NY S08418

Authorizes the New York City Transitional Finance Authority to issue up to $7 billion in additional bonds to finance or refinance city budget costs and deficiencies related to the COVID-19 pandemic.

Allows bonds to be secured by federal or state aid related to COVID-19 or its economic impact, and permits unlimited bonding secured solely by such federal or state aid.

Authorizes the city mayor to assign rights to receive federal or state COVID-19 aid to the authority, making such aid the authority's property and exempt from state or city appropriation.

Increases the aggregate principal amount limit for the authority's bonds from $13.5 billion to exclude bonds issued under the new COVID-19 provisions.

Sets a maximum maturity of 30 years for bonds issued under these COVID-19 provisions.