New York S 7497: Establishes the city of Dunkirk interim finance authority; repealer

Bill Text

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S07497 Summary:

BILL NOS07497A

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SAME ASSAME AS A08019-A

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SPONSORBORRELLO

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COSPNSR

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MLTSPNSR

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Add Art 10-D Title 1-A §§3750 - 3772, Pub Auth L; rpld Part DD, Chap 56 of 2024

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Establishes the city of Dunkirk interim finance authority; provides for its functions, powers and duties; repeals the city of Dunkirk fiscal recovery act.

Go to top S07497 Actions:

BILL NOS07497A

&nbsp

04/21/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

05/30/2025AMEND (T) AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

05/30/2025PRINT NUMBER 7497A

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS07497 Committee&nbspVotes:

Go to topS07497 Floor&nbspVotes:

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

Go to topS07497 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7497--A

 2025-2026 Regular Sessions

 IN SENATE

 April 21, 2025
 ___________

 Introduced by Sen. BORRELLO -- 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 establishing
 the city of Dunkirk interim finance authority; and to repeal the city
 of Dunkirk fiscal recovery act

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

 1 Section 1. Article 10-D of the public authorities law is amended by
 2 adding a new title 1-A to read as follows:
 3 TITLE 1-A
 4 CITY OF DUNKIRK INTERIM FINANCE AUTHORITY
 5 Section 3750. Short title.
 6 3751. Definitions.
 7 3752. City of Dunkirk interim finance authority.
 8 3753. Administration of the authority.
 9 3754. General powers of the authority.
 10 3755. Declaration of need.
 11 3756. Bonds of the authority.
 12 3757. Resources of the authority.
 13 3758. Agreement with the state.
 14 3759. Agreement with the city.
 15 3760. Bonds legal for investment and deposit.
 16 3761. Tax exemption and tax contract by the state.
 17 3762. Actions against the authority.
 18 3763. Audits.
 19 3764. Remedies of bondholders.
 20 3765. Assistance to the authority; employees of the authority.
 21 3766. 2025 fiscal year budget modification.
 22 3767. City financial plans.
 23 3768. Monitoring and review.
 24 3769. Control period.
 25 3770. Miscellaneous provisions.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11445-04-5

 S. 7497--A 2

 1 3771. Effect of inconsistent provisions.
 2 3772. Separability; construction.
 3 § 3750. Short title. This title shall be known and may be cited as the
 4 "City of Dunkirk Interim Finance Authority Act".
 5 § 3751. Definitions. For the purposes of this title, unless the
 6 context otherwise requires:
 7 1. "Authority" or "city of Dunkirk interim finance authority" means
 8 the public benefit corporation created by this title.
 9 2. "Bonds" means bonds, notes and other evidences of indebtedness,
 10 issued or incurred by the authority.
 11 3. "Chief fiscal officer" means the chief fiscal officer of the city
 12 as defined in the city charter.
 13 4. "Fiscal affairs officer" means the fiscal affairs officer of the
 14 city.
 15 5. "Control period" means a period determined by the authority in
 16 accordance with section thirty-seven hundred sixty-nine of this title.
 17 6. "City" means the city of Dunkirk.
 18 7. "City charter" means the city government law of the city of
 19 Dunkirk, as amended.
 20 8. "Mayor" means the mayor of the city of Dunkirk.
 21 9. "City tax revenues" means (a) that portion of tax revenues that is
 22 deducted and withheld for transfer and credit by the authority to the
 23 city of Dunkirk revenue anticipation note withholding fund established
 24 by the authority and (b) the balance of tax revenues transferred by the
 25 authority to the city, pursuant to section thirty-seven hundred fifty-
 26 seven of this title.
 27 10. "Covered organization" means any governmental agency, public
 28 authority or public benefit corporation which receives or may receive
 29 moneys directly, indirectly or contingently from the city, but excl