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:

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

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 As of March 31, 2020, there was $266.2 million in LGAC debt outstanding, net of unamortized premiums, discounts, and deferred losses on refunding. LGAC’s remaining debt is scheduled to be fully retired as of 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. As of June 2020, $4.4 billion of the short-term debt has been issued. The State does not anticipate the use of GO TRANs borrowings this year.

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