New York S 7488: Relates to statewide municipal reciprocal program agreements and the issuance of program bonds

Bill Text

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S07488 Summary:

BILL NOS07488 

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SAME ASSAME AS A06565

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §§2431, 2432, 2434, 2436, 2437 & 2438, add §§2435-f & 2436-d, Pub Auth L

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Authorizes statewide municipal reciprocal program agreements and the issuance of program bonds; authorizes proceeds to be made available to a statewide municipal reciprocal program.

Go to top S07488 Actions:

BILL NOS07488 

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04/17/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

05/13/2025REPORTED AND COMMITTED TO INSURANCE

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

Go to topS07488 Committee&nbspVotes:

Go to topS07488 Floor&nbspVotes:

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

Go to topS07488 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7488

 2025-2026 Regular Sessions

 IN SENATE

 April 17, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the public authorities law, in relation to statewide
 municipal reciprocal program agreements and the issuance of program
 bonds

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

 1 Section 1. Section 2431 of the public authorities law is amended by
 2 adding a new closing paragraph to read as follows:
 3 It is further declared to be in the public interest and it is the
 4 policy of the state to provide a means by which the New York Schools
 5 Insurance Reciprocal may receive moneys, in an amount not to exceed
 6 seventy-five million dollars for the specific object and purpose of
 7 restoring the industry required surplus. The New York Schools Insurance
 8 Reciprocal is a statewide municipal reciprocal insurer. It is the vehi-
 9 cle through which New York's public school districts and BOCES insure
 10 one another against property and casualty losses. The state education
 11 law and good government principles require that public school districts
 12 and BOCES maintain property and casualty insurance. The New York Schools
 13 Insurance Reciprocal was created at a time when property and casualty
 14 insurance was either unavailable or unaffordable for New York's public
 15 school districts and BOCES. The need for New York Schools Insurance
 16 Reciprocal continues, as the problems of unaffordability and unavail-
 17 ability continue. The New York Schools Insurance Reciprocal is critical
 18 to the support of public schools and BOCES across New York state. Access
 19 to affordable capital will enhance the New York Schools Insurance Recip-
 20 rocal's ability to fulfill its essential governmental purpose.
 21 § 2. Subdivisions 2, 3 and 10 of section 2432 of the public authori-
 22 ties law, as amended by section 2 of part N of chapter 56 of the laws of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10083-01-5

 S. 7488 2

 1 2010, are amended and four new subdivisions 5-d, 5-e, 29 and 30 are
 2 added to read as follows:
 3 (2) "Bonds" and "Notes". The bonds and notes, including any special
 4 program bonds, special school purpose bonds, recovery act bonds, [and]
 5 public safety communications bonds, and statewide municipal reciprocal
 6 program bonds respectively issued by the agency pursuant to this title.
 7 Bonds and notes shall not include any tax lien collateralized securities
 8 issued pursuant to this title.
 9 (3) "Municipal Bond". A bond or note or evidence of debt payable from
 10 any local revenues, including taxes, assessments and rents, which a
 11 municipality may lawfully issue to finance local improvements and public
 12 purposes, including local ARRA bonds and local public safety communi-
 13 cations bonds, but does not include (a) any bond or note or evidence of
 14 debt issued by any other state or any public body or municipal corpo-
 15 ration thereof, (b) any special program agreement, [or] (c) any special
 16 school purpose agreement or any special school deficit program
 17 agreement, or (d) any statewide municipal reciprocal program agreement.
 18 (5-d) "Statewide Municipal Reciprocal Program Premiums". An