Bill

Bill > A04270


NY A04270

NY A04270
Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.


summary

Introduced
01/31/2025
In Committee
01/31/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the public authorities law, in relation to requiring the dormitory authority of the state of New York to fulfill certain monetary commitments

AI Summary

This bill requires the Dormitory Authority of the State of New York (DASNY), a public benefit corporation that helps finance and construct public infrastructure projects, to prioritize paying off any outstanding monetary commitments to local governments before allocating funds to economic development grant programs in the subsequent fiscal year. Specifically, the bill amends the public authorities law by adding a new section that mandates DASNY to fulfill all monetary commitments made to local governments in a given fiscal year before it can distribute any money to economic development grants in the next fiscal year. This provision ensures that local governments receive the funds they were promised before new economic development grants are funded, potentially providing more financial predictability and stability for local municipalities. The bill would take effect immediately upon passage, creating an immediate change in how DASNY allocates its financial resources.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

referred to corporations, authorities and commissions (on 01/31/2025)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...