New York City Seasonal Financing Act of 1975

Summary

Intergovernmental Emergency Assistance Act - Title I: Intergovernmental Emergency Assistance - Establishes an Intergovernmental Emergency Assistance Board. Permits the Board to guarantee the payment, in whole or in part, of interest, principal, or both, of obligations of States on which the interest is subject to Federal taxation. States that the Board may make such guarantees only for the purpose of enabling a political subdivision of a State to continue to provide essential public services and facilities; or to prevent or mitigate the effects of default. Sets forth conditions governing eligibility for guarantees. States that a State or political subdivision must be effectively unable to obtain credit in the private market or elsewhere, and the assisted municipality must submit a plan for bringing its operating expenses into balance with its recurring revenues within two years. Provides that whenever any obligation is guaranteed under this title, the Board shall assess and collect from the obligor a guarantee fee which shall not exceed three-quarters of one percent per year. Limits the amount of outside guarantees to $5,000,000,000 through September 30, 1989, and $3,000,000,000 for the ten-year period thereafter. Directs the Board to impose reasonable requirements with respect to the renegotiation or exchange of outstanding obligations. Prohibits any guarantee under this Act unless the General Accounting Office is authorized to make such audits as may be deemed appropriate. Establishes in the Treasury an emergency municipal debt guarantee fund, to be administered by the Board. States that the fund shall be used for payment of the expenses of the Board and for the purpose of fulfilling the Board's obligations under this Act. States that any Federal Reserve bank which is requested to do so shall act as fiscal agent for the Board. Requires the Attorney General to take appropriate actions to enforce any rights accruing to the United States under this Act. Requires the Board to submit a quarterly report to the Congress on its operations. Terminates the authority of the Board to make guarantees under this Act on September 30, 1979. Title II: Amendment to the Internal Revenue Code - Makes taxable under the Internal Revenue Code, interest on governmental obligations which are secured by a guarantee under this Act.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 9 December 1975

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• Passed House amended

  summary · EN · 2 December 1975

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• Introduced in House

  summary · EN · 31 October 1975

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