New York S 9161: Relates to providing secondary bonding authority to the Buffalo fiscal stability authority

Bill Text

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S09161 Summary:

BILL NOS09161A

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SAME ASNo Same As

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SPONSORBASKIN

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COSPNSR

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MLTSPNSR

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Amd §§3852, 3854 & 3863, add §3862-a, Pub Auth L

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Provides secondary bonding authority up to $46,000,000 to the Buffalo fiscal stability authority during the period of July 1, 2026 and June 30, 2030; extends the authority to 2047.

Go to top S09161 Actions:

BILL NOS09161A

&nbsp

02/09/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

04/13/2026AMEND AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

04/13/2026PRINT NUMBER 9161A

Go to topS09161 Committee&nbspVotes:

Go to topS09161 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09161 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9161--A

 IN SENATE

 February 9, 2026
 ___________

 Introduced by Sen. BASKIN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the public authorities law, in relation to providing
 secondary bonding authority to the Buffalo fiscal stability authority

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 3 of section 3852 of the public authorities
 2 law, as added by chapter 122 of the laws of 2003, is amended to read as
 3 follows:
 4 3. The authority shall continue until its control, advisory or other
 5 responsibilities, and its liabilities have been met or otherwise
 6 discharged, which in no event shall be later than June thirtieth, two
 7 thousand [thirty-seven] forty-seven. Upon the termination of the author-
 8 ity, all of its property and assets shall pass to and be vested in the
 9 city.
 10 § 2. The public authorities law is amended by adding a new section
 11 3862-a to read as follows:
 12 § 3862-a. Additional bonds, notes or other obligations of the authori-
 13 ty. 1. Commencing July first, two thousand twenty-six and terminating on
 14 June thirtieth, two thousand thirty, the authority shall have the power
 15 and is hereby authorized from time to time to issue bonds, notes or
 16 other obligations in such principal amounts as it may determine to be
 17 necessary pursuant to section thirty-eight hundred sixty-one of this
 18 title to pay any financeable costs and to fund reserves to secure such
 19 bonds, notes or other obligations, including incidental expenses in
 20 connection therewith; provided, however, the aggregate principal amounts
 21 of such bonds, notes or other obligations outstanding at any one time
 22 shall not exceed forty-six million dollars in addition to the one
 23 hundred seventy-five million dollars authorized pursuant to section
 24 thirty-eight hundred sixty-two of this title. Such funds may be applied
 25 to financeable costs defined in paragraphs (a), (d) and (e) of subdivi-
 26 sion fifteen of section thirty-eight hundred fifty-one of this title.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14815-02-6

 S. 9161--A 2

 1 Such funds in city fiscal year two thousand twenty-six--two thousand
 2 twenty-seven shall not exceed eighty percent of the projected gap as
 3 defined in subdivision twenty of section thirty-eight hundred fifty-one
 4 of this title, in city fiscal year two thousand twenty-seven--two thou-
 5 sand twenty-eight such funds shall not exceed sixty percent of the
 6 projected gap as defined in subdivision twenty of section thirty-eight
 7 hundred fifty-one of this title, in city fiscal year two thousand twen-
 8 ty-eight--two thousand twenty-nine such funds shall not exceed forty
 9 percent of the projected gap as defined in subdivision twenty of section
 10 thirty-eight hundred fifty-one of this title, and in city fiscal year
 11 two thousand twenty-nine--two thousand thirty such funds shall not
 12 exceed twenty percent of the projected gap as defined in subdivision
 13 twenty of section thirty-eight hundred fifty-one of this title. Such
 14 bonds may be issued whether the city of Buffalo is in a control period
 15 or an advisory period. Su