New YorkA 30022025-2026 Regular SessionHouseWALLET

DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND

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Bill Overview

Analyzed Economic Effects

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

State funds payments on its bonds

The law funds $9.025 billion for the fiscal year starting April 1, 2025. It pays principal and interest on state general obligation and revenue bonds, plus related costs. It includes $405 million for general obligation bond payments. It also includes $851 million (all funds): $800 million for payments, $50 million for related costs, and $1 million for interest‑rate swaps and similar deals. This keeps New York’s debt payments on time and supports market stability.

Protects tax-free status of state bonds

The law sets aside $225 million to redeem some state general obligation bonds when needed to keep interest tax‑exempt under federal law. It also provides $20 million for required rebate payments to the federal government for the same purpose. The Comptroller decides how much of the $225 million is necessary.

Sponsors & Cosponsors

Sponsor

Budget
Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 51 • No: 10

House vote • 3/27/2025

FLOOR Vote