S T A T E   O F   N E W   Y O R K
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                                   10214
 
                           I N  A S S E M B L Y
 
                                May 6, 2022
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Braunstein)
   -- read once and referred to the Committee on Cities
 
 AN ACT to amend the local finance law, in relation  to  the  maintenance
   and  application  of  a  general debt service fund for the city of New
   York, and agreements and covenants with respect to obligations  issued
   by such city

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The local finance law is amended by adding  a  new  section
 54.15 to read as follows:
   § 54.15 MAINTENANCE AND APPLICATION OF A GENERAL DEBT SERVICE FUND FOR
 THE  CITY  OF NEW YORK.  A. THE FOLLOWING WORDS SHALL HAVE THE FOLLOWING
 MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT  MEANING
 OR INTENT.
   1.  "AVAILABLE  TAX LEVY" WITH RESPECT TO AN ISSUE OF TAX ANTICIPATION
 NOTES MEANS AT ANY DATE OF COMPUTATION THE TOTAL  AMOUNT  OF  CITY  REAL
 ESTATE  TAXES  OR  ASSESSMENTS  PROJECTED, CONSISTENT WITH THE FINANCIAL
 PLAN THEN IN EFFECT, TO BE RECEIVED IN CASH ON OR BEFORE THE  FIFTH  DAY
 PRECEDING  THE  MATURITY  DATE OF SUCH TAX ANTICIPATION NOTE ISSUE, LESS
 AMOUNTS REQUIRED DURING THE PERIOD BETWEEN THE DATE OF  COMPUTATION  AND
 THE  FIFTH  DAY PRECEDING SUCH MATURITY DATE TO BE PAID INTO THE GENERAL
 DEBT SERVICE FUND OR OTHERWISE REQUIRED TO PAY INTEREST PAYABLE ON OTHER
 OUTSTANDING CITY BONDS AND NOTES,  PRINCIPAL  (INCLUDING  PAYMENTS  INTO
 SINKING  FUNDS) COMING DUE ON OUTSTANDING CITY BONDS AND PRINCIPAL TO BE
 PAID FROM SOURCES OTHER THAN THE PROCEEDS OF BONDS OR RENEWAL  NOTES  ON
 OTHER OUTSTANDING CITY NOTES (EXCLUSIVE OF REVENUE ANTICIPATION NOTES OR
 RENEWALS  THEREOF ISSUED LESS THAN TWO YEARS PRIOR TO THE DATE OF COMPU-
 TATION) BUT NOT INCLUDING PAYMENTS FROM SINKING FUNDS  REQUIRED  BY  THE
 TERMS OF CERTAIN CITY BONDS.
   2. "CITY" MEANS THE CITY OF NEW YORK.
   3. "COMPTROLLER" MEANS THE COMPTROLLER OF THE STATE OF NEW YORK.
   4.  "FUND" MEANS THE GENERAL DEBT SERVICE FUND ESTABLISHED PURSUANT TO
 THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15512-01-2
              

 A. 10214                            2
 
   5. "RAN DEBT SERVICE ACCOUNT" MEANS THE REVENUE ANTICIPATION NOTE DEBT
 SERVICE ACCOUNT ESTABLISHED WITHIN THE FUND PURSUANT TO THIS SECTION.
   6.  "TAN  DEBT  SERVICE  ACCOUNT" MEANS THE TAX ANTICIPATION NOTE DEBT
 SERVICE ACCOUNT ESTABLISHED WITHIN THE FUND PURSUANT TO THIS SECTION.
   B. THE CITY SHALL MAINTAIN A GENERAL DEBT SERVICE FUND FOR THE PURPOSE
 OF PAYING DEBT SERVICE DUE OR BECOMING DUE IN THE  THEN  CURRENT  FISCAL
 YEAR  AND  IN  SUBSEQUENT FISCAL YEARS.  ALL MONIES IN THE FUND SHALL BE
 HELD BY THE COMPTROLLER, WHO SHALL ADMINISTER AND MAINTAIN THE  FUND  IN
 ACCORDANCE WITH THE PROVISIONS OF THIS SECTION.
