What's happening
This bill authorizes New York State to forgive $3,755,926 in outstanding loans owed by the Oswego Port Authority from 1958-1981.
Why it matters
Relieves significant financial pressure. on the Oswego Port Authority by eliminating nearly $3.8 million in historic debt, potentially freeing up resources for local infrastructure improvements, economic development, or operational needs.
Acknowledges the long-term burden of old state loans. some dating back over 60 years—which may have been difficult or impossible for the Port Authority to repay, especially as economic realities and priorities have changed.
May set a precedent for other public entities. in New York that hold longstanding debts to the state, raising questions about fairness, fiscal policy, and the state’s willingness to forgive similar debts elsewhere.
Could impact local employment and commerce. , as the Port Authority’s improved fiscal health may enable expanded operations, new investments, or increased competitiveness, benefiting the surrounding community and regional economy.
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Forgive Oswego Port Authority Debt
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to local government
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Forgive Oswego Port Authority Debt
In Assembly Committee · Ways And Means · Sponsor William A. Barclay
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3013
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 Local Government
AN ACT authorizing the forgiveness of loans received by the Oswego 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 Oswego Port Authority between the years of 1958 and 1981. The total amount of outstanding debt owed to the state to be forgiven pursuant to this act is $3,755,926. Any agreements entered into between the 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.
LBD08214-01-7
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 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 1 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 2 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 also 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
2016: S.6629 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 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.