NY S07593

Extends the deadline for the City of New York to issue bonds and notes from June 30, 2016 to June 30, 2017, and related bond issuance deadlines from July 15, 2016 to July 15, 2017.

Allows the City of New York to issue bonds or notes with variable interest rates on or before July 15, 2017, subject to a maximum rate and caps the total principal amount of such variable rate bonds at 25 percent of the debt limit prescribed by law.

Permits the City of New York to refund outstanding bonds prior to July 1, 2017 based on either lower interest rates, reduced annual principal and interest payments, or elimination of covenants relating to the New York State Financial Control Board.

Authorizes the state to include a pledge and agreement in bond and note agreements that the state will not substantially impair the authority and composition of the Financial Control Board during a control period, with benefited holders granted the right to sue the state for enforcement.

Allows the City of New York prior to July 1, 2017 to finance projects through bonds or notes for the issuance of bonds to obtain reimbursement for previously advanced funds, redeem prior notes, or refund previously issued bonds.