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NY A08416
Bill
Status
6/18/2025
Primary Sponsor
Patrick Burke
Click for details
AI Summary
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Extends the deadline for New York City to sell bonds and notes at private sale with state comptroller approval from June 30, 2025 to June 30, 2026
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Extends the city's authority to issue bonds or notes with variable interest rates from July 15, 2025 to July 15, 2026, maintaining the 25% cap of the city's debt limit for such instruments
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Extends the deadline for the mayor and comptroller to enter into interest rate exchange agreements from July 15, 2025 to July 15, 2026
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Extends provisions allowing New York City to refund bonds with modified covenants and to finance projects without certain down payment requirements from July 1, 2025 to July 1, 2026
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Extends the state's pledge and agreement with bondholders under the New York State Financial Emergency Act, which guarantees the state will not impair the Financial Control Board's authority, from July 1, 2025 to July 1, 2026
Legislative Description
Extends certain provisions relating 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; extends 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.147
6/18/2025