What's happening
This bill limits the New York City Municipal Water Finance Authority's annual debt increase to 6% unless approved by the City Council.
Why it matters
Imposes a stricter fiscal discipline on the Municipal Water Finance Authority. , potentially reducing the risk of unchecked borrowing that could lead to higher water rates or financial instability for the city’s water system.
Empowers the New York City Council with oversight on major debt increases. , adding a layer of public accountability and transparency to decisions that could significantly impact municipal finances and utility customers.
May affect the Authority's ability to quickly finance large infrastructure projects or respond to emergencies. , since debt increases above 6% would require council approval, possibly introducing delays or political considerations into urgent funding needs.
Could influence long-term water infrastructure planning. , as the annual debt cap might encourage more careful prioritization of projects and maintenance, potentially limiting the scope or pace of capital improvements without broader political agreement.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Cap Water Authority Debt Growth
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
1 Multi-sponsor
History
- Enacting clause stricken
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4706
2017-2018 Regular Sessions
IN ASSEMBLY
February 3, 2017
Introduced by M. of A. DINOWITZ -- read once and referred to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to debt held by the New York city municipal water finance authority
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 3 of section 1045-d of the public authorities law, as added by chapter 513 of the laws of 1984, is amended to read as follows:
3. To borrow money and issue negotiable or non-negotiable notes, bonds or other obligations and to provide for the rights of the holders thereof, provided, however, that such power to borrow money and issue negotiable or non-negotiable notes, bonds or other obligations shall be limited to the limitation on the annual increase in debt as set forth in section one thousand forty-five-aa of this title;
§ 2. Sections 1045-aa and 1045-bb of the public authorities law are renumbered sections 1045-bb and 1045-cc and a new section 1045-aa is added to read as follows:
§ 1045-aa. Limitation on debt increase. Beginning with the New York city fiscal year beginning July first, two thousand eighteen, the annual increase in total debt held by the authority at any time during a fiscal year shall not exceed six percent of the total debt held by the authority during the preceding fiscal year without the approval by majority vote of the New York city council.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07606-01-7
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.