Bill > S07682

This bill provides additional bonding authority to the Buffalo Fiscal Stability Authority (BFSA), allowing the agency to issue up to $150 million in secondary bonds between July 1, 2025, and June 30, 2029. The bill extends the BFSA's operational timeline to June 30, 2046, and establishes specific guidelines for bond issuance, including progressive restrictions on the amount of funds that can be used each fiscal year. The bonds can be used to cover financeable costs such as infrastructure, economic development, and city operations, with limitations on the percentage of projected budget gaps that can be funded each year. The bill also specifies that these bonds will be tax-exempt, can be issued whether Buffalo is in a control or advisory period, and provides detailed provisions about how the bonds can be structured, sold, and managed. Importantly, the bonds are not considered debt of the state or city, and the authority has flexibility in managing and refinancing these financial instruments. The legislation aims to provide Buffalo with additional financial flexibility and support during a specific five-year period, helping the city address potential budget challenges.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7682