New York City Seasonal Financing Act

Summary

New York City Seasonal Financing Act - Authorizes the Secretary of the Treasury to make loans to New York City or its financing agent. Requires that each loan fall due not later than the last day of the City's fiscal year. Sets the interest rate on such loans at one percent per annum above the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturities of such loans. Permits the Secretary to require the City, any financing agent, or if necessary, the State of New York, to provide such security for the loans as he deems appropriate. Allows the Secretary to enforce any claim the United States may have against the City by withholding any payments from the United States to the City, either directly or through the State, which may be or may become due pursuant to any other law. Requires that no loan be made unless the Secretary determines that there is a reasonable prospect of repayment. Empowers the Secretary to make such terms and conditions as he may deem appropriate to ensure repayment. Limits the maximum outstanding amount of loans made under this Act to $2,300,000,000. Authorizes the Secretary to use as a public debt transaction the proceeds from any sales of any securities issued under the Second Liberty Bond Act for the purpose of making any loan under this Act. Terminates the Secretary's authority to make loans under this Act on June 30, 1978.

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1 official file

• Introduced in Senate

  summary · EN · 1 December 1975

  Open at official source

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