Both chambers of the New York State Legislature were expected to pass a major mandate relief package on Wednesday evening that would give localities $830 million in savings over the next three years and allow them to sell variable-rate debt and zero coupon bonds.

For localities across the state, the reform bill would unfetter them from arcane and archaic spending mandates and financing regulations codified in the old public finance law. It also brings to a close four years of intense, but often fruitless, lobbying efforts by local governments seeking the reforms. The passage of the reform bill was expected some time around midnight on Wednesday.

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