PRIA Logo™
New YorkS 84132025-2026 Regular SessionSenateWALLET

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

Sponsored By: Andrew Gounardes (Democratic)

Became Law

FINANCEWAYS AND MEANS

Your PRIA Score

Score Hidden

Personalized for You

How does this bill affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Bill Overview

Analyzed Economic Effects

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

State loan to refinance Dunkirk's note

The state provides up to $13.7 million so Dunkirk can pay its revenue note due July 24, 2025. The mayor must email an attestation by July 9, 2025 showing good‑faith financing efforts and pledging repayment. The payment is a state loan to the city, repaid over 15 years at 7.5% interest and backed by the city’s full faith and credit. The budget director sets a repayment schedule tied to payments in the state fiscal year beginning April 1, 2025 and may update it or adjust loan terms to meet yearly payments. Each year by September 30, the director reports any offsets and the remaining principal and interest. The mayor and a majority of the council can prepay all or part of the loan with 15 days’ notice, and starting in state fiscal year 2026 the mayor must attest by July 9 each year whether the city can issue deficit debt to prepay.

Less state aid and room to raise taxes

While the loan is unpaid, the state budget director can cut Dunkirk’s state payments by up to the yearly loan amount. Those cuts are certified to the comptroller and lower the city’s state disbursements. The law also lets the city exclude the replacement amount from the state constitutional property‑tax cap, so it can raise enough to fill the gap. This can mean higher property taxes while the loan is outstanding.

Ongoing fiscal rules and bond timing

While the loan is outstanding, Dunkirk must follow sections 7–10 of the Dunkirk Fiscal Recovery Act. For the first deficit bonds or notes, the allowed useful‑life clock starts on this law’s effective date. These rules limit budget choices but also give a clearer timetable for any deficit financing.

Sponsors & Cosponsors

Sponsor

  • Andrew Gounardes

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 51 • No: 28

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

Related Bills

Back to State Legislation