Loading chat...
NY S06610
Bill
Status
6/29/2021
Primary Sponsor
Liz Krueger
Click for details
AI Summary
-
Extends deadline for New York City to issue bonds and notes from June 30, 2021 to June 30, 2022, and extends related authority dates to July 15, 2022.
-
Authorizes NYC to issue bonds with variable interest rates without additional approval, subject to a 25 percent limit on total principal amount of such bonds.
-
Permits NYC to refund outstanding bonds prior to July 1, 2022 if the annual debt service payment on refunding bonds is less than the payment on the original bonds, or if certain financial control board covenants are omitted or modified.
-
Requires the state to pledge that it will not take actions to substantially impair the New York Financial Control Board's authority during a control period, and grants bond holders the right to sue the state to enforce this pledge.
-
Takes effect immediately, with provisions related to interest rate exchange agreements set to expire and be repealed on July 15, 2022.
Legislative Description
Relates to the sale of bonds and notes of the city of New York, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of the city of New York, the refunding of bonds, and the down payment for projects financed by bonds; amends the New York state financial emergency act for the city of New York; makes further amendments relating to the effectiveness thereof.
Last Action
SIGNED CHAP.189
6/29/2021