New York Local Government Assistance Corporation

Contacts:

Pat Reale ([email protected])
Chuck Trimbach ([email protected])

Mission Statement

Created on June 11, 1990, the New York Local Government Assistance Corporation’s (“Corporation” or “LGAC”) mission consists of three main goals, which, when met, directly benefit the State, the City of New York and other local governments and school districts. The goals are identified as follows:

  • The issuance of up to $4.7 billion in long-term Corporation bonds to finance certain local assistance payments due from the State of New York (as well as certain other amounts necessary for the issuance of such LGAC bonds) to help eliminate the State’s reliance on the annual issuance of intra-year tax and revenue anticipation notes (“Spring Borrowing”);
  • Manage the Corporation’s debt portfolio through maturity in an attempt to achieve a balance between the lowest cost of funds and appropriate market risk levels while maintaining the exclusion of interest on LGAC debt from federal and State income taxation; the Corporation’s operational costs efficiently; and the investment of funds until needed for debt service payments or operating expenses, monies in the Capital Reserve Fund, and any escrow funds. 
  • Beginning in 2004, certify on an annual basis through 2034, payments required to be made to the City of New York or its assignee from the Local Government Assistance Tax Fund.
About the Corporation

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 through the issuance of General Obligation Tax and Revenue Anticipation Notes (“GO TRANs,” also known as the "spring borrowing") for cash flow purposes and to reduce its accumulated "GAAP" deficit.

Pursuant to legislation, LGAC was 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 while LGAC’s bonds remain outstanding, the amount of GO TRANs that can be undertaken by the State cannot exceed $4.7 billion reduced by the amount of bonds and notes issued by LGAC. Over the years from 1959, the State's GO TRANs borrowings had increased to a high of $4.3 billion. The need to complete these borrowings in order to make payments to school districts and other municipalities placed the State at the mercy of the financial market.

As the GO TRANs borrowings increased over time, it became more difficult, and costly, for the State to complete them. While LGAC’s bonds remain outstanding, the State may conduct a GO TRANs borrowing only if a declaration of emergency is put forth by the Governor and legislative leaders. If a GO TRANs 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 GO TRANs borrowing since the State's 1993-94 fiscal year.1  LGAC’s remaining debt was fully retired on April 1, 2021.

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 an 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.


1 Part JJ of Chapter 56 of the Laws of the State of 2020 authorized the issuance on or before December 31, 2020, by DASNY and ESD of certain tax and revenue anticipation notes or bond anticipation notes in an amount not to exceed $8 billion under the Personal Income Tax Revenue Bond credit. The purpose of this authorization was to help temporarily finance the budgetary needs of the State following the deferral of the federal income tax payment deadlines from April 15, 2020, to a later date in order to provide temporary relief to individuals as a result of the COVID-19 pandemic. $4.4 billion of short-term debt was issued and fully retired in the State's 2020-21 fiscal year. The State does not anticipate the use of GO TRANs borrowings this year.

SEC Municipal Advisor Rule Letter

NEW YORK LOCAL
GOVERNMENT ASSISTANCE CORPORATION

110 State St., 15th Floor
Albany, New York 12236


Vice-Chairperson
  Robert F. Mujica Jr.

Directors
  Thomas P. DiNapoli
   Marc Shaw
   Kevin Murray

 

February 1, 2019

To Whom It May Concern:

The following information is being provided by the New York Local Government Assistance Corporation (the “Corporation”) so that market participants may provide advice on the issuance of municipal securities or municipal financial products, including the investment of bond proceeds and escrow investments, and use the independent registered municipal advisor exemption of the municipal advisor rule.

The Corporation has retained Public Resources Advisory Group (“PRAG”) as its primary independent registered municipal advisor and Hilltop Securities, Inc., as its secondary independent registered municipal advisor. The Corporation is represented by and will rely on its independent registered municipal advisors in considering information that the Corporation receives from investment banking firms concerning the issuance of municipal securities and municipal financial products.

PRAG and Hilltop have advised the Corporation that they are registered as municipal advisors with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board. The personnel of PRAG who will advise the Corporation on the issuance of municipal securities and municipal financial products (including those who participate in the management, direction, supervision, or performance of such activity) have represented to the Corporation that they have not been associated with an investment banking firm within the two years prior to the date of this statement. The personnel of Hilltop who will advise the Corporation on the issuance of municipal securities and municipal financial products (including those who participate in the management, direction, supervision, or performance of such activity) have represented to the Corporation that they have not been associated with an investment banking firm (other than their current employer) within the two years prior to the date of this statement.

