New York Local Government Assistance Corporation

*The Corporation has fulfilled its mission and, per Section 3233 of the Public Authorities Law, its existence has been terminated as of October 1, 2022.

Contacts:

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

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 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 GO TRANs 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. Since LGAC’s bonds were fully issued, 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 have been no State GO TRANs borrowings since the State's 1993-94 fiscal year.1  LGAC’s remaining debt was fully retired on April 1, 2021.

In accordance with Section 3233 of the Public Authorities Law, the Corporation terminated six months after all its liabilities were met or otherwise discharged. As of April 1, 2022, the Corporation’s liabilities were met, and all remaining funds were transferred to the State of New York. Therefore, the Corporation’s existence was terminated on October 1, 2022.


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. 

 

All Prior Meetings

Board of Directors
DateAgendaMeeting NoticeAdopted Minutes
June 9, 2022AgendaMeeting Notice 
June 25, 2021AgendaMeeting NoticeJune 25, 2021, Minutes – Adopted June 9, 2022
March 25, 2021AgendaMeeting NoticeMarch 25, 2021, Minutes – Adopted June 25, 2021
June 23, 2020AgendaMeeting NoticeJune 23, 2020, Minutes – Adopted March 25, 2021
March 5, 2020AgendaMeeting NoticeMarch 5, 2020, Minutes – Adopted June 23, 2020
January 9, 2020AgendaMeeting NoticeJanuary 9, 2020, Minutes – Adopted March 5, 2020
June 20, 2019AgendaMeeting NoticeJune 20, 2019, Minutes – Adopted January 9, 2020
March 5, 2019AgendaMeeting NoticeMarch 5, 2019, Minutes – Adopted June 20, 2019
November 7, 2018AgendaMeeting NoticeNovember 7, 2018, Minutes – Adopted March 5, 2019
June 18, 2018AgendaMeeting NoticeJune 18, 2018, Minutes – Adopted November 7, 2018
March 1, 2018AgendaMeeting NoticeMarch 1, 2018, Minutes – Adopted June 18, 2018
June 26, 2017AgendaMeeting NoticeJune 26, 2017, Minutes – Adopted March 1, 2018
March 21, 2017AgendaMeeting NoticeMarch 21, 2017, Minutes – Adopted June 26, 2017
June 28, 2016AgendaMeeting NoticeJune 28, 2016, Minutes – Adopted March 21, 2017
March 11, 2016AgendaMeeting NoticeMarch 11, 2016, Minutes – Adopted June 28, 2016
June 22, 2015AgendaMeeting NoticeJune 22, 2015, Minutes – Adopted March 11, 2016
March 20, 2015AgendaMeeting NoticeMarch 20, 2015, Minutes – Adopted June 22, 2015
June 23, 2014AgendaMeeting NoticeJune 23, 2014, Minutes – Adopted March 20, 2015
May 8, 2014AgendaMeeting NoticeMay 8, 2014, Minutes – Adopted June 23, 2014
April 10, 2014AgendaRescheduled Meeting NoticeApril 10, 2014, Minutes – Adopted May 8, 2014
March 18, 2014AgendaMeeting Postponement Notice 
June 26, 2013Agenda June 26, 2013, Minutes – Adopted April 10, 2014
March 8, 2013Agenda March 8, 2013, Minutes – Adopted June 26, 2014
August 22, 2012Agenda August 22, 2012, Minutes – Adopted March 8, 2013
June 25, 2012  June 25, 2012, Minutes – Adopted August 22, 2012
March 13, 2012  March 13, 2012, Minutes – Adopted June 25, 2012
July 14, 2011Agenda July 14, 2011, Minutes – Adopted March 13, 2012
June 29, 2011Agenda June 29, 2011, Minutes – Adopted July 14, 2011
October 25, 2010  October 25, 2010, Minutes – Adopted June 29, 2011
June 29, 2010Agenda June 29, 2010, Minutes – Adopted October 25, 2010
May 11, 2010  May 11, 2010, Minutes – Adopted June 29, 2010
March 24, 2010  March 24, 2010, Minutes – Adopted May 11, 2010
June 29, 2009  June 29, 2009, Minutes – Adopted March 24, 2010
April 30, 2009  April 30, 2009, Minutes – Adopted June 29, 2009
Finance Committee
DateAgendaMeeting NoticeAdopted Minutes
March 5, 2020AgendaMeeting Notice 
January 9, 2020AgendaMeeting NoticeJanuary 9, 2020, Minutes – Adopted March 5, 2020
