New York City Seasonal Financing Act of 1975

[AI summary unavailable — showing source text] Intergovernmental Emergency Assistance Act - Title I: Intergovernmental Emergency Assistance - Establishes an Intergovernmental Emergency Assistance Board. Permits the Board to guarantee the payment, in whole or in part, of interest, principal, or both, of obligations of States on which the interest is subject to Federal taxation. States that the Board may make such guarantees only for the purpose of enabling a political subdivision of a State to continue to provide essential public services and facilities; or to prevent or mitigate the effects of default. Sets forth conditions governing eligibility for guarantees. States that a State or political subdivision must be effectively unable to obtain credit in the private market or elsewhere, and the assisted municipality must submit a plan for bringing its operating expenses into balance with its recurring revenues within two years. Provides that whenever any obligation is guaranteed under this title, the Board shall assess and collect from the obligor a guarantee fee which shall not exceed three-quarters of one percent per year. Limits the amount of outside guarantees to $5,000,000,000 through September 30, 1989, and $3,000,000,000 fo…