   C.  ALL PAYMENTS OF OR ON ACCOUNT OF REAL ESTATE TAXES OR ASSESSMENTS,
 OTHER THAN THE PROCEEDS OF TAX ANTICIPATION NOTES, SHALL BE  IMMEDIATELY
 UPON  RECEIPT  DEPOSITED  IN  SUCH  FUND.  THE COMPTROLLER SHALL RETAIN,
 DISBURSE AND APPLY MONIES IN THE FUND DURING EACH MONTH AS FOLLOWS:
   1. DURING THE FIRST MONTH OF  EACH  FISCAL  QUARTER,  THERE  SHALL  BE
 RETAINED  IN THE FUND ALL REAL ESTATE TAX PAYMENTS DEPOSITED IN THE FUND
 UNTIL THERE SHALL HAVE BEEN RETAINED FROM  MONIES  SO  DEPOSITED  DURING
 SUCH  MONTH  AN AMOUNT EQUAL TO THE TOTAL MONTHLY DEBT SERVICE, COMPUTED
 AS OF THE DATE OF ANY DISBURSEMENT OF  MONEY  FROM  THE  FUND,  FOR  THE
 SECOND  AND  THIRD  MONTHS  OF  SUCH  FISCAL QUARTER; PROVIDED THAT SUCH
 AMOUNT SHALL BE REDUCED BY ANY AMOUNT ALREADY ON  DEPOSIT  IN  THE  FUND
 WHICH  MAY  BE USED TO PAY THE MONTHLY DEBT SERVICE FOR SUCH MONTHS. FOR
 PURPOSES OF THIS SECTION, FISCAL  QUARTER  SHALL  MEAN  THE  THREE-MONTH
 PERIOD  BEGINNING  JULY  FIRST,  OCTOBER  FIRST,  JANUARY FIRST OR APRIL
 FIRST, AND MONTHLY DEBT SERVICE SHALL MEAN, AS OF ANY DATE  OF  COMPUTA-
 TION,  THE  AMOUNT  OF MONIES EQUAL TO THE AGGREGATE OF (I) ALL INTEREST
 PAYABLE DURING SUCH MONTH ON BONDS AND NOTES OF THE CITY, PLUS (II)  THE
 AMOUNT  OF PRINCIPAL, INCLUDING PAYMENTS INTO SINKING FUNDS, MATURING OR
 OTHERWISE COMING DUE DURING SUCH MONTH ON ALL BONDS OF THE CITY, EXCLUD-
 ING PRINCIPAL PAYMENTS MADE FROM SINKING FUNDS REQUIRED BY THE TERMS  OF
 CERTAIN  CITY  BONDS,  PLUS  (III) THE AMOUNT OF PRINCIPAL TO BE PAID ON
 NOTES OF THE CITY DURING SUCH MONTH FROM SOURCES OTHER THAN THE PROCEEDS
 OF BONDS OR RENEWAL NOTES, EXCLUSIVE OF REVENUE ANTICIPATION  NOTES  AND
 TAX  ANTICIPATION  NOTES  OR RENEWALS THEREOF ISSUED LESS THAN TWO YEARS
 PRIOR TO THE DATE OF COMPUTATION.
   2. DURING THE SECOND AND THIRD MONTHS OF EACH  FISCAL  QUARTER,  THERE
 SHALL  BE RETAINED IN THE FUND ALL REAL ESTATE TAX PAYMENTS DEPOSITED IN
 THE FUND UNTIL THERE SHALL HAVE BEEN RETAINED FROM MONIES  SO  DEPOSITED
 DURING  SUCH  MONTH  AN  AMOUNT EQUAL TO THE TOTAL MONTHLY DEBT SERVICE,
 COMPUTED AS OF THE DATE OF ANY DISBURSEMENT OF MONIES FROM THE FUND, FOR
 THE FIRST MONTH OF THE NEXT SUCCEEDING  FISCAL  QUARTER;  PROVIDED  THAT
 SUCH  AMOUNT  SHALL  BE  REDUCED BY ANY AMOUNT ALREADY ON DEPOSIT IN THE
 FUND WHICH MAY BE USED TO PAY THE MONTHLY DEBT SERVICE FOR SUCH MONTH.
