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NY S01453
Bill
Status
1/12/2015
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Amends NYC Administrative Code to establish new Section 5-511 governing rental payments from the New York City Water Board to the Local Water Fund
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Requires NYC's general fund to provide the Local Water Fund with amounts equal to the base rental sum requested by the city under the lease agreement between NYC and the Water Board
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Mandates 50% of rental payment sums be used to provide rebates to residential water and sewer accounts
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Mandates 50% of rental payment sums be used to pay principal and interest on outstanding debt issued by NYC before 1985 for water and sewer system capital projects
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Upon completion of debt repayment, all rental payment sums shall be directed to provide rebates to residential water and sewer accounts; effective immediately upon enactment
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
REPORTED AND COMMITTED TO FINANCE
6/1/2016