This statement may be relied upon until January 31, 2024, unless withdrawn or modified by the Corporation. Proposals by investment banking firms may be addressed to the Office of the State Comptroller, Bureau of Debt Management, 110 State Street, 15th Floor, Albany, NY 12236.


Sincerely,

Robert B. Ward
Co - Executive Director


Upcoming Meetings

  • There are no Board or Committee meetings currently scheduled.

All Prior Meetings

Board of Directors
Date Agenda Meeting Notice Adopted Minutes
March 25, 2021 Agenda Meeting Notice Watch Video (available for 30 days after the meeting date)
June 23, 2020 Agenda Meeting Notice June 23, 2020, Minutes – Adopted March 25, 2021
March 5, 2020 Agenda Meeting Notice March 5, 2020, Minutes – Adopted June 23, 2020
January 9, 2020 Agenda Meeting Notice January 9, 2020, Minutes – Adopted March 5, 2020
June 20, 2019 Agenda Meeting Notice June 20, 2019, Minutes – Adopted January 9, 2020
March 5, 2019 Agenda Meeting Notice March 5, 2019, Minutes – Adopted June 20, 2019
November 7, 2018 Agenda Meeting Notice November 7, 2018, Minutes – Adopted March 5, 2019
June 18, 2018 Agenda Meeting Notice June 18, 2018, Minutes – Adopted November 7, 2018
March 1, 2018 Agenda Meeting Notice March 1, 2018, Minutes – Adopted June 18, 2018
June 26, 2017 Agenda Meeting Notice June 26, 2017, Minutes – Adopted March 1, 2018
March 21, 2017 Agenda Meeting Notice March 21, 2017, Minutes – Adopted June 26, 2017
June 28, 2016 Agenda Meeting Notice June 28, 2016, Minutes – Adopted March 21, 2017
March 11, 2016 Agenda Meeting Notice March 11, 2016, Minutes – Adopted June 28, 2016
June 22, 2015 Agenda Meeting Notice June 22, 2015, Minutes – Adopted March 11, 2016
March 20, 2015 Agenda Meeting Notice March 20, 2015, Minutes – Adopted June 22, 2015
June 23, 2014 Agenda Meeting Notice June 23, 2014, Minutes – Adopted March 20, 2015
May 8, 2014 Agenda Meeting Notice May 8, 2014, Minutes – Adopted June 23, 2014
April 10, 2014 Agenda Rescheduled Meeting Notice April 10, 2014, Minutes – Adopted May 8, 2014
March 18, 2014 Agenda Meeting Postponement Notice  
June 26, 2013 Agenda   June 26, 2013, Minutes – Adopted April 10, 2014
March 8, 2013 Agenda   March 8, 2013, Minutes – Adopted June 26, 2014
August 22, 2012 Agenda   August 22, 2012, Minutes – Adopted March 8, 2013
June 25, 2012     June 25, 2012, Minutes – Adopted August 22, 2012
March 13, 2012     March 13, 2012, Minutes – Adopted June 25, 2012
July 14, 2011 Agenda   July 14, 2011, Minutes – Adopted March 13, 2012
June 29, 2011 Agenda   June 29, 2011, Minutes – Adopted July 14, 2011
October 25, 2010     October 25, 2010, Minutes – Adopted June 29, 2011
June 29, 2010 Agenda   June 29, 2010, Minutes – Adopted October 25, 2010
May 11, 2010     May 11, 2010, Minutes – Adopted June 29, 2010
March 24, 2010     March 24, 2010, Minutes – Adopted May 11, 2010
June 29, 2009     June 29, 2009, Minutes – Adopted March 24, 2010
April 30, 2009     April 30, 2009, Minutes – Adopted June 29, 2009
Finance Committee
Date Agenda Meeting Notice Adopted Minutes
March 5, 2020 Agenda Meeting Notice  
January 9, 2020 Agenda Meeting Notice January 9, 2020, Minutes – Adopted March 5, 2020
March 5, 2019 Agenda Meeting Notice March 5, 2019, Minutes – Adopted January 9, 2020
November 7, 2018 Agenda Meeting Notice November 7, 2018, Minutes – Adopted March 5, 2019
March 1, 2018 Agenda Meeting Notice March 1, 2018, Minutes – Adopted November 7, 2018
March 21, 2017 Agenda Meeting Notice March 21, 2017, Minutes – Adopted March 1, 2018
