New York A 4004: Requires legislative oversight for debt issuances that reach maturity if such maturity exceeds thirty years

Bill Text

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A04004 Summary:

BILL NOA04004 

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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 §386-a, Pub Auth L; amd §67-b, St Fin L

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Requires legislative oversight for debt issuances that reach maturity if such maturity exceeds thirty years; provides for the procedure for such debt issuance by the legislature.

Go to top A04004 Actions:

BILL NOA04004 

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01/30/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA04004 Committee&nbspVotes:

Go to topA04004 Floor&nbspVotes:

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

Go to topA04004 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4004

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. RA -- read once and referred to the Committee on
 Corporations, Authorities and Commissions

 AN ACT to amend the public authorities law and the state finance law, in
 relation to requiring legislative oversight of debt issuances with a
 maturity of more than thirty years; and providing for the repeal of
 such provisions upon expiration thereof

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

 1 Section 1. Section 386-a of the public authorities law, as added by
 2 section 46 of part U of chapter 59 of the laws of 2012 and subdivision 1
 3 as amended by section 55 of part XX of chapter 56 of the laws of 2024,
 4 is amended to read as follows:
 5 § 386-a. Financing of metropolitan transportation authority (MTA)
 6 transportation facilities. 1. Notwithstanding any other provision of law
 7 to the contrary, the authority, the dormitory authority and the urban
 8 development corporation are hereby authorized to issue bonds or notes in
 9 one or more series for the purpose of assisting the metropolitan trans-
 10 portation authority in the financing of transportation facilities as
 11 defined in subdivision seventeen of section twelve hundred sixty-one of
 12 this chapter or other capital projects. The aggregate principal amount
 13 of bonds authorized to be issued pursuant to this section shall not
 14 exceed twelve billion five hundred fifteen million eight hundred fifty-
 15 six thousand dollars $12,515,856,000, excluding bonds issued to fund one
 16 or more debt service reserve funds, to pay costs of issuance of such
 17 bonds, and to refund or otherwise repay such bonds or notes previously
 18 issued. Such bonds and notes of the authority, the dormitory authority
 19 and the urban development corporation shall not be a debt of the state,
 20 and the state shall not be liable thereon, nor shall they be payable out
 21 of any funds other than those appropriated by the state to the authori-
 22 ty, the dormitory authority and the urban development corporation for
 23 principal, interest, and related expenses pursuant to a service contract

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05922-01-5

 A. 4004 2

 1 and such bonds and notes shall contain on the face thereof a statement
 2 to such effect. Except for purposes of complying with the internal
 3 revenue code, any interest income earned on bond proceeds shall only be
 4 used to pay debt service on such bonds. Notwithstanding any other
 5 provision of law to the contrary, including the limitations contained in
 6 subdivision four of section sixty-seven-b of the state finance law, (A)
 7 any bonds and notes issued [prior to] between April first, two thousand
 8 [twenty-seven] twenty-five and March thirty-first, two thousand twenty-
 9 six pursuant to this section may be issued with a maximum maturity of
 10 fifty years, and (B) any bonds issued to refund such bonds and notes may
 11 be issued with a maximum maturity of fifty years from the respective
 12 date of original issuance of such bonds and notes.
 13 2. If the authority, the dormitory authority or the urban development
 14 corporation determines that issuing debt with a final maturity exceeding
 15 thirty years is necessary, it shall:
 16 (A) Prepare a comprehensive cost-benefit analysis demonstrating the
 17 public benefit of such extended maturity debt. Such c