New York lawmakers Tuesday evening passed legislation during an extraordinary session that allows the New York Municipal Bond Bank Agency to sell recovery zone economic development bonds and Build America Bonds in a pooled issuance to generate lower borrowing costs for local governments and municipalities.

While the Legislature approved the borrowing measure, it did not act on Gov. David Paterson’s plan to help close the state’s fiscal 2010 budget deficit of $3 billion. Fiscal 2010 began April 1.

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