Bill > S05442

This bill amends the state finance law to update the language regarding the state comptroller's authority to refund or redeem state bonds. Specifically, the bill removes gendered language (changing "his" to "the comptroller's") and eliminates a previous restriction that limited bond redemption to no more than 3% above par value. The revised law allows the comptroller to refund or redeem all or part of the state's bonds whenever they determine it is advantageous to the state, giving them more flexibility in managing state bond transactions. The provision allows the comptroller to set conditions for such refunding or redemption as they deem appropriate, which could potentially help the state save money or improve its financial position by refinancing bonds under more favorable terms. The bill takes effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5442