senate Bill S1762

Requires propositions authorizing creation of a state debt to contain an estimate of the debt service payable and publish an explanation thereof

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 06 / Feb / 2009
    • REFERRED TO ELECTIONS
  • 06 / Jan / 2010
    • REFERRED TO ELECTIONS

Summary

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Bill Details

See Assembly Version of this Bill:
A10307
Versions:
S1762
Legislative Cycle:
2009-2010
Current Committee:
Senate Elections
Law Section:
Election Law

Sponsor Memo

BILL NUMBER: S1762

TITLE OF BILL :
An act to amend the election law and the state finance law, in
relation to requiring proposition authorizing the creation of a state
debt to contain an estimate of the debt service payable thereon and
requiring publication of an explanation thereof


PURPOSE :
This bill would provide greater accuracy and understanding for the
voting public by requiring the listing in the ballot proposition of
the total debt expected from a bond act.

SUMMARY OF SPECIFIC PROVISIONS :
Adds a new §7-112 to the Election Law to require that any ballot
Proposition creating a state debt shall contain an estimate of the
amortization period and total expected debt service payments. Amend,
§4-116 of the Election Law to incorporate such reference in ballot
publication requirements. Adds a new §6 to the State Finance Law to
require that any state publications promoting awareness of, or
explaining provisions in, such a proposition shall include the
amortization and total debt information.

JUSTIFICATION :
Current law provides that ballot propositions must show the principal
amount of proposed debt. This is extremely misleading, as the actual
taxpayer cost of the debt must also include the interest to be paid.
On long term debt, interest payments can more than double the
principal amount. State publications often play an important role in
educating the public about ballot issues. Accordingly, these should
show the true total cost of any new debt.

HISTORY OF BILL :
S.918/A.4831 of 2007-08 passed the Senate in 2007 and 2008.
S.1851/A.1178A of 2005-06 passed the Senate in 2005 and 2006,
S.965/A.1299 of 2003-04 was referred to the Committee on Elections,
S.2006/A.3392 of 2001-02 passed the Senate in 2001 and 2002,
S.1958/A.3356 of 1999-2000 passed the Senate in 1999 and 2000,
S.2651/A.4345 of 1997-98 passed the Senate in 1997 and 1998, S.1861/
A.2681 of 1995-96 passed the Senate in 1995 and 1996, S.1617/A.2776 of
1993-94 passed the Senate in 1993 and 1994. See also S.2753/A.4272 of
1991-1992. Derived from S.2793/A.4090 and S.2791/A.4091 of 1989-1990.

FISCAL IMPACT :
None.

EFFECTIVE DATE :
Immediate.
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