PUBLIC LAW 94-143—DEC. 9, 1975
89 STAT. 797
Public Law 94-143 94th Congress An Act To authorize the Secretary of the Treasury to provide seasonal financing for the city of New York.
Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,
Dec. 9, 1975 [H.R. 10481]
of the
SHORT TITLE
SECTION 1. T h i s Act may be cited as the New York City Seasonal F i n a n c i n g Act of 1975".
New York City Seasonal Financing Act of 1975.
31 USC 1501 note.
FINDINGS AND DECLARATIONS
SEC. 2. The Congress makes the following findings and declarations: (1) I t is necessary for the city of New York to obtain seasonal financing from time to time because the city's revenues and expenditures, even when in balance on an annual basis, are not received and disbursed at equivalent rates throughout the year. (2) A t the present time the city is or may be unable to obtain such seasonal financing from its customary sources. (3) I t is necessary to assure such seasonal financing, in order that the city of New York may maintain essential governmental services.
31 USC 1501.
DEFINITIONS
SEC. 3. A s used in this Act: (a) " C i t y " and " State " mean the city and State of New York, respectively. (b) " F i n a n c i n g agent" means any agency duly authorized by State law to act on behalf or in the interest of the city with respect to the city's financial affairs. (c) "Secretary" means the Secretary of the Treasury.
31 USC 1502.
LOANS
SEC. 4. (a) Upon written request of the city or a financing agent, the Secretary may make loans to the city or such financing agent subject to the provisions of this Act, but in the case of any loan to a financing agent, the city and such agent shall be jointly and severally liable thereon. (b) E a c h such loan shall mature not later than the last day of the city's fiscal year in which it was made, and shall bear interest a t an annual rate 1 per centum per annum greater than the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturities of such loan, as determined by the Secretary at the time of the loan.
31 USC 1503.
SECURITY FOR LOANS
SEC. 5. I n connection with any loan under this Act, the Secretary may require the city and any financing agent and, where he deems necessary, the State, to provide such security as he deems appropriate.
31 USC 1504.
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