NY A08313

Allows counties to establish a line of credit with federally or state licensed financial institutions to finance daily operations and projects.

Requires the county's chief fiscal officer to determine the credit amount and request approval from the county legislative body before submitting an application.

Permits counties to proceed with the application and negotiate terms only after receiving legislative body approval.

Exempts lines of credit secured by real property from taxation under article eleven of the tax law.

Takes effect 60 days after becoming law.