RESOLUTION
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP ROBINSON, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA -ISAAC, DIAZ AND MERANTE:
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RESOLUTION ISSUING A HOME RULE MESSAGE FOR SENATE BILL S433 AND ASSEMBLY BILL A5298 IN RELATION TO BONDS AND NOTES.
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WHEREAS, Senate Bill S433 and Assembly Bill A5298 have been introduced in the New York State Legislature for the purposes of extending the City’s authority to negotiate serial bonds/notes of Yonkers from June 30, 2025 to June 30, 2026; and
WHEREAS, the authorization for the City of Yonkers to negotiate the private sale of its bonds and notes is vital to improving the City’s financial stability and independence; and
WHEREAS, the continuance of this power will allow more cost-effective financing of the City’s debt; and
WHEREAS, the City’s bonding authority will expire on June 30, 2025 unless it is extended for one (1) year; and
WHEREAS, this legislation will permit the private sale of bonds or notes by the City of Yonkers, subject to the approval of the State Comptroller; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Yonkers hereby issues this Home Rule Request Message for Senate Bill S433 and Assembly Bill A5298 to extending the City’s authority to negotiate serial bonds/notes of Yonkers from June 30, 2025 to June 30, 2026; and
BE IT FURTHER RESOLVED, that the City Council requests the City Clerk to forward a copy of this Home Rule Request Message to the Legislature of the State of New York requesting the passage of the aforesaid bills.
BE IT FURTHER RESOLVED, that this shall take effect immediately.