Bill > S07497

This bill establishes the City of Dunkirk Interim Finance Authority (NCIFA), a new public benefit corporation designed to help manage the city's financial challenges. The authority will be composed of nine directors appointed by the governor, with representation from various state legislative leaders and the state comptroller. The primary functions of the authority include issuing bonds to finance city costs, monitoring the city's financial plans, reviewing budgets, and having oversight powers during a potential "control period" if the city's financial situation becomes critical. During such a control period, the authority can impose wage freezes, hiring freezes, and review or disapprove city contracts and borrowing. The bill provides the authority with broad powers to investigate financial mismanagement, obtain financial information, and recommend measures to improve the city's financial operations. The authority will continue to exist until its financial responsibilities are met, with a maximum duration set until January 1, 2055, or until all of its bonds are discharged. Notably, the bill repeals the previous City of Dunkirk Fiscal Recovery Act, replacing it with this more comprehensive financial oversight mechanism.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7497