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NY A09929
Bill
Status
6/30/2016
Primary Sponsor
Herman Farrell
Click for details
AI Summary
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Extends the deadline for New York City to issue bonds and notes from June 30, 2016 to June 30, 2017, and extends related authority dates for variable rate bonds, interest rate exchange agreements, and refunding bonds to July 15, 2017.
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Allows New York City to issue variable rate bonds without additional approval if the finance board determines it serves the city's interest, subject to a maximum of 25 percent of the debt limit.
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Permits private sales of New York City bonds to the Municipal Assistance Corporation or other purchasers with approval of the mayor, comptroller, and state comptroller prior to July 1, 2017.
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Modifies refunding bond requirements for New York City by allowing exchanges based on lower annual payment requirements or removal of certain covenants related to the state financial control board.
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Extends state pledge and agreement protections for New York City notes and bonds issued before July 1, 2017, preventing the state from impairing the control board's authority over financial plans, contracts, and borrowing.
Legislative Description
Relates to the sale of bonds and notes of New York city, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of New York city, the refunding of bonds, and the down payment for projects financed by bonds; amends the New York state financial emergency act for New York city; makes further amendments relating to the effectiveness thereof.
Last Action
signed chap.78
6/30/2016