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New YorkA 109222025-2026 Regular SessionHouse

Extends certain provisions relating to the sale, issuance and refund of bonds and notes of New York city

Sponsored By: Patrick Burke (Democratic)

Signed by Governor

CITIESWAYS AND MEANSCITIES 1

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Easier NYC bond refunding and financing

New York City can refund certain bonds issued after June 30, 1978 and before July 1, 2027. Refunding is allowed when the new bonds have the same or lower interest, or for some older NYC bonds when the annual payment is lower. For bonds with Financial Control Board covenants, refunding bonds may change or omit those covenants (not the promise to pay). The city can also finance projects by issuing bonds or notes before July 1, 2027, including to reimburse past advances, redeem notes, or refund earlier bonds.

State pledge protects NYC bondholders

For NYC bonds and notes issued before July 1, 2027, the State pledges not to weaken the Financial Control Board’s powers. Bondholders can enforce this pledge in court, and the State waives sovereign immunity for enforcement. The pledge ends when the debt is fully paid or fully funded in a trust with U.S. obligations.

More ways to sell NYC bonds

New York City can take steps to market city bonds and notes issued on or before June 30, 2027, with State Comptroller approval. The city can sell bonds by private sale until July 1, 2027, with consent of the mayor and comptroller and State Comptroller approval. The city can issue variable‑rate bonds and notes until July 15, 2027, if the rate follows a set formula and has a stated maximum. The total principal issued under this authority cannot be more than 25% of the legal limit in section 104.00. These temporary powers end July 15, 2027.

Sponsors & Cosponsors

Sponsor

  • Patrick Burke

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 178 • No: 17

Senate vote • 6/4/2026

FLOOR Vote

Yes: 56 • No: 4

House vote • 5/4/2026

Assembly floor vote

Yes: 122 • No: 13

Actions Timeline

  1. SIGNED CHAP.144

    6/26/2026House

  2. DELIVERED TO GOVERNOR

    6/18/2026House

  3. RETURNED TO ASSEMBLY

    6/4/2026Senate

  4. PASSED SENATE

    6/4/2026Senate

  5. 3RD READING CAL.1435

    6/4/2026Senate

  6. SUBSTITUTED FOR S10431

    6/4/2026Senate

  7. REFERRED TO CITIES 1

    5/4/2026Senate

  8. DELIVERED TO SENATE

    5/4/2026House

  9. PASSED ASSEMBLY

    5/4/2026House

  10. ADVANCED TO THIRD READING CAL.435

    4/30/2026House

  11. REPORTED

    4/28/2026House

  12. REPORTED REFERRED TO WAYS AND MEANS

    4/21/2026House

  13. REFERRED TO CITIES

    4/9/2026House

Bill Text

  • Original

    4/9/2026

    PDF

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