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NY S06632
Bill
Status
2/19/2014
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Adds new section 5-511 to the New York City Administrative Code regarding rental payments from the New York City Water Board
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Requires NYC's general fund to provide the Local Water Fund with an amount equal to the base rental sum requested by the city under the lease agreement with the NYC Water Board
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Mandates fifty percent of rental payment funds be used for rebates to residential water and sewer accounts
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Mandates the remaining fifty percent be used to pay principal and interest on city debt issued before 1985 for water and sewer system capital projects until such debt is fully paid
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Upon completion of debt repayment, directs all funds to be used for residential water and sewer account rebates; takes effect immediately
Legislative Description
Relates to rental payments from the NYC water board; requires the general fund of NYC to provide to the local water fund an amount equal to the amount requested by NYC pursuant to the base rental sum of money pursuant to the lease terms; requires fifty percent of these sums shall be used to provide rebates to residential water and sewer accounts and fifty percent to pay principal and interest on certain outstanding debt.
Last Action
COMMITTED TO RULES
6/20/2014