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New YorkS 84132025-2026 Regular SessionSenate

Enacts the "City of Dunkirk Revenue Anticipation Note Refinancing Act"; makes an appropriation therefor

Sponsored By: Andrew Gounardes (Democratic)

Signed by Governor

FINANCEWAYS AND MEANS

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 2 costs, 1 mixed.

Dunkirk controls early loan payoff

New York cannot force Dunkirk to end the loan or repay it early. The mayor can repay some or all of it with separate approval from a majority of the city council. The mayor must give 15 days’ notice to the budget director, comptroller, and Assembly and Senate budget committee chairs. Full repayment also requires the budget director’s written confirmation of principal and interest owed on the proposed payoff date.

Dunkirk faces aid offsets and tax exposure

While the loan remains unpaid, New York’s budget director can reduce state payments owed to Dunkirk and its agencies. Each state budget year’s reduction cannot exceed the loan payment due that year, leaving less money for city services or obligations. Dunkirk can raise property taxes outside its constitutional tax limit to replace money withheld for annual loan principal and interest. The law does not set a tax increase or an amount homeowners must pay. By September 30 each year, the budget director must report offsets and the remaining annual payment schedule to city leaders, the comptroller, and legislative budget chairs; the remaining schedule covers state budget years beginning April 1, 2026.

Dunkirk must keep following recovery rules

Dunkirk must follow sections 7–10 of its 2024 Fiscal Recovery Act while the state loan remains unpaid. This duty continues even after related deficit bonds or notes are paid off. Starting with state budget year 2026, the mayor must report by July 9 each year to state officials and legislative budget chairs. The mayor must certify either that good-faith efforts to issue deficit bonds or notes failed, or that issued debt provides enough money to repay the state loan in full. For the first deficit bond or note issue under the recovery act, the borrowing-period calculation starts on this law’s effective date.

Dunkirk gets refinancing help with interest

The law provides up to $13.7 million from New York’s general fund to refinance Dunkirk’s note due July 24, 2025. The money can pay only that note’s principal and interest. By July 9, 2025, the mayor must request the needed amount and certify that good-faith efforts to find other funding fell short. Those efforts must cover available city cash, new revenue or tax anticipation notes, and deficit bonds or related notes. If the loan leaves a gap, the mayor must certify by July 9 that additional funds are secured for deposit by July 24. Payments received during the state budget year starting April 1, 2025, become a city loan, initially repayable over 15 years at 7.5% annual interest. Dunkirk must pledge its full faith and credit, making repayment a city debt under the state constitution. The state budget director sets the payment schedule and can change the term or interest if state-payment offsets fall short.

Sponsors & Cosponsors

Sponsor

  • Andrew Gounardes

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 139 • No: 75

House vote • 6/17/2025

Assembly floor vote

Yes: 88 • No: 47

committee vote • 6/12/2025

Rules Committee Vote

Yes: 14 • No: 6

Senate vote • 6/12/2025

FLOOR Vote

Yes: 37 • No: 22

Actions Timeline

  1. SIGNED CHAP.183

    6/26/2025Senate

  2. DELIVERED TO GOVERNOR

    6/26/2025Senate

  3. RETURNED TO SENATE

    6/17/2025House

  4. PASSED ASSEMBLY

    6/17/2025House

  5. ORDERED TO THIRD READING RULES CAL.698

    6/13/2025House

  6. SUBSTITUTED FOR A8870

    6/13/2025House

  7. REFERRED TO WAYS AND MEANS

    6/12/2025House

  8. DELIVERED TO ASSEMBLY

    6/12/2025Senate

  9. PASSED SENATE

    6/12/2025Senate

  10. ORDERED TO THIRD READING CAL.1948

    6/12/2025Senate

  11. COMMITTEE DISCHARGED AND COMMITTED TO RULES

    6/12/2025Senate

  12. REFERRED TO FINANCE

    6/9/2025Senate

Bill Text

  • Original

    6/9/2025

    PDF

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