   3. DURING ANY MONTH OF A FISCAL QUARTER, AFTER THE RETENTIONS REQUIRED
 BY SUBDIVISIONS ONE AND TWO OF THIS PARAGRAPH HAVE BEEN  MADE  FOR  SUCH
 MONTH,  THE  COMPTROLLER  SHALL  DEPOSIT  ANY  REMAINING BALANCE OF REAL
 ESTATE TAXES RECEIVED DURING SUCH MONTH, FIRST INTO THE TAN DEBT SERVICE
 ACCOUNT TO THE EXTENT REQUIRED UNDER PARAGRAPH F OF  THIS  SECTION,  AND
 SECOND INTO THE GENERAL FUND OF THE CITY.
   4.  THE  CITY MAY AT ANY TIME PAY INTO THE FUND ANY MONIES REQUIRED BY
 LAW TO BE USED TO PAY MONTHLY DEBT SERVICE AND ANY OTHER  MONIES  AVAIL-
 ABLE FOR SUCH PURPOSE.
   D.  IF THE MAYOR OF THE CITY AT ANY TIME DETERMINES THAT RETENTIONS IN
 THE FUND PURSUANT TO THE PROVISIONS OF PARAGRAPH C OF THIS  SECTION  ARE
 OR  ARE  LIKELY TO BE INSUFFICIENT TO PROVIDE FOR THE PAYMENT OF MONTHLY
 DEBT SERVICE WHEN DUE, IN ORDER TO ENSURE THAT THE AMOUNTS ON DEPOSIT IN
 THE FUND WILL BE SUFFICIENT TO PAY MONTHLY DEBT SERVICE  WHEN  DUE,  THE
 A. 10214                            3
 
 MAYOR  OF  THE  CITY  SHALL REQUIRE (I) THAT REAL ESTATE TAX RECEIPTS BE
 RETAINED IN THE FUND IN GREATER AMOUNTS OR AT  EARLIER  DATES  THAN  THE
 PROVISIONS  OF  SUCH  PARAGRAPH  REQUIRE, OR (II) THAT OTHER REVENUES OR
 CASH RESOURCES OF THE CITY BE PAID INTO THE FUND.
   E.  THE  PAYMENT  OF  MONTHLY  DEBT SERVICE OF THE CITY SHALL BE MADE,
 FIRST, FROM AMOUNTS RETAINED IN THE FUND. AMOUNTS RETAINED IN  THE  FUND
 SHALL BE USED ONLY TO PAY DEBT SERVICE OF THE CITY.
   F.  UPON  THE  ISSUANCE  OF  ANY  TAX ANTICIPATION NOTES FOLLOWING THE
 EFFECTIVE DATE OF THIS SECTION, THE COMPTROLLER SHALL ESTABLISH AND,  SO
 LONG  AS ANY TAX ANTICIPATION NOTES SHALL BE OUTSTANDING, SHALL MAINTAIN
 A TAX ANTICIPATION NOTE DEBT SERVICE ACCOUNT WITHIN  THE  FUND  FOR  THE
 PURPOSE OF PAYING THE PRINCIPAL OF TAX ANTICIPATION NOTES.
   G.  THE CITY SHALL DETERMINE THE DATE ON WHICH THE PRINCIPAL DUE OR TO
 BECOME DUE ON AN OUTSTANDING ISSUE OF TAX ANTICIPATION NOTES SHALL EQUAL
 NINETY PERCENT OF THE AVAILABLE TAX LEVY WITH RESPECT TO SUCH ISSUE, AND
 UPON REASONABLE NOTICE THEREOF THE COMPTROLLER SHALL  COMMENCE  ON  SUCH
 DATE  TO  PAY INTO THE TAN DEBT SERVICE ACCOUNT FROM COLLECTIONS OF SUCH
 TAXES AND ASSESSMENTS, AFTER RETAINING AMOUNTS REQUIRED TO BE  DEPOSITED
 IN  THE  FUND, AMOUNTS SUFFICIENT TO PAY WHEN DUE, THE PRINCIPAL OF SUCH
 ISSUE OF TAX ANTICIPATION NOTES. THE PAYMENTS OF THE  PRINCIPAL  OF  TAX
 ANTICIPATION  NOTES  SHALL  BE MADE, FIRST, FROM AMOUNTS RETAINED IN THE
 TAN DEBT SERVICE ACCOUNT.
