The original documents are located in Box 33, folder “12/9/75 HR10481 New York City Seasonal Financing Act of 1975” of the White House Records Office: Legislation Case Files at the Gerald R. Ford Presidential Library. Copyright Notice The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United States of America his copyrights in all of his unpublished writings in National Archives collections. Works prepared by U.S. Government employees as part of their official duties are in the public domain. The copyrights to materials written by other individuals or organizations are presumed to remain with them. If you think any of the information displayed in the PDF is subject to a valid copyright claim, please contact the Gerald R. Ford Presidential Library. Exact duplicates within this folder were not digitized. Digitized from Box 33 of the White House Records Office Legislation Case Files at the Gerald R. Ford Presidential Library ACTION THE WHITE HOUSE Last Day: December 19 WASHINGTON December 8, 1975 MEMORANDUM FOR THE PRESIDENT FROM: JIM CANNO~ SUBJECT: Enrolled Bill H.R. 10481 - New York City Seasonal Financing Act of 1975 Attached for your consideration is H.R. 10481, sponsored by Representative Stanton, which authorizes Federal loans up to $2.3 billion to New York City to meet seasonal financing needs. Additional information is provided in OMB's enrolled bill report at Tab A. OMB, Max Friedersdorf, Counsel•s Office (Lazarus) ,Bill Seidman and I recommend approval of the enrolled bill. RECOMMENDATION That you sign H.R. 10481 at Tab B. ' I . EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503 DEC 8 1975 MEMORANDUM FOR THE PRESIDENT Subject: Enrolled Bill H.R. 10481 - New York City Seasonal Financing Act of 1975 Sponsor - Rep. Stanton {D) Ohio Last Day for Action As soon as possible Purpose To authorize Federal loans to New York City to meet seasonal financing needs. Agency Recommendations Office of Management and Budget Approval Department of the Treasury Approval (Informally) Department of Justice Approval (Informally) Discussion With the exception of technical clarifying amendments and a provision relating to the General Accounting Office (GAO) , H.R. 10481 is substantially identical to the Administration's bill. That provision would permit GAO to audit all books, accounts, records, and transactions of New York State or City as the Secretary of the Treasury or the Comptroller General may deem appropriate. , The Secretary of the Treasury is authorized by the bill to make loans to New York City, or to any agency authorized by the State to act for the City, for seasonal financing needs. ' 2 The total amount of such loans outstanding at any time is limited to $2.3 billion. These loans will bear an interest rate one percent higher than the market rate on U.S. obliga­ tions of comparable maturity. Each loan must mature no later than the end of the City's fiscal year (June 30) in which the loan is made. Loans may be made only if the Secretary deter­ mines that there is a reasonable prospect of repayment, but no loan may be provided unless all matured loans have been repaid. The Secretary may require security for the loans. Moreover, in order to offset Federal claims against New York in connection with delinquent repayment of loans made under this Act, appro­ priation acts may provide for the withholding of Federal pay­ ments to the City directly or through the State. The bill establishes a revolving New York City Seasonal Financing Fund, to be administered by the Secretary of the Treasury, and authorizes the appropriation of $2.3 billion to the Fund for the purpose of making loans. All repayments of principal are to be returned to the Fund, but all income from Fund investments and loans reverts to the Treasury as miscellaneous receipts. Upon termination of the Fund's authority on June 30, 1978, the balance is returned to the Treasury. The Secretary is authorized to sell any note or loan obligation held by the Fund to the Federal Financing Bank. Such sale would have the effect of taking the loans "off budget." Finally, an appropriation authorization of such sums as may be necessary is provided for administrative expenses under this Act. 9---.,.,. d-7 ~Assistant Director for Legislative Reference Enclosures ' i EXECUTIVE OFFICE OF THE PRESIDENT ,OFFICE OF MANAGEMENT AND BUDGET DATE: 12-8-75 r~ Bob Linder FROM: Jim Frey Attached is the Treasury views letter on H.R. 10481, which was delivered today. Please have it included in the enrolled bill file. Thanks. OMB FORM 38 REV AUG 73 , THE GENERAL COUNSEL OF THE TREASURY WASHINGTON, O.C. 20220 DEC 3 1975 Director, Office of Management and Budget Executive Office of the President Washington, D. c. 20503 Attention: Assistant Director for Legislative Reference Sir: Reference is made to your request for the views of this Department on the enrolled enactment of H.R. 10481, the "New York City Seasonal Financing Act of 1975." The enrolled enactment incorporates the Administration's proposal to provide loans to New York City not to exceed in the aggregate $2,300,000,000. The Department recommends thatthe enrolled enactment be approved by the President. Sincerely yours, . ~ ASSISTANT ATTORNEY GENERAL LEGISLATIVE AFFAIRS ltpartmtnt nf 3Justtrt 1llas~iugtnu, £1.