senate Bill S5199

2013-2014 Legislative Session

Relates to the general debt service fund of the city of New York and a statutory lien and pledge and agreement

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Archive: Last Bill Status -

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to local government
May 14, 2013 referred to local government

S5199 - Details

Law Section:
Local Finance Law
Laws Affected:
Amd §85.00, add §85.85, Loc Fin L

S5199 - Summary

Relates to the general debt service fund of the city of New York; relates to a statutory lien, pledge and agreement in connection with such fund; requires the city of New York to maintain a debt service fund for the purposes of paying the debt service due or becoming due in the then current fiscal year; provides that all amounts retained in the funds be used solely to pay the debt service of the city and that such funds be pledged to the holders of the notes and bonds.

S5199 - Sponsor Memo

S5199 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 14, 2013

Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the local finance law, in relation to the  general  debt
  service  fund  of the city of New York and a statutory lien and pledge
  and agreement in connection therewith


  Section 1. Findings. The legislature has previously found and declared
that  a state of financial emergency exists within the city of New York.
The legislature further finds and declares that the assurance of  timely
payment of monthly debt service by the city is and will continue to be a
matter  of  overriding  state  concern,  and  that it is appropriate and
desirable for the legislature to implement and reinforce the  provisions
of  sections two, ten and twelve of article eight of the state constitu-
tion to strengthen such assurance and to control  the  exercise  of  the
political  and  governmental  powers of the city by granting a statutory
lien on a portion of the real estate tax payments in the city.
  S 2. Section 85.00 of the local finance law, as amended by chapter 777
of the laws of 1978, is amended to read as follows:
  S 85.00 Limitation of provisions; emergency period.  No provisions  of
this  title,  other  than  [section]  SECTIONS 85.80 AND 85.85, shall be
applicable to the city of New York.  The provisions of this title  shall
be  applicable  (a)  only  to a municipality, other than the city of New
York, with respect to which the legislature has declared that a state of
financial emergency exists, and (b) only during such emergency period as
may be specified by the legislature for any municipality, other than the
city of New York[,]; provided, however, that the provisions  of  section
85.80  of this title shall apply to any municipality, including the city
of New York, at any time, AND THE  PROVISIONS  OF  SECTION  85.85  SHALL
APPLY  ONLY  TO  THE  CITY OF NEW YORK.  As used in this title, the term
"emergency financial control board" shall mean  any  such  board  estab-

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


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