Page:United States Statutes at Large Volume 92 Part 1.djvu/514

 92 STAT. 460

PUBLIC LAW 95-339—AUG. 8, 1978

Public Law 95-339 95th Congress An Act Aug. 8. 1978 [H.R. 12426]

PJ.Q authorize the Secretary of the Treasury to provide financial assistance for the city of New Yorli.

New York City

Be it eruicted by the Senate amd House of Representatives of the United States of America in Congress assembled,

Loan Guarantee Act of 1978.

31 USC 1521 note.

SHORT TITLE

1. This Act may be cited as the "New York City Loan Guarantee Act of 1978". SECTION

TITLE I—LOAN GUARANTEES DEFINITIONS

31 USC 1521.

SEC. 101. For the purpose of this title, the term— (1) "city" means the city of New York; (2) "State" means the State of New York; (3) "Secretary" means the Secretary of the Treasury; (4) "independent fiscal monitor" means an agency, board, or other entity authorized by the law of the State which has the authority to control the fiscal affairs of the city during the entire period for which assistance under this title will be outstanding and which authority the State has covenanted will not be substantially impaired during such period; (5) "financing agent" means any agency or instrumentality of the State duly authorized by the law of the State to act on behalf of or in the interest of the city, and no other subdivision of the State, with respect to the city's financial affairs; (6) "city indebtedness" means indebtedness for borrowed money of (A) a financing agent, but only if the proceeds thereof are advanced to or applied for the benefit of the city, or (B) the city; and (7) "fiscal year" means a fiscal year of the city, except in section 111. GUARANTEE AUTHORITY

31 USC 1522.

SEC. 102. (a) Upon the written request of the city and the Governor of the State, the Secretary may guarantee the payment, in whole or in part, of interest, principal, or both, of city indebtedness in accordance with this title, but any such guarantee shall cease to be effective not later than fifteen years after the date of the issuance of the city indebtedness involved. (b) A guarantee under this title is effective only with respect to city indebtedness which is issued or is to be issued to employee pension funds of the city or of the State, or of any agency of the city or of the State, and shall terminate whenever such indebtedness is sold or otherwise disposed of by such a fund (other than to a successor in interest not involving a change in beneficial ownership). (c) Whenever the payment of principal and iilterest on city indeotedness is guaranteed under this title, the Secretary shall assess

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