Authorizes the state comptroller to refund all or any part of bonds

Latest action Mar 7, 2025

Authorizes the state comptroller to refund all or any part of bonds when it is to the advantage of the state.

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Where it stands

Signed into law.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A5833, the matching bill in the Assembly.

Passed as A5833, the matching Assembly bill.

Amends the State Finance Law.

Committee

Finance · New York State Senate

Also referred to Rules · New York State Assembly, Rules · New York State Senate, Ways and Means · New York State Assembly.

Purpose, from the sponsor's memo

This legislation removes the three percent limit on the call premium that may be reserved to the State for the purposes of redeeming or refunding State bonds prior to the date on which such bonds shall be due and payable. This legislation would allow for more effective management of the State's voter-approved General Obligation (GO) debt portfolio by permitting such bonds to be redeemed or refunded pursuant to current municipal bond market conventions.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateMar 4, 2025Result: passedSenate vote on A5833, the matching Assembly bill.
(61) (0) (0) (2)
Vote: Committee vote · Finance
Senate FinanceMar 4, 2025Result: passed
(20) (0) (0) (1)

The sponsor's argument

Why Liz Krueger says this is needed

Currently, section 56(1) of the State Finance law sets a three percent limit on the call premium that the Comptroller may reserve to the State when issuing and selling bonds. A bond call premium determines the amount paid to bondholders when an issuer redeems bonds prior to the scheduled final maturity date. The limitation to redeem or refund bonds at a price at or below 103% of par value can preclude opportunities to refinance certain existing debt at lower interest rates, even when such refunding would result in debt service savings to the State. Additionally, the 3% call premium limit may impact interest costs when issuing new money bonds. This bill would remove the 3% call limitation to enhance the State's ability to more cost-effectively refinance existing debt and avoid higher interest costs on new money bond issuances. Such a call premium limit does not exist for other forms of State-sup- ported debt, such as State Personal Income Tax (PIT) or Sales Tax Reven- ue Bonds and also does not exist for other forms of State public author- ity borrowings.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Mar 7, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Mar 7, 2025
Signed
SIGNED CHAP.102
NY Assembly
Mar 4, 2025
3RD Reading CAL.448
3RD READING CAL.448
NY Senate
Mar 4, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Mar 4, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly

Show full history (8 earlier events)

Mar 4, 2025
Passed a chamber
PASSED SENATE
NY Senate
Mar 4, 2025
Referred to committee
REFERRED TO RULES
NY Senate
Mar 4, 2025
Reported out of committee
REPORTED AND COMMITTED TO RULES
NY Senate
Mar 4, 2025
Substituted
SUBSTITUTED FOR S5442
NY Senate
Feb 27, 2025
Advanced to Third Reading CAL.45
ADVANCED TO THIRD READING CAL.45
NY Assembly
Feb 25, 2025
Reported out of committee
REPORTED
NY Assembly
Feb 21, 2025
Referred to committee
REFERRED TO FINANCE
NY Senate
Feb 20, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 22, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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