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NY A11088
Bill
Status
10/7/2020
Primary Sponsor
Fred Thiele
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AI Summary
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Creates a COVID-19 interim finance authority consisting of the commissioner of health, comptroller, director of the budget, one member appointed by the senate president, one member appointed by the assembly speaker, and five members appointed by the governor with senate consent.
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Authorizes the authority to issue bonds, notes, or other obligations until December 31, 2021 to help eligible New York counties, villages, towns, and school districts restructure debt, refinance general obligation debt, and prepay pension amortization.
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Limits restructuring to debt scheduled to mature within 12 years, restricts pension amortization prepayment to 20 percent of a municipality's budget, requires principal payments to begin no later than year five, and caps repayment periods at 20 years.
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Requires eligible municipalities to pledge sales tax, compensating use tax, real property tax, or state aid revenues to the authority to secure the bonds, with the state comptroller directed to pay these funds directly to the authority's bond trustee.
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Requires the authority to submit annual reports to the governor and legislative finance committee chairs detailing financing activity and agreements with political subdivisions.
Legislative Description
Creates a COVID-19 interim finance authority in relation to restructuring debt; establishes a COVID-19 interim finance authority to issue upon the request of an eligible New York county, village, town or school district bonds, notes or other obligations in one or more series including bonds, notes or other obligations issued to restructure or refinance general obligation debt, to prepay pension amortization, to pay the cost of issuance of such bonds, notes or other obligations, and bonds, notes or other obligations issued to refund or otherwise repay such bonds, notes or other obligations previously issued; makes related provisions.
Last Action
referred to local governments
10/7/2020