What's happening
This bill authorizes New York State to forgive $16.6 million in loans owed by the Ogdensburg Bridge and Port Authority from 1950 to 1981.
Why it matters
Relieves a major financial burden. from the Ogdensburg Bridge and Port Authority, potentially allowing it to redirect funds that would have gone toward debt repayment into operations, maintenance, or local economic development.
Signals government support for regional infrastructure. , which may help preserve or enhance transportation and trade routes across the St. Lawrence River, benefiting both local businesses and cross-border commerce.
Sets a precedent for state intervention in public authority debt. , possibly influencing how other authorities or municipalities approach longstanding state loans and future requests for debt relief.
May impact New York State’s budget and fiscal planning. , as the state is choosing to forgo $16.6 million in repayments that were previously expected, raising questions about priorities and the allocation of public funds.
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Who cares
Headline styles
Forgive Bridge Authority Debt
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- 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
3011
2017-2018 Regular Sessions
IN SENATE
January 19, 2017
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions
AN ACT authorizing the forgiveness of loans received by the Ogdensburg Bridge and Port Authority
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any inconsistent general, special or local law to the contrary, New York State through the division of the budget is hereby authorized to forgive outstanding amounts on all loans made to the Ogdensburg Bridge and Port Authority between the years of 1950 and 1981. The total amount of outstanding debt owed to the state to be forgiven pursuant to this act is $16,600,000. Any agreements entered into between the Bridge and Port Authority and New York State to repay such obligations shall be canceled.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08238-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act authorizing the forgiveness of loans received by the Ogdensburg Bridge and Port Authority
Purpose
To forgive advances the Oswego Port Authority received from the State of New York going back to 1950, so that the repayment costs may instead be used for infrastructure improvements and new jobs.
Summary of provisions
Section 1 of the bill authorizes the State of New York to forgive outstanding loans made to the Ogdensburg Bridge and Port Authority between the years 1950 and 1960.
Section 2 provides for an immediate effective date.
Existing law
Currently the Ogdensburg Bridge and Port Authority is obligated to repay outstanding debt owed to the State of New York for advances made dating back to 1950.
Justification
The Ogdensburg Bridge and Port Authority received loans from the State of New York, beginning in 1950. The loans were used for improvements and purchases associated with the Ogdensburg Bridge and Port Authority, a public benefit corporation established in 1950 to improve transportation in Northern New York on the border with Ontario, Canada. By relieving the Bridge and Port of its obligations to repay these advances or legacy costs, more funding may be directed to job development in communities surrounding the Authority.
The Ogdensburg Bridge and Port Authority has been recognized as an economic driver both locally and for the entire state. The Authority operates two industrial parks, an international airport, a railroad, a deep-water international port on the St. Lawrence Seaway and an international 1.5-mile suspension bridge over the St. Lawrence River connecting New York State to Canada. By forgiving 60-year-old loans, the authority will be able to focus its efforts on enhancing its economic development and job creation efforts. The Authority has an established record of accomplishment of convincing Canadian companies to locate new operations in its industrial parks and using its international bridge and deep-water port to ship goods between New York and Canada.
This legislation will help to pump needed funds back into the local economy surrounding the Ogdensburg Bridge and Port Authority, lessening the Port's annual fiscal obligations and allowing it to focus on growth.
Legislative history
2016: S.6737 Reported and Committed to Finance.
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 Ogdensburg Bridge and 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.