New York A02319 amends interest rate laws for judgments against public corporations.

New York A02319 amends the general municipal law, public housing law, and state finance law to change the interest rate calculation on judgments and accrued claims against public corporations. The interest rate will be based on the weekly average one-year constant maturity treasury yield published by the Federal Reserve. The bill sets a maximum interest rate of six percent for public corporations and nine percent for authorities. This act takes effect on April 1 following its enactment.

New York A02319 amends interest rate laws for judgments against public corporations.

New York A02319 amends the general municipal law, public housing law, and state finance law to change the interest rate calculation on judgments and accrued claims against public corporations. The interest rate will be based on the weekly average one-year constant maturity treasury yield published by the Federal Reserve. The bill sets a maximum interest rate of six percent for public corporations and nine percent for authorities. This act takes effect on April 1 following its enactment.