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Who cares
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Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act authorizing the forgiveness of loans received by the Oswego Port Authority
Purpose
To forgive advances the Oswego Port Authority received from the State of New York going back to 1958, so that the repayment costs may instead be used for infrastructure improvements and new jobs.
Summary of provisions
Section one of the bill authorizes the State of New York to forgive outstanding loans made to the Oswego Port Authority between the years 1958 and 1981.
Section two provides for an immediate effective date.
Existing law
Currently the Oswego Port Authority is obligated to repay outstanding debt owed to the State of New York for advances made dating back to 1958.
Justification
The Oswego Port Authority received loans from the State of New York, beginning in 1958 and going back to the Port's inception. The loans were used for improvements and purchases associated with the Port Authority. By relieving the Port of its obligations to repay these advances or legacy costs, more funding may be directed by the Port to infrastructure improvements and jobs in the community surrounding the Port.
The Port has been recognized as an economic driver both locally and for the entire state. The Port has confidence that it has the capacity to do more for economic development and also made an effort to provide students with in-depth job training and provide local employment. This small Port has the potential to become an economic powerhouse, not only in Oswego and in Central New York, but for the entire state.
This legislation will help to pump needed funds back into the local economy surrounding the Oswego Port Authority, lessening the Port's annual fiscal obligations and allowing it to focus on growth.
Legislative history
None. This is a new bill.
Fiscal implications
Minimal to the State since these loans date back nearly 60 years and are being repaid at a very small rate and without interest.
Local fiscal implications
This bill will have a positive fiscal impact on the local economy surrounding the Oswego Port Authority.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.