WASHINGTON -- New York's big-time leasing industry is expected to get even bigger as a result of a new law that greatly expands the lease financing powers of the state's towns and counties.

A bill recently signed into law by Gov. Mario Cuomo enables local governments to go beyond financing small government purchases with lease securities to financing large-scale capital construction projects, land purchases, and pooled equipment deals. The law opens the way for such long-term lease financings by increasing the maximum term for local lease contracts in the state from 15 years to 30 years.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.