- 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
Robert F. Mujica Jr.
Thomas P. DiNapoli
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.
Robert B. Ward
Co - Executive Director
- There are no Board or Committee meetings currently scheduled.
All Prior Meetings
- Board of Directors
- Finance Committee
- Audit Committee
Request for Proposals/Procurements
- There are currently no active requests for proposals/procurements.
- Code of Ethics
- Directors and Officers
- Enabling Legislation
- Lobbying Contacts Policy
- Organization Chart
Reports, Operations and Schedules
*A management letter was issued.
- 2018A Refunding Bonds (Senior Lien) Official Statement, March 2018
- 2012A Refunding Bonds (Subordinate Lien) Official Statement, June 2012
- 2011A Refunding Bonds (Subordinate Lien) Official Statement, August 2011
- 2010B Refunding Bonds (Subordinate Lien) Official Statement, November 2010
- 2003A-4V Remarketing Circular, November 2010
- 2010A Refunding Bonds (Subordinate Lien) Official Statement, May 2010
- 2003A-8V Remarketing Circular August 2009
- 2008B-C/D and 2003A-5/6 Remarketing Circular June 2009
Authority Schedule of Debt
- Fiscal Year Ended March 31, 2020
- Fiscal Year Ended March 31, 2019
- Fiscal Year Ended March 31, 2018
- Fiscal Year Ended March 31, 2017
- Fiscal Year Ended March 31, 2016
- Fiscal Year Ended March 31, 2015
- Fiscal Year Ended March 31, 2014
- Fiscal Year Ended March 31, 2013
- Fiscal Year Ended March 31, 2012
- Fiscal Year Ended March 31, 2011
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.