Bill > A02706

This bill amends the New York State Urban Development Corporation Act to add more legislative oversight to the issuance of short-term liquidity financing, specifically personal income tax revenue anticipation notes (RAN). Currently, the Dormitory Authority and the Urban Development Corporation can issue up to $3 billion in short-term notes by March 31, 2025, to temporarily finance state budgetary needs. The key new provision requires that such notes can only be issued if a written certificate is executed by the Governor, Senate President, Assembly Speaker, and Comptroller, identifying emergency or extraordinary unanticipated factors, and only after a legislative resolution passes with a two-thirds vote in both legislative chambers. The notes remain non-state debt, will be secured by subordinate payments from the revenue bond tax fund, and cannot be renewed or extended. The bill maintains the existing provisions that these notes are not a state debt, cannot exceed $3 billion per fiscal year, and must mature by March 31, 2025, while adding an additional layer of legislative approval to ensure transparency and control over the state's short-term borrowing mechanism.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2706