New York City Loan Guarantee Act of 1978

[AI summary unavailable — showing source text] New York City Financial Assistance Act - Title I: Emergency Assistance - Authorizes the Secretary of the Treasury to guarantee, under stated conditions, obligations of the City of New York or of its financing agent. Limits the total amount of guarantees that may be outstanding at any time to $2,000,000,000. Title II: Amendments to the Internal Revenue Code of 1954 - Makes interest income received on any obligation guaranteed under Title I of this Act after the date of the enactment of this title taxable under the Internal Revenue Code of 1954.…