Bill > A08416

This bill extends and modifies several financial provisions for the city of New York, primarily focusing on bond and note issuance rules. Specifically, the bill changes multiple dates from July 1, 2025 to July 1, 2026, giving the city an additional year to utilize certain financial flexibilities. These include the ability to issue bonds and notes with variable interest rates, sell bonds at private sale to specific entities, and refund existing bonds under certain conditions. The bill also extends provisions of the New York State Financial Emergency Act, which provides state-level protections and oversight for the city's financial operations. Key modifications include allowing the city to issue bonds with variable interest rates (up to 25% of the legal limit), sell bonds privately to specific government entities or with state comptroller approval, and refund bonds under more flexible terms. The legislation essentially provides the city of New York with continued financial management tools and extends existing financial emergency act provisions, ensuring the city maintains financial flexibility and state support through mid-2026.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8416