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NY S07682
Bill
Status
4/29/2025
Primary Sponsor
Sean Ryan
Click for details
AI Summary
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Extends the Buffalo Fiscal Stability Authority's termination date from June 30, 2037 to June 30, 2046
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Grants the authority to issue up to $150 million in additional bonds, notes, or other obligations between July 1, 2025 and June 30, 2029, on top of the existing $175 million authorization
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Limits bond proceeds as a percentage of the city's projected budget gap: 80% in FY 2025-26, 60% in FY 2026-27, 40% in FY 2027-28, and 20% in FY 2028-29
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Caps cash flow borrowings at $145 million outstanding at any one time, with bonds exempt from counting against limits if used for issuance costs, debt service reserves, or refunding existing debt
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Specifies that bonds are not a debt of New York State or the City of Buffalo, with no bond maturing later than June 30, 2046 or more than 30 years from issuance
Legislative Description
Provides secondary bonding authority up to $150,000,000 to the Buffalo fiscal stability authority during the period of July 1, 2025 and June 30, 2029.
Last Action
REPORTED AND COMMITTED TO FINANCE
5/27/2025