What's happening
This bill clarifies and updates the definition of "BFSA assistance" and related terms for the Buffalo Fiscal Stability Authority.
Why it matters
Narrows what counts as "BFSA assistance". The bill explicitly defines "BFSA assistance" to only include debt service savings from bonds, notes, or obligations, and proceeds from deficit financing as determined by the Authority, clarifying what financial actions trigger oversight or special status.
Prevents broad interpretation of BFSA powers. By stating that any action not specifically listed does not count as BFSA assistance, the bill limits the Buffalo Fiscal Stability Authority’s interventions to only those financial measures described, reducing ambiguity and potential overreach.
Clarifies criteria for ending state fiscal control. The definition update provides clearer benchmarks for when the City of Buffalo can exit direct BFSA oversight (the "advisory period"), making it easier for city officials and the public to understand what financial independence requires.
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Who cares
Buffalo city officials
The bill would clarify that only specified debt-service savings and deficit-financing proceeds count as BFSA assistance when assessing the city's eligibility for an advisory period.
Buffalo Fiscal Stability Authority board
The bill would expressly exclude authority actions outside the statutory definition from being treated as BFSA assistance.
Buffalo comptroller and state comptroller
Their joint certification of the city's access to public securities markets would remain a separate requirement for entering an advisory period.
Headline styles
Clarify Buffalo Fiscal Rules
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
1 Multi-sponsor
History
- Enacting clause stricken
- Referred to corporations, authorities and commissions
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1791
2017-2018 Regular Sessions
IN ASSEMBLY
January 13, 2017
Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to the Buffalo Fiscal Stability Authority (BFSA) financial crisis determinations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivisions 1 and 3 of section 3851 of the public authorities law, as added by chapter 122 of the laws of 2003, are amended to read as follows:
1. "Advisory period" means that period no earlier than July first, two thousand six, after which the authority has determined that (a) for each of the three immediately preceding city fiscal years, the city has adopted and adhered to budgets covering all expenditures, other than capital items, the results of which did not show a deficit, without the use of any [authority] BFSA assistance, as provided for under subdivision one of section thirty-eight hundred fifty-seven of this title, when reported in accordance with generally accepted accounting principles and (b) the comptroller and the state comptroller jointly certify that securities were sold by the city during the immediately preceding city fiscal year in the general public market and that there is a substantial likelihood that such securities can be sold by the city in the general public market from such date through the end of the next succeeding city fiscal year in amounts that will satisfy substantially all of the capital and cash flow requirements of the city during that period in accordance with the financial plan then in existence. The joint certification made by the comptroller and the state comptroller shall be based on their separate written determinations which may take into account a report and opinion of an independent expert in the marketing of securities selected by the authority as well as other information available to the comptrollers. Once begun, an advisory period shall continue through
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03620-01-7
A. 1791 2
June thirtieth, two thousand thirty-seven unless a control period is imposed.
3. "BFSA assistance" means: (a) the amount of debt service savings in a given city fiscal year generated from the proceeds of bonds, notes or other obligations made available to or for the benefit of the city or any covered organization as determined by the authority; or (b) the proceeds of any deficit financing authorized by the authority, or some combination thereof pursuant to the provisions of subdivision one of section thirty-eight hundred fifty-seven of this title. Such assistance shall be made available only upon a declaration of need by the city pursuant to section thirty-eight hundred sixty-one of this title and the approval of the BFSA board. Any action of the authority that is not specified in this subdivision shall not be construed as BFSA assistance.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.