s official record.

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