New York Local Government Assistance Corporation
ACTIVE REQUEST FOR PROPOSALS/PROCUREMENTS
- There are currently no active request for proposals/procurements.
There are no Board or Committee meetings currently scheduled.
There were public meetings of the Corporation’s Finance Committee, Audit Committee, and Board of Directors on June 28, 2016. The meeting notices and agenda are below:
- Finance Committee Meeting Notice
- Audit Committee Meeting Notice
- Board of Directors Meeting Notice
- Meeting Agenda
The meetings held on June 28, 2016 can be accessed using the following link: http://players.brightcove.net/2886492229001/default_default/index.html?videoId=5003053325001
There were public meetings of the Corporation’s Finance Committee and Board of Directors on March 11, 2016. The meeting notices and agenda are below:
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
- Fiscal Year Ending 15-16
- Fiscal Year Ending 14-15
- Fiscal Year Ending 13-14
- Fiscal Year Ending 12-13
- Fiscal Year Ending 11-12
- Fiscal Year Ending 10-11
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.
Meeting Minutes and Agendas
Adopted Meeting Minutes
- Board Meeting March 11, 2016, Adopted June 28, 2016
- Board Meeting June 22, 2015, Adopted March 11, 2016
- Finance Committee Meeting March 11, 2016, Adopted June 28, 2016
- Finance Committee Meeting June 22, 2015, Adopted March 11, 2016
- Audit Committee Meeting June 22, 2015, Adopted June 28, 2016
- Archive of Prior Years
- Meeting Agenda June 28, 2016
- Meeting Agenda March 11, 2016
- Meeting Agenda June 22, 2015
- Archive of Prior Years
- 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