New York S 10431: Extends certain provisions relating to the sale, issuance and refund of bonds and notes of New York city

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S10431 Summary:

BILL NOS10431 

&nbsp

SAME ASSAME AS A10922

&nbsp

SPONSORBOTTCHER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§54.10, 54.90, 57.00, 90.00 & 107.00, Loc Fin L; amd §10-a, Chap 868 of 1975; amd §5, Chap 142 of 2004

&nbsp

Extends certain provisions relating to the sale of bonds and notes of the city of New York, the issuance of bonds or notes with variable rates of interest, interest rate exchange agreements of the city of New York, the refunding of bonds, and the down payment for projects financed by bonds; extends the New York state financial emergency act for the city of New York; makes further amendments relating to the effectiveness thereof.

Go to top S10431 Actions:

BILL NOS10431 

&nbsp

05/15/2026REFERRED TO CITIES 1

05/28/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/28/2026ORDERED TO THIRD READING CAL.1435

06/04/2026SUBSTITUTED BY A10922

&nbspA10922 AMEND= Burke

&nbsp04/09/2026referred to cities

&nbsp04/21/2026reported referred to ways and means

&nbsp04/28/2026reported 

&nbsp04/30/2026advanced to third reading cal.435

&nbsp05/04/2026passed assembly

&nbsp05/04/2026delivered to senate

&nbsp05/04/2026REFERRED TO CITIES 1

&nbsp06/04/2026SUBSTITUTED FOR S10431

&nbsp06/04/20263RD READING CAL.1435

&nbsp06/04/2026PASSED SENATE

&nbsp06/04/2026RETURNED TO ASSEMBLY

&nbsp06/18/2026delivered to governor

&nbsp06/26/2026signed chap.144

Go to topS10431 Committee&nbspVotes:

Go to topS10431 Floor&nbspVotes:

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

Go to topS10431 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10431

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. BOTTCHER -- (at request of the NYC Office of Manage-
 ment and Budget) -- read twice and ordered printed, and when printed
 to be committed to the Committee on Cities 1

 AN ACT to amend the local finance law, in relation to the sale of bonds
 and notes of the city of New York, the issuance of bonds or notes with
 variable rates of interest, interest rate exchange agreements of the
 city of New York, the selling of bonds at private sale, the refunding
 of bonds, and the down payment for projects financed by bonds; to
 amend the New York state financial emergency act for the city of New
 York, in relation to a pledge and agreement of the state; and to amend
 chapter 142 of the laws of 2004, amending the local finance law relat-
 ing to interest rate exchange agreements of the city of New York and
 refunding bonds of such city, in relation to the effectiveness thereof

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

 1 Section 1. The opening paragraph of paragraph (a) of section 54.10 of
 2 the local finance law, as amended by chapter 147 of the laws of 2025, is
 3 amended to read as follows:
 4 To facilitate the marketing of any issue of bonds or notes of the city
 5 of New York issued on or before June thirtieth, two thousand [twenty-
 6 six] twenty-seven, the mayor and comptroller of such city may, subject
 7 to the approval of the state comptroller and the limitations on private
 8 sales of bonds and notes, respectively, provided by law:
 9 § 2. The closing paragraph of paragraph a of section 54.90 of the
 10 local finance law, as amended by chapter 147 of the laws of 2025, is
 11 amended to read as follows:
 12 Notwithstanding the foregoing, whenever in the judgment of the finance
 13 board of the city of New York the interest of such city would be served
 14 thereby, the city of New York may without further approval issue bonds
 15 or notes, on or before July fifteenth, two thousand [twenty-six] twen-
 16 ty-seven, with interest rates that vary in accordance with a formula or
 17 procedure and are subject to a maximum rate of interest set forth or
 18 referred to in the bonds or notes and may provide the holders thereof
 19 with such rights to require the city or other persons to purchase such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15342-01-6

 S. 10431 2

 1 bonds or notes or renewals thereof from the proceeds of the resale ther-
 2 eof or otherwise from time to time prior to the final maturity of such
 3 bonds or notes as the finan