<!!. 2D53D December 9, 1975 Honorable James T. Lynn Director, Office of Management and Budget Washington, D.C. 20503 Dear Mr. Lynn: This is in response to your request for the views of this Department on H.R. 10481, a bill "To authorize the Secretary of the Treasury to provide seasonal financing for the City of New York", as it appears in the December 2, 1975 daily edition of the Congressional Record. The legislation sets forth procedures for the Secretary of the Treasury to loan up to $2.3 billion to the City of New York. The Department of Justice has no objection to Executive approval of H.R. 10481. Sincerely, ~~-~-It& au~~-- Michael M. Uhlmann - ' . ".... .u. LOG NO.: Tin1.e: DeLle: December 8 1230pm Bill Seidman FOR ACTION: Art Quern cc (for information): Jack Marsh Max Friedersdorf Jim Cavanaugh Ken Lazarus FROM THE STAFF' SECRETARY DUE: Date: December 8 Time: 300pm SUBJECT: H.R. 10481 - New York City Seasonal Financing Act ACTION REQUESTED: __ For Necessary Action ___:.:.. For Your Recommendations --· Prepare Agenda and Brie£ _/·_· _ Dra.it Reply x_._ For Your.Comrnents __ Draft Remarks REMARKS: Please return to Judy Johnston, Ground Floor West Wing ' PLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED. If you have cny questions or i£ you anticipate a ddo.y in subm.itting Lhe :r2quired mc.teria.l, please .! . .. "' . ~ .. "' ·~·- ....... telephone the Sta.££ Secrdary imm,~diately. '• .. -- .::~:· t~;J THE WHITE HOUSE: WASHINGTON Decer.nber 8, 1975 MEMORANDUM FOR: JIM CAVANAUGH FROM: MAX L. FRI~DERSDORF ~. v· SUBJECT: H. R. 10481 -New York City Seasonal Financing Act The Office of Legislative Affairs concurs with the agencies that the subject bill be signed. Attachments ' I....,..' f I .\CTIO~ ~IE~10R:\XDC~I WA S I! i ~ <:Tu :>; LOG 1-lO.: Time: Date: December 8 ' 1230pm Bill Seidman FOR ACTION: Art Quern cc (£or information): Jack Marsh Max· Friedersdorf Jim Cavanaugh Ken Lazarus. FROM THE STAFF SECRETI\RY DUE: Da!e: December 8 Time: 300pm SUBJECT: H.R. 10481 - New York City Seasonal Financing Act ACTION REQUESTED: __ For Necessary AcHon __ For Your Recommendations __ Prepare Agenda. and Brie£ __ Dmit Reply . .,, x__ · For Y cur Comments __ Draft Remarks REMARKS: Please return to Judy Johnston, Ground Floor West Wing EF6 ~~ ' PLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED. If you havs c.ny questions or if you anticipate a delay in submitting i:he raquire:l mc.!erid, please .I ..... .• ..• telephone the Sta££ Secr.atary immediately. :. ........... ·-·. .,... I THE WHITE HOUSE ACTION MEMORANDUM WASHINGTON LOG NO.: Time: Date: December 8 1230pm Bill Seidman ~'f-.­ FOR ACTION: Art Quern ~ _~ J cc (for information) : Jack Marsh Max Priedersdorf~ Jim Cavanauqh Ken Lazarus FROM THE STAFF SECRETARY DUE: Date: December 8 Time: 300pm SUBJECT: B.R. 10481 - New York City Seasonal Financing Act ACTION REQUESTED: --For Necessa,ry Action __ For Your RecommenclcdioiUI __ Prepare Agenda and Brief --Draft Reply x__ For Your Comments __ Draft Remcuks REMARKS: Please return to Judy Johnston, Ground Floor West Wing ' PLEASE A'M'ACH THIS COPY TO MATERIAL SUBMITTED. If you have any questions or if you anticipate a delay in submitting the required material, please K. R. COLE. JR. telephone the S·taj£ Secretary immediately. Fo,r: the President ' . EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON. D.C. 20503 DEC 8 1975 MEMORANDUM FOR THE PRESIDENT Subject: Enrolled Bill H.R. 10481 - New York City Seasonal Financing Act of 1975 Sponsor - Rep. Stanton (D) Ohio Last Day for Action As soon as possible Purpose To authorize Federal loans to New York City to meet seasonal financing needs. Agency Recommendations Office of Management and Budget Approval Department of the Treasury Approval (Informally} Department of Justice Approval {I::: om~ll;r) Discussion With the exception of technical clarifying amendments and a provision relating to the General Accounting Office (GAO) , H.R. 10481 is substantially identical to the Administration•s bill. That provision would permit GAO to audit all books, accou~ts, records, and transactions of New York State or City as the Secretary of the Treasury or the Comptroller General may deem appropriate. ' The Secretary of the Treasury is authorized by the bill to make loans to New York City, or to any agency authorized by the State to act for the City, for seasonal financing needs.