Description: TO PASS H.R. 10481, THE INTER-GOVERNMENTAL EMERGENCY ASSISTANCE ACT.
Bill summary: (Measure passed House, amended, roll call #728 (213-203))
New York City Seasonal Financing Act - Provides that upon written request of the City of New York or a financing agent thereof (authorized by the State of New York), the Secretary of the Treasury may make loans to the city or such agent subject to this Act.
Matures such a loan not later than the last day of the city's fiscal year in which it was made, and sets the interest rate at one percent greater than the current average market yield
on United States obligations. Permits the Secretary to require such security as he deems appropriate. Permits him to offset payments due under this Act by withholding other Federal payments to the city.
Limits outstanding loans under this Act at any one time to $2,300,000,000. Prohibits extension of further loans unless the city is in compliance with the terms of past loans.
Establishes the New York City Seasonal Financing Fund in the Treasury and authorizes appropriation of $2,300,000,000 to it. Authorizes the Secretary to inspect records of the city or any financing agent thereof. Prohibits loans under this Act unless the General Accounting Office is authorized to conduct audits of the State, city, and any financing agent thereof.
Terminates the loan authority of this Act on June 30, 1978.
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Bill titles: An Act to authorize the Secretary of the Treasury to provide seasonal financing for the city of New York.; A bill to authorize emergency guarantees of obligations of States and political subdivisions thereof; to amend the Internal Revenue Code of 1954 to provide that income from certain obligations guaranteed by the United States shall be subject to taxation; to amend the Bankruptcy Act.
Original source documents: Digest of the Congressional Record vol. 121-176, p. H11649;
Links for more info on the vote: congress.gov