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NY S05111
Bill
Status
3/8/2017
Primary Sponsor
Martin Golden
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 extends related deadlines for variable rate bond issuance and refunding activities to July 15, 2018.
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Authorizes NYC to sell bonds at private sale to the Municipal Assistance Corporation for NYC prior to July 1, 2018, in addition to other specified entities.
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Allows NYC to refund bonds issued after June 30, 1978 and prior to July 1, 2018 that contain covenants related to the New York State Financial Control Board, by issuing refunding bonds that omit or modify such covenants.
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Extends the deadline for NYC to finance objects or purposes by bond or note issuance to July 1, 2018, including bonds issued for reimbursement, note redemption, or bond refunding purposes.
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Updates the New York State Financial Emergency Act to extend until July 1, 2018 the requirement that the state pledge not to substantially impair the Financial Control Board's authority during control periods for any notes or bonds issued by NYC.
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
SUBSTITUTED BY A6662
6/21/2017