New York Local Government Assistance Corporation
ACTIVE REQUEST FOR PROPOSALS/PROCUREMENTS
- RFP 13-04 Financial Advisor Services for the New York Local Government Assistance Corporation
The deadline for proposal submission has passed and the award process is underway.
There are currently no public meetings scheduled.
There were public meetings of the Corporation’s Audit Committee and Board of Directors on June 23, 2014. The meeting notices and agenda are below.
The Audit Committee and Board of Directors meetings held on June 23, 2014 can be accessed using the following link:
There were public meetings of the Corporation’s Audit Committee and Board of Directors on May 8, 2014. The meeting notices and agenda are available below.
The Audit Committee and Board of Directors meetings held on May 8, 2014 can be accessed using the following link:
There were public meetings of the Corporation’s Finance and Audit Committees on March 18, 2014. The meeting notices and agenda are available below.
- Finance Committee Meeting Notice
- Audit Committee Meeting Notice
- Meeting Agenda (Board meeting portion postponed.)
The Finance and Audit Committee meetings held on March 18, 2014 can be accessed using the following link:
The special meeting of the Corporation’s Board of Directors scheduled for March 18, 2014 was postponed. The rescheduled meeting was held on April 10, 2014. The postponement notice, rescheduled meeting notice and agenda are available below.
- Board of Directors Meeting Postponement Notice
- Rescheduled Board of Directors Meeting Notice
- Board of Directors Meeting Agenda
The Board of Directors meeting held on April 10, 2014 can be accessed using the following link:
LGAC is the acronym for the New York Local Government Assistance Corporation. LGAC was created in 1990 to provide a means for the State to reduce its annual reliance on intra-year short-term borrowing for cash flow purposes (also known as the "spring borrowing") and to reduce its accumulated "GAAP" deficit.
Pursuant to legislation, LGAC is authorized to issue up to $4.7 billion of its bonds, secured by a contractual obligation with the State, to make payments to local governments and school districts. The most significant component of this legislation is that as LGAC issues its bonds, the amount of intra-year short-term borrowing that could be undertaken by the State could not exceed $4.7 billion reduced by the amount of bonds and notes issued by LGAC. Over the years from 1959, the State's short-term intra-year borrowing had increased to a high of $4.3 billion. The need to complete this borrowing in order to make payments to school districts and other municipalities placed the State at the mercy of the lending markets.
As the short-term intra-year borrowing increased, it became more difficult, and costly, for the State to complete this borrowing. Now, the State may conduct an intra-year short-term borrowing only if a declaration of emergency is declared by the Governor and the legislative leaders. If a borrowing occurs, it must be paid down within four years following the declaration of emergency.
LGAC completed its mission during the State's 1995-96 fiscal year. There has been no State intra-year short-term borrowing since the State's 1993-94 fiscal year. As of March 31, 2014, there was $2.6 billion in LGAC debt outstanding, net of unamortized premiums, discounts, and deferred losses on refunding.
Until January 13, 2006, LGAC was governed by a three-member Board of Directors, comprised of the State Comptroller and the Director of the Budget of the State of New York, both of whom serve "ex officio," and a third director who is appointed by the Governor. On January 13, 2006, the Governor signed The Public Authorities Accountability Act (Chapter 766 of the Laws of 2005). This Act included and amendment to increase the number of LGAC Board members from three to seven.
In addition, the Secretary to the Senate Finance Committee of the State Senate and the Secretary to the Ways and Means Committee of the State Assembly are non-voting representatives on the Board. The current Board members, non voting representatives and officers of LGAC are listed in the Governance section that follows.
Performance Measurement Reports
- Code of Ethics
- Directors and Officers
- Enabling Legislation
- Lobbying Contacts Policy
- Organization Chart
Authority Schedule of Debt
List of Real Property and Property Acquisition and Disposition Policies
Since its creation, the Corporation has not owned or purchased any personal or real property.
Personal and Real Property Transactions
Since its creation, the Corporation has not owned or purchased any personal or real property and as a result has not engaged in any personal or real property transactions.
Adopted Meeting Minutes
- Board Meeting May 8, 2014, Adopted June 23, 2014
- Board Meeting April 10, 2014, Adopted May 8, 2014
- Board Meeting June 26, 2013, Adopted April 10, 2014
- Board Meeting March 8, 2013, Adopted June 26, 2013
- Finance Committee Meeting March 8, 2013, Adopted March 18, 2014
- Audit Committee Meeting May 8, 2014, Adopted June 23, 2014
- Audit Committee Meeting March 18, 2014, Adopted May 8, 2014
- Audit Committee Meeting June 26, 2013, Adopted March 18, 2014
- Audit Committee Meeting June 25, 2012, Adopted June 26, 2013
- Archive of Prior Years
- Meeting Agenda June 23, 2014
- Meeting Agenda May 8, 2014
- Meeting Agenda April 10, 2014
- Meeting Agenda March 18, 2014
- Meeting Agenda June 26, 2013
- Meeting Agenda March 8, 2013
- 2012A Refunding Bonds (Subordinate Lien) Official Statement, June 2012
- 2011A Refunding Bonds (Subordinate Lien) Official Statement, August 2011
- Archive of Prior Years
Annual Investment Reports
Annual Procurement Reports
Report on Internal Control Over Financial Reporting
LGAC Budget and Multi-Year Financial Plans
- Proposed Budget for Fiscal Year 2014-15 and Multi-Year Financial Plan - December 23, 2013 and Adopted April 10, 2014
- Archive of Prior Years