   H. UPON THE ISSUANCE OF ANY REVENUE ANTICIPATION NOTES  FOLLOWING  THE
 EFFECTIVE  DATE OF THIS SECTION, THE COMPTROLLER SHALL ESTABLISH AND, SO
 LONG AS ANY REVENUE ANTICIPATION NOTES SHALL BE OUTSTANDING, SHALL MAIN-
 TAIN A REVENUE ANTICIPATION NOTE DEBT SERVICE ACCOUNT  WITHIN  THE  FUND
 FOR  THE  PURPOSE OF PAYING THE PRINCIPAL OF REVENUE ANTICIPATION NOTES.
 EACH SPECIFIC TYPE OF REVENUE IN ANTICIPATION OF WHICH  SUCH  NOTES  ARE
 ISSUED AND AVAILABLE FOR SUCH PURPOSE SHALL BE DEPOSITED IN SUCH ACCOUNT
 IMMEDIATELY  UPON  RECEIPT  BY  THE CITY. WHERE SUCH REVENUE CONSISTS OF
 STATE AID OR OTHER REVENUE TO BE PAID TO THE CITY BY THE COMPTROLLER, ON
 THE DATE SUCH REVENUE IS PAYABLE TO  THE  CITY,  THE  COMPTROLLER  SHALL
 DEPOSIT  SUCH  REVENUE  DIRECTLY INTO SUCH ACCOUNT IN LIEU OF PAYMENT TO
 THE CITY FOR THE PURPOSE OF PAYING THE PRINCIPAL OF REVENUE ANTICIPATION
 NOTES.
   I. THE CITY SHALL DETERMINE THE DATE ON WHICH THE PRINCIPAL DUE OR  TO
 BECOME  DUE  ON AN OUTSTANDING ISSUE OF REVENUE ANTICIPATION NOTES SHALL
 EQUAL NINETY PERCENT OF THE TOTAL AMOUNT OF REVENUE AGAINST  WHICH  SUCH
 NOTES  WERE  ISSUED  REMAINING  TO  BE PAID TO THE CITY ON OR BEFORE THE
 FIFTH DAY PRIOR TO THE MATURITY DATE OF SUCH NOTES AND  UPON  REASONABLE
 NOTICE  THEREOF THE COMPTROLLER SHALL COMMENCE ON SUCH DATE TO RETAIN IN
 THE RAN DEBT SERVICE ACCOUNT FROM AMOUNTS DEPOSITED OR TO  BE  DEPOSITED
 THEREIN OF EACH SPECIFIC TYPE OF REVENUE IN ANTICIPATION OF WHICH REVEN-
 UE  SUCH  ANTICIPATION  NOTES  WERE ISSUED, AN AMOUNT SUFFICIENT TO PAY,
 WHEN DUE, THE PRINCIPAL  OF  SUCH  REVENUE  ANTICIPATION  NOTES.  MONIES
 RETAINED  IN  SUCH  ACCOUNT SHALL VEST IMMEDIATELY IN THE COMPTROLLER IN
 TRUST FOR THE BENEFIT OF THE HOLDERS OF THE REVENUE  ANTICIPATION  NOTES
 IN  ANTICIPATION  OF  WHICH SUCH NOTES WERE ISSUED. NO PERSON HAVING ANY
 CLAIM OF ANY KIND IN TORT, CONTRACT OR OTHERWISE AGAINST SUCH CITY SHALL
 HAVE ANY RIGHT TO OR CLAIM AGAINST ANY MONIES OF THE STATE  APPROPRIATED
 BY  THE  STATE AND IN ANTICIPATION OF WHICH SUCH NOTES HAVE BEEN ISSUED,
 OTHER THAN A CLAIM FOR PAYMENT BY THE HOLDERS OF SUCH  NOTES,  AND  SUCH
 MONIES  SHALL  NOT  BE  SUBJECT TO ANY ORDER, JUDGMENT, LIEN, EXECUTION,
 ATTACHMENT, SETOFF OR COUNTER-CLAIM BY ANY SUCH PERSON; PROVIDED, HOWEV-
 ER, THAT NOTHING CONTAINED IN  THIS  PARAGRAPH  SHALL  BE  CONSTRUED  TO
 LIMIT,  IMPAIR,  IMPEDE  OR OTHERWISE ADVERSELY AFFECT IN ANY MANNER THE
 A. 10214                            4
 
 RIGHTS OR REMEDIES OF THE PURCHASERS AND HOLDERS AND OWNERS OF ANY BONDS
 OR NOTES OF THE STATE OR ANY  AGENCY,  INSTRUMENTALITY,  PUBLIC  BENEFIT
 CORPORATION  OR POLITICAL SUBDIVISION THEREOF, INCLUDING THE CITY OF NEW
 YORK,  UNDER WHICH SUCH PURCHASERS AND HOLDERS AND OWNERS HAVE ANY RIGHT
 OF PAYMENT OF SUCH BONDS OR NOTES BY RECOURSE  TO  STATE  AID  OR  LOCAL
 ASSISTANCE MONIES HELD BY THE STATE OR FOR THE PAYMENT OF WHICH BONDS OR
 NOTES  STATE AID OR LOCAL ASSISTANCE MONIES ARE A DESIGNATED SOURCE. THE
 PAYMENT OF THE PRINCIPAL OF REVENUE ANTICIPATION  NOTES  SHALL  BE  MADE
 FIRST FROM AMOUNTS RETAINED IN THE RAN DEBT SERVICE ACCOUNT.
