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New York City Earmarks $500M for Sandy Repair

Mayor Michael Bloomberg and other New York City leaders announced a $500 million emergency plan to make critical repairs to public schools and hospitals damaged by Hurricane Sandy.

The City Council is expected to vote on the plan Tuesday and if passed, the funding will be an addition to capital funds in the current fiscal 2013 capital commitment plan.

Flanked by City Council Speaker Christine Quinn, Comptroller John Liu and school officials at Monday's announcement, Bloomberg called for an appropriation of $200 million for the Department of Education and $300 million for the New York City Health and Hospital Corp. to repair extensive damage to school and hospital buildings.

Bloomberg's administration and Liu have also collaborated to approve emergency spending for Hurricane Sandy relief, which now totals $134 million. The spending plan and emergency spending represent only a portion of the necessary spending.

"We are not waiting for federal aid to begin the work of repairing and re-opening them. This emergency capital spending is vital investment in our recovery and future," Bloomberg said at a news conference.

Moody's Investors Service rates the city's general obligation bonds Aa2, while Standard & Poor's and Fitch Ratings assign AA.

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