March 5, 2019AgendaMeeting NoticeMarch 5, 2019, Minutes – Adopted January 9, 2020
November 7, 2018AgendaMeeting NoticeNovember 7, 2018, Minutes – Adopted March 5, 2019
March 1, 2018AgendaMeeting NoticeMarch 1, 2018, Minutes – Adopted November 7, 2018
March 21, 2017AgendaMeeting NoticeMarch 21, 2017, Minutes – Adopted March 1, 2018
June 28, 2016AgendaMeeting NoticeJune 28, 2016, Minutes – Adopted March 21, 2017
March 11, 2016AgendaMeeting NoticeMarch 11, 2016, Minutes – Adopted June 28, 2016
June 22, 2015AgendaMeeting NoticeJune 22, 2015, Minutes – Adopted March 11, 2016
March 20, 2015AgendaMeeting NoticeMarch 20, 2015, Minutes – Adopted June 22, 2015
March 18, 2014AgendaMeeting NoticeMarch 18, 2014, Minutes – Adopted March 20, 2015
March 8, 2013Agenda March 8, 2013, Minutes – Adopted March 18, 2014
August 22, 2012Agenda August 22, 2012, Minutes – Adopted March 8, 2013
March 13, 2012  March 13, 2012, Minutes – Adopted August 2012
June 29, 2011Agenda June 29, 2011, Minutes – Adopted March 13, 2012
October 25, 2010  October 25, 2010, Minutes – June 29, 2011
June 29, 2010Agenda June 29, 2010, Minutes – Adopted October 25, 2010
May 11, 2010  May 11, 2010, Minutes – Adopted June 29, 2010
June 29, 2009  June 29, 2009, Minutes – Adopted May 11, 2010
April 30, 2009  April 30, 2009, Minutes – Adopted June 29, 2009
Audit Committee
DateAgendaMeeting NoticeAdopted Minutes
June 9, 2022AgendaMeeting Notice 
June 25, 2021AgendaMeeting NoticeJune 25, 2021, Minutes – Adopted June 9, 2022
June 23, 2020AgendaMeeting NoticeJune 23, 2020, Minutes – Adopted June 25, 2021
June 20, 2019AgendaMeeting NoticeJune 20, 2019, Minutes – Adopted June 23, 2020
March 5, 2019AgendaMeeting NoticeMarch 5, 2019, Minutes – Adopted June 20, 2019
June 18, 2018AgendaMeeting NoticeJune 18, 2018, Minutes – Adopted March 5, 2019
June 26, 2017AgendaMeeting NoticeJune 26, 2017, Minutes – Adopted June 18, 2018
June 28, 2016AgendaMeeting NoticeJune 28, 2016, Minutes – Adopted June 26, 2017
June 22, 2015AgendaMeeting NoticeJune 22, 2015, Minutes – Adopted June 28, 2016
June 23, 2014AgendaMeeting NoticeJune 23, 2014, Minutes – Adopted June 22, 2015
May 8, 2014AgendaMeeting NoticeMay 8, 2014, Minutes – Adopted June 23, 2014
March 18, 2014AgendaMeeting NoticeMarch 18, 2014, Minutes – Adopted May 8, 2014
June 26, 2013Agenda June 26, 2013, Minutes – Adopted March 18, 2014
June 25, 2012  June 25, 2012, Minutes – Adopted June 26, 2013
June 29, 2011Agenda June 29, 2011, Minutes – Adopted June 2012
June 29, 2010Agenda June 29, 2010, Minutes – Adopted June 29, 2011
June 29, 2009  June 29, 2009, Minutes – Adopted June 29, 2010

Governance

Reports, Operations and Schedules

2022 Annual Report

Prior years:

20212020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2022 Annual Investment Report

Prior years:

20212020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2022 Financial Statements

Prior years:

20212020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007* | 2006* | 2005 | 2004 | 2003 | 2002

*A management letter was issued.


2022 Report on Internal Control Over Financial Reporting

Prior years:

20212020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004


2021-22 Performance Measurement Report

Prior years:

2020-212019-20 | 2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15 | 2013-14 | 2012-13 | 2011-12 | 2010-11 | 2009-10


2022 Annual Procurement Report

Prior years:

20212020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005


2021-22 Approved Budget and Multi-Year Financial Plan

Prior years:

2020-21 | 2019-20 | 2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15 | 2013-14 | 2012-13 | 2011-12 | 2010-11 | 2009-10 | 2008-09


2021-22 Mid-Year Update to the Approved Budget and Multi-Year Financial Plan

Prior years:

2020-212019-20 | 2018-19 | 2017-18 | 2016-17 | 2015-16 | 2014-15


Official Statements

Authority Schedule of Debt