June 28, 2016 Agenda Meeting Notice June 28, 2016, Minutes – Adopted March 21, 2017
March 11, 2016 Agenda Meeting Notice March 11, 2016, Minutes – Adopted June 28, 2016
June 22, 2015 Agenda Meeting Notice June 22, 2015, Minutes – Adopted March 11, 2016
March 20, 2015 Agenda Meeting Notice March 20, 2015, Minutes – Adopted June 22, 2015
March 18, 2014 Agenda Meeting Notice March 18, 2014, Minutes – Adopted March 20, 2015
March 8, 2013 Agenda   March 8, 2013, Minutes – Adopted March 18, 2014
August 22, 2012 Agenda   August 22, 2012, Minutes – Adopted March 8, 2013
March 13, 2012     March 13, 2012, Minutes – Adopted August 2012
June 29, 2011 Agenda   June 29, 2011, Minutes – Adopted March 13, 2012
October 25, 2010     October 25, 2010, Minutes – June 29, 2011
June 29, 2010 Agenda   June 29, 2010, Minutes – Adopted October 25, 2010
May 11, 2010     May 11, 2010, Minutes – Adopted June 29, 2010
June 29, 2009     June 29, 2009, Minutes – Adopted May 11, 2010
April 30, 2009     April 30, 2009, Minutes – Adopted June 29, 2009
Audit Committee
Date Agenda Meeting Notice Adopted Minutes
June 23, 2020 Agenda Meeting Notice  
June 20, 2019 Agenda Meeting Notice June 20, 2019, Minutes – Adopted June 23, 2020
March 5, 2019 Agenda Meeting Notice March 5, 2019, Minutes – Adopted June 20, 2019
June 18, 2018 Agenda Meeting Notice June 18, 2018, Minutes – Adopted March 5, 2019
June 26, 2017 Agenda Meeting Notice June 26, 2017, Minutes – Adopted June 18, 2018
June 28, 2016 Agenda Meeting Notice June 28, 2016, Minutes – Adopted June 26, 2017
June 22, 2015 Agenda Meeting Notice June 22, 2015, Minutes – Adopted June 28, 2016
June 23, 2014 Agenda Meeting Notice June 23, 2014, Minutes – Adopted June 22, 2015
May 8, 2014 Agenda Meeting Notice May 8, 2014, Minutes – Adopted June 23, 2014
March 18, 2014 Agenda Meeting Notice March 18, 2014, Minutes – Adopted May 8, 2014
June 26, 2013 Agenda   June 26, 2013, Minutes – Adopted March 18, 2014
June 25, 2012     June 25, 2012, Minutes – Adopted June 26, 2013
June 29, 2011 Agenda   June 29, 2011, Minutes – Adopted June 2012
June 29, 2010 Agenda   June 29, 2010, Minutes – Adopted June 29, 2011
June 29, 2009     June 29, 2009, Minutes – Adopted June 29, 2010

Request for Proposals/Procurements

  • There are currently no active requests for proposals/procurements.

Governance

Reports, Operations and Schedules

2020 Annual Report

Prior years:

2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2020 Annual Investment Report

Prior years:

2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2020 Financial Statements

Prior years:

2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007* | 2006* | 2005 | 2004 | 2003 | 2002

*A management letter was issued.


2020 Report on Internal Control Over Financial Reporting

Prior years:

2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004


2019-20 Performance Measurement Report

Prior years:

2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15 | 2013-14 | 2012-13 | 2011-12 | 2010-11 | 2009-10


2020 Annual Procurement Report

Prior years:

2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2021-22 Approved Budget and Multi-Year Financial Plan

Prior years:

2020-21 | 2019-20 | 2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15 | 2013-14 | 2012-13 | 2011-12 | 2010-11 | 2009-10 | 2008-09


2020-21 Mid-Year Update to the Approved Budget and Multi-Year Financial Plan

Prior years:

2019-20 | 2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15


Official Statements

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.