Bill > A02690

This bill amends the state finance law to include intergovernmental loans as a form of state-supported debt. Specifically, the bill modifies the definition of "state-supported debt" in existing law to explicitly add intergovernmental loans alongside other financial instruments like bonds and notes. Under this amendment, intergovernmental loans would now be considered a type of debt for which the state is either constitutionally or contractually obligated to pay debt service, subject to appropriation. This change expands the legal definition of state-supported debt to provide greater transparency and clarity about the state's financial obligations, ensuring that intergovernmental loans are treated with the same level of financial accountability as other forms of state debt. The bill takes effect immediately upon enactment, meaning the new definition will apply right away.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2690