New York A 2706: Relates to providing legislative oversight on the issuance of short-term liquidity financing

Bill Text

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A02706 Summary:

BILL NOA02706 

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SAME ASNo Same As

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SPONSORRa

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COSPNSR

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MLTSPNSR

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Amd §54-b, UDC Act

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Relates to providing legislative oversight on the issuance of short-term liquidity financing.

Go to top A02706 Actions:

BILL NOA02706 

&nbsp

01/22/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02706 Committee&nbspVotes:

Go to topA02706 Floor&nbspVotes:

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

Go to topA02706 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2706

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 22, 2025
 ___________

 Introduced by M. of A. RA -- read once and referred to the Committee on
 Ways and Means

 AN ACT to amend chapter 174 of the laws of 1968, constituting the New
 York state urban development corporation act, in relation to providing
 legislative oversight on the issuance of short-term liquidity financ-
 ing

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

 1 Section 1. Subdivision 1 of section 54-b of section 1 of chapter 174
 2 of the laws of 1968, constituting the New York state urban development
 3 corporation act, as added by section 54 of part FFF of chapter 56 of the
 4 laws of 2022, paragraph (b) as amended by section 54 of part XX of chap-
 5 ter 56 of the laws of 2024, is amended to read as follows:
 6 1. Findings and declaration of need. (a) The state of New York finds
 7 and determines that shortfalls in the state's financial plan arising
 8 from adverse economic and fiscal events and risks, disasters and emer-
 9 gencies, including but not limited to, public health emergencies, may
 10 occur or develop, and that the financial impact of such events, risks,
 11 disasters and emergencies could be prudently mitigated by certain fiscal
 12 management authorization measures being legislatively authorized and
 13 established.
 14 (b) Notwithstanding any other provision of law to the contrary,
 15 including, specifically, the provisions of chapter 59 of the laws of
 16 2000 and section sixty-seven-b of the state finance law, the dormitory
 17 authority of the state of New York and the corporation are hereby
 18 authorized to issue personal income tax revenue anticipation notes with
 19 a maturity no later than March 31, 2025, in one or more series in an
 20 aggregate principal amount for each fiscal year not to exceed three
 21 billion dollars, and to pay costs of issuance of such notes, for the
 22 purpose of temporarily financing budgetary needs of the state. Such
 23 purpose shall constitute an authorized purpose under subdivision two of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05913-01-5

 A. 2706 2

 1 section sixty-eight-a of the state finance law for all purposes of arti-
 2 cle five-C of the state finance law with respect to the notes authorized
 3 by this paragraph. Such notes shall not be renewed, extended or
 4 refunded. For so long as any notes authorized by this paragraph shall be
 5 outstanding, the restrictions, limitations and requirements contained in
 6 article five-B of the state finance law shall not apply.
 7 (c) Such notes as described in paragraph (b) of this subdivision shall
 8 only be issued if and only if there shall have been executed in such
 9 fiscal year a written certificate signed by the governor, the temporary
 10 president of the senate, the speaker of the assembly, and the comp-
 11 troller which shall set forth the emergency or extraordinary factor or
 12 factors unanticipated, and upon the passage of a legislative resolution
 13 by two-thirds vote in both the assembly and senate.
 14 [(c)] (d) Such notes of the dormitory authority and the corporation
 15 shall not be a debt of the state, and the state shall not be liable
 16 thereon, nor shall they be payable out of any funds other than those
 17 appropriated by the state to the dormitory authority and the corporation
 18 for debt service and related expenses pursuant to any financing agree-
 19 ment described in paragraph [(d)] (e) of this subdivision, and such
 20 notes shall contain on the face thereof a statement to such effect. Such
 21 notes shall be issued