New York S 8245: Extends certain provisions relating to the sale, issuance and refund of bonds and notes of New York city

Bill Text

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S08245 Summary:

BILL NOS08245 

&nbsp

SAME ASSAME AS A08416

&nbsp

SPONSORSEPULVEDA

&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 S08245 Actions:

BILL NOS08245 

&nbsp

05/27/2025REFERRED TO CITIES 1

06/04/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/04/2025ORDERED TO THIRD READING CAL.1583

06/09/2025SUBSTITUTED BY A8416

&nbspA08416 AMEND= Burke

&nbsp05/15/2025referred to cities

&nbsp05/20/2025reported referred to ways and means

&nbsp05/27/2025reported referred to rules

&nbsp05/29/2025reported 

&nbsp05/29/2025rules report cal.360

&nbsp05/29/2025ordered to third reading rules cal.360

&nbsp05/29/2025passed assembly

&nbsp05/29/2025delivered to senate

&nbsp05/29/2025REFERRED TO CITIES 1

&nbsp06/09/2025SUBSTITUTED FOR S8245

&nbsp06/09/20253RD READING CAL.1583

&nbsp06/09/2025PASSED SENATE

&nbsp06/09/2025RETURNED TO ASSEMBLY

&nbsp06/18/2025delivered to governor

&nbsp06/18/2025signed chap.147

Go to topS08245 Committee&nbspVotes:

Go to topS08245 Floor&nbspVotes:

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

Go to topS08245 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8245

 2025-2026 Regular Sessions

 IN SENATE

 May 27, 2025
 ___________

 Introduced by Sen. SEPULVEDA -- (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 139 of the laws of 2024, 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 five] twenty-six, the mayor and comptroller of such city may, subject to
 7 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 139 of the laws of 2024, 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-five] twen-
 16 ty-six, with interest rates that vary in accordance with a formula or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11900-01-5

 S. 8245 2

 1 procedure and are subject to a maximum rate of interest set forth or
 2 referred to in the bonds or notes and may provide the holders thereof
 3 with such rights to require the city or other persons to purchase such
 4 bonds or notes or renewals thereof from the proce