S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7843
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 27, 2021
                                ___________
 
 Introduced  by  M. of A. McDONALD, FAHY -- read once and referred to the
   Committee on Cities
 
 AN ACT authorizing the state of New York bond  bank  agency  to  provide
   municipal relief to the city of Albany
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other provision of law, and in addition
 to the powers currently authorized to be exercised by the state  of  New
 York  municipal  bond  bank agency, the state of New York municipal bond
 bank agency may provide, for purposes of municipal relief to the city of
 Albany, a sum not to exceed one million two hundred thousand dollars for
 the city fiscal year ending December 31, 2021, to the  city  of  Albany.
 Notwithstanding  any other provision of law, and subject to the approval
 of the New York state director of the budget,  the  state  of  New  York
 mortgage  agency  shall transfer to the state of New York municipal bond
 bank agency for distribution as municipal relief to the city of  Albany,
 a total sum not to exceed one million two hundred thousand dollars, such
 transfer  to be made from (i) the special account of the mortgage insur-
 ance fund created pursuant to section 2429-b of the  public  authorities
 law, in an amount not to exceed the actual excess balance in the special
 account  of  the mortgage insurance fund, as determined and certified by
 the state of New York mortgage agency for the fiscal year  2020-2021  in
 accordance  with  section  2429-b of the public authorities law, if any,
 and/or (ii) provided that the reserves in  the  project  pool  insurance
 account  of  the  mortgage  insurance  fund  created pursuant to section
 2429-b of the public authorities law are sufficient to attain and  main-
 tain  the credit rating (as determined by the agency) required to accom-
 plish the purposes of such account, the project pool  insurance  account
 of the mortgage insurance fund created pursuant to section 2429-b of the
 public  authorities law, such transfer to be made as soon as practicable
 no later than December 31, 2021, and provided further that the New  York
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11556-01-1

 A. 7843                             2
 
 state director of the budget may request additional information from the
 city of Albany regarding the utilization of these funds and the finances
 and operations of the city, as appropriate.
   § 2. This act shall take effect immediately.