Bill > S08245

This bill extends and modifies several financial provisions specifically related to the city of New York, primarily by extending various financial authorization dates from July 1, 2025 to July 1, 2026. The bill amends the local finance law to allow the mayor and comptroller of New York City continued flexibility in marketing bonds and notes, including the ability to issue bonds or notes with variable interest rates, sell bonds at private sale to certain entities, and refund existing bonds under specific conditions. The legislation also extends provisions of the New York State Financial Emergency Act, which includes a state pledge not to take actions that would substantially impair the financial control board's authority over the city's finances. Key modifications include allowing the city to issue bonds with varying interest rates subject to a maximum rate, permitting private sales of bonds to specific government entities and agencies, and maintaining the state's commitment to protect bondholders' interests. The bill ensures that these financial management tools remain available to New York City for an additional year, providing ongoing financial flexibility and continuity for the city's fiscal operations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8245