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New York Local Government Assistance Corporation

Contacts:

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

SEC Municipal Advisor Rule Letter

Active Request for Proposals/Procurements

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

Upcoming Meetings

There are no Board or Committee meetings currently scheduled.

Prior Meetings

There were public meetings of the Audit Committee and Board of Directors on June 23, 2020. The meeting notices and agenda are below:

The meetings held on June 23, 2020 can be accessed using the following link: https://bcove.video/319q1nN

There were public meetings of the Finance Committee and Board of Directors on March 5, 2020. The meeting notices and agenda are below:

There were public meetings of the Finance Committee and Board of Directors on January 9, 2020. The meeting notices and agenda are below:

 

Archive of All Prior Meetings

The Corporation

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, 2020, there was $266.2 million 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 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.

Mission Statement

Performance Measurement Reports

Governance

Operations

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.

Meeting Minutes and Agendas

Adopted Meeting Minutes
Meeting Agendas
Official Statements

Reports

Annual Reports
Annual Investment Reports
Annual Procurement Reports
Financial Statements
Report on Internal Control Over Financial Reporting
LGAC Budget and Multi-Year Financial Plans