NY S08413

Authorizes a state loan of up to $13.7 million to the City of Dunkirk to refinance a $12.7 million revenue anticipation note due July 24, 2025, which the city cannot repay due to severe fiscal difficulties and loss of investor confidence

Sets loan terms at a 15-year amortization period with 7.5% annual interest, with repayment backed by the city's full faith and credit as a general obligation

Allows the state Budget Director to withhold state aid payments to Dunkirk to recover loan repayments, with annual amounts not exceeding what is due under the repayment schedule

Requires the Mayor of Dunkirk to submit a signed attestation by July 9, 2025 certifying that good faith efforts to secure alternative funding have failed before the state loan can be disbursed

Mandates that while the loan remains outstanding, the city must comply with requirements of the existing Dunkirk Fiscal Recovery Act, including annual attestations about efforts to issue deficit bonds to repay the state loan