Debt Approvals for Public Authorities, Municipalities, School Districts and District Corporations
Various State statutes require the New York State Comptroller to approve the terms and conditions of all notes and bonds sold by certain public authorities at private or negotiated sale.
Certain municipalities are authorized to sell their bonds or notes at private sale, regardless of limitations on private sales otherwise in law. The Comptroller must approve the terms and conditions of these negotiated sales by the following governments: New York City, Buffalo, Yonkers, Erie County, Utica and Niagara Falls.
The following links contain the Office of the State Comptroller's (OSC) Debt Issuance Approval Policy Statement and Guidelines (“Guidelines”) and Debt Issuance Approval Request Form (“Request Form”). The Guidelines summarize the process and criteria for the State Comptroller's review of the terms and conditions of certain municipal and public authority debt issuances. The current Debt Issuance Approval Request Form has been modified in order to clarify the information required for approval and thereby streamline the approval process.
Implementation of these Guidelines began on February 1, 2005. As a result, applications submitted to OSC for approval on or after February 1, 2005 must be submitted using the new Debt Issuance Approval Request Form.
Finally, municipalities, school districts and district corporations are authorized to issue bonds to refund all or any portion of an issue of outstanding bonds. The Local Finance Law (Sections 90.00 and 90.10) requires that the State Comptroller must approve the terms and conditions of these sales.