SPECIAL ORDINANCE
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCIL MEMBERS PINEDA-ISAAC, DIAZ, AND MERANTE:
title
REFUNDING BOND ORDINANCE OF THE CITY OF YONKERS, IN THE COUNTY OF WESTCHESTER, NEW YORK, ADOPTED NOVEMBER 25, 2025, AUTHORIZING THE REFUNDING OF ALL OR A PORTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS-2015D, GENERAL OBLIGATION SERIAL BONDS-2015E AND SCHOOL SERIAL BONDS-2015F, STATING THE PLAN OF REFUNDING, APPROPRIATING AN AMOUNT NOT TO EXCEED $63,000,000 THEREFOR, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $63,000,000 REFUNDING BONDS TO FINANCE SAID APPROPRIATION, AND MAKING CERTAIN DETERMINATIONS ALL RELATIVE THERETO
body
Recitals
WHEREAS, on September 10, 2015, the City of Yonkers, in the County of Westchester, New York (herein called the "City), heretofore issued its: (a) $76,215,000 General Obligation Refunding Bonds-2015D (herein called the "2015D Bonds"), now outstanding in the principal amount of $33,625,000, (b) $50,185,000 General Obligation Serial Bonds-2015E (herein called the "2015E Bonds"), now outstanding in the principal amount of $24,375,000, and (c) $18,370,000 School Serial Bonds-2015F (herein called the "2015F Bonds"), now outstanding in the principal amount of $3,965,000, all of such bonds maturing and bearing interest at the rates and on the dates, and being subject to prior redemption as set forth in each such respective bond;
WHEREAS, Section 90.10 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), permits the City to refund all or a portion of the outstanding unredeemed maturities of such bonds by the issuance of new bonds, the issuance of which will result in present value debt service savings for the City;
Now, therefore
THE CITY COUNCIL OF THE CITY OF YONKERS, IN THE COUNTY OF WESTCHESTER, NEW YORK, HEREBY ORDAINS (by the favora...
Click here for full text