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.

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