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NY S00812
Bill
Status
1/5/2017
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Amends New York City Administrative Code by adding section 5-511 regarding rental payments from the New York City Water Board
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Requires the city's general fund to provide the local water fund an amount equal to the base rental sum requested under the lease agreement between the city and the NYC Water Board
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Mandates 50 percent of rental payments be used for rebates to residential water and sewer accounts
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Mandates 50 percent of rental payments be used to pay principal and interest on outstanding city debt issued before 1985 for water and sewer capital projects, until such debt is paid off
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Takes effect 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
REFERRED TO CITIES
1/3/2018