New YorkA 84162025-2026 Regular SessionHouseWALLET

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

Sponsored By: Patrick Burke (Democratic)

Became Law

CITIESWAYS AND MEANSRULESCITIES 1

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Bill Overview

Analyzed Economic Effects

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

More flexible NYC bond borrowing

The law extends New York City’s borrowing tools into mid‑2026. The city can issue variable‑rate bonds until July 15, 2026, capped at 25% of the statutory limit. Before July 1, 2026, the city can sell some bonds privately with the mayor and comptroller’s consent and the State Comptroller’s approval. The mayor and comptroller may keep using special marketing powers until July 15, 2026. The city can issue bonds before July 1, 2026 to finance projects, reimburse past spending, redeem notes, or refund older bonds. A 2004 law section now expires July 15, 2026.

Stronger protections and refinancing for NYC debt

New York City can exchange old bonds for refunding bonds through June 30, 2026 when the new annual principal and interest is lower. For some bonds first issued after June 30, 1978 and before July 1, 2026, refunding bonds may change earlier covenants tied to the city’s financial control framework. The state must include a pledge for city bonds issued before July 1, 2026 that it will not weaken the NYC Financial Control Board’s authority. That pledge lasts until the bonds are paid or a separate trust holds enough money or qualifying obligations to cover all payments.

Sponsors & Cosponsors

Sponsor

Patrick Burke
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 62 • No: 0

House vote • 6/9/2025

FLOOR Vote