Enacts the "City of Dunkirk Revenue Anticipation Note Refinancing Act" to authorize a loan to be made from the state to the city of Dunkirk (Part A).
The bill enacts the "City of Dunkirk Revenue Anticipation Note Refinancing Act" to authorize a loan from the state to the city of Dunkirk. It appropriates up to $13,700,000 from the state treasury to refinance the city's revenue anticipation note. The loan will be treated as indebtedness of the city and will have an interest rate of 7.5% per annum. The city must repay the loan over a period of 15 years. The bill also includes provisions for the city to comply with certain requirements of the "Dunkirk fiscal recovery act" and for the state to withhold certain payments to the city.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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