New York City Council Header
File #: Res 1069-2016    Version: * Name: Establish that the interest rate to be charged forFY'17 for non-payment of water rents and sewer rents be 9 percent per annum.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 5/25/2016
Enactment date: Law number:
Title: Resolution to establish that the interest rate to be charged for Fiscal Year 2017 for non-payment of water rents and sewer rents be 9 percent per annum.
Sponsors: Julissa Ferreras-Copeland
Council Member Sponsors: 1
Attachments: 1. New York City Banking Commission Letter, 2. Committee Report, 3. Hearing Transcript, 4. May 25, 2016 - Stated Meeting Agenda with Links to Files, 5. Hearing Transcript - Stated Meeting 5-25-16, 6. Minutes of the Stated Meeting - May 25, 2016
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
5/25/2016*Julissa Ferreras-Copeland City Council Approved, by CouncilPass Action details Meeting details Not available
5/25/2016*Julissa Ferreras-Copeland City Council Referred to Comm by Council  Action details Meeting details Not available
5/25/2016*Julissa Ferreras-Copeland City Council Introduced by Council  Action details Meeting details Not available
5/25/2016*Julissa Ferreras-Copeland Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
5/25/2016*Julissa Ferreras-Copeland Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available

Preconsidered Res. No. 1069

 

Resolution to establish that the interest rate to be charged for Fiscal Year 2017 for non-payment of water rents and sewer rents be 9 percent per annum.

 

By Council Member Ferreras-Copeland

 

                     Whereas, Pursuant to sections 11-312(c) and 11-313(e) of the Administrative Code of the City of New York, the Banking Commission is required to recommend to the City Council, not later than the 13th day of May of each year, the proposed interest rate to be charged for non-payment of water rents and sewer rents; and

                     Whereas, Sections 11-312 and 11-313 of the Administrative Code of the City of New York allow the Council to adopt interest rates to be charged for non-payment of water rents and sewer rents that become due and payable on or after July 1, 2005 pursuant to section 11-224.1 of the Administrative Code of the City of New York; and

                     Whereas, Sections 11-312 and 11-313 of the Administrative Code require the Banking Commission to propose a rate at least six percent per annum greater than the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City (the “Prime Rate”), to be charged for non-payment of water and sewer rents; and 

                     Whereas, The Banking Commission notes that as of May 10, 2016, the Prime Rate stands at three and one-half percent as published by the Board of Governors of the Federal Reserve System; and

                     Whereas, The Banking Commission forwarded its recommendation to the Council, by letter dated May 11, 2016, that the interest rate to be charged for non-payment of water rents and sewer rents be 9.5 percent per annum for Fiscal Year 2017; and

Whereas, The Council determines that the interest rate to be charged for non-payment of water rents and sewer rents should be 9 percent per annum for Fiscal Year 2017; now, therefore, be it

Resolved, That the Council of the City of New York establishes that the interest rate to be charged for Fiscal Year 2016 for non-payment of water rents and sewer rents be 9 percent per annum.

 

RC LS#8179

5/19/16