Bill > A08019

This bill establishes the City of Dunkirk Interim Finance Authority (CDIFA), a new public benefit corporation designed to help the city of Dunkirk address its financial challenges. The authority will have broad powers to monitor the city's finances, including reviewing and approving budgets, financial plans, contracts, and borrowing, and can impose a control period with significant oversight if the city's financial condition deteriorates. Key provisions include creating a nine-member board appointed by the governor, the ability to issue bonds to finance city costs, and powers to review and potentially suspend wage increases or hiring during a fiscal crisis. The authority can investigate potential financial mismanagement, recommend efficiency measures, and withhold state transitional aid if the city fails to meet financial requirements. The bill repeals the previous City of Dunkirk Fiscal Recovery Act and is designed to provide comprehensive financial oversight and assistance to help stabilize the city's fiscal situation. The authority will continue until all its financial responsibilities are met, but no later than January 1, 2055, or until all its bonds are repaid.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8019