   J.  WHENEVER  THE  AMOUNT CONTAINED IN THE TAN DEBT SERVICE ACCOUNT OR
 THE RAN DEBT SERVICE ACCOUNT EXCEEDS THE AMOUNT REQUIRED TO BE  RETAINED
 IN  SUCH  ACCOUNT, SUCH EXCESS MONIES, INCLUDING EARNINGS ON INVESTMENTS
 OF MONIES IN THE FUND, SHALL BE WITHDRAWN FROM  SUCH  ACCOUNT  AND  PAID
 INTO THE GENERAL FUND OF THE CITY.
   K.  THE  COMPTROLLER  SHALL  INVEST THE MONIES RETAINED IN THE FUND IN
 ACCORDANCE WITH LAW.
   L. THE LIMITATIONS IMPOSED UPON THE CITY BY THIS SECTION SHALL  BE  IN
 ADDITION TO ANY OTHER LIMITATIONS IMPOSED UPON THE CITY BY THIS CHAPTER.
 IN  THE EVENT ANY OTHER PROVISIONS OF THIS CHAPTER SHALL BE INCONSISTENT
 WITH THE PROVISIONS OF THIS SECTION,  THE  PROVISIONS  OF  THIS  SECTION
 SHALL PREVAIL.
   M.  WHILE  THE  NEW YORK STATE FINANCIAL EMERGENCY ACT FOR THE CITY OF
 NEW YORK REMAINS IN EFFECT, SUCH ACT SHALL  PREVAIL  IN  THE  EVENT  ANY
 PROVISION  OF SUCH ACT SHALL BE INCONSISTENT WITH THE PROVISIONS OF THIS
 SECTION. THE POWERS, DUTIES AND OBLIGATIONS SET FORTH  IN  THIS  SECTION
 SHALL  BE  SUBJECT TO THE POWERS, DUTIES AND OBLIGATIONS PLACED UPON ANY
 STATE OR LOCAL OFFICER OR AGENCY, INCLUDING BUT NOT LIMITED TO  THE  NEW
 YORK  STATE  FINANCIAL  CONTROL  BOARD, BY OR PURSUANT TO SUCH ACT WHILE
 SUCH ACT REMAINS IN EFFECT.
   N. NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION, THE CITY  MAY,
 AT  ANY  TIME, SUBJECT TO APPROVAL BY THE COMPTROLLER, DESIGNATE A TRUST
 COMPANY OR BANK HAVING ITS PRINCIPAL PLACE OF BUSINESS IN THE  STATE  OF
 NEW  YORK  AND  HAVING THE POWERS OF A TRUST COMPANY IN THE STATE OF NEW
 YORK TO HOLD ALL OR ANY PART OF THE MONIES IN THE FUND AND TO ADMINISTER
 AND MAINTAIN THE MONIES  SO  HELD  IN  ACCORDANCE  WITH  THE  APPLICABLE
 PROVISIONS OF THIS SECTION AND ANY AGREEMENTS MADE PURSUANT THERETO.
   O. THE MAYOR OF THE CITY IS HEREBY AUTHORIZED TO ENTER INTO AGREEMENTS
 AND TO MAKE COVENANTS WITH ANY PURCHASER OR HOLDER OF OBLIGATIONS ISSUED
 BY  THE  CITY  TO  PROTECT  AND  SAFEGUARD  THE SