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NY A06662
Bill
Status
6/29/2017
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, 2017 to June 30, 2018, and shifts related authority deadlines from July 15, 2017 to July 15, 2018.
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Permits NYC to issue bonds or notes with variable interest rates on or before July 15, 2018, provided the total principal amount does not exceed 25 percent of the debt limit prescribed by law.
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Allows NYC to refund outstanding bonds issued after June 30, 1978 and prior to July 1, 2018 that contain covenants referencing the New York State Financial Control Board, with the refunding bonds permitted to omit or modify such covenants.
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Extends the authority for NYC to finance objects or purposes through bond and note issuance (including reimbursement of previously advanced funds and redemption of prior notes) until July 1, 2018.
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Updates the New York State Financial Emergency Act for NYC to extend the pledge and agreement of the state regarding control board authority through July 1, 2018, protecting bondholder rights and allowing suits against the state for enforcement.
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.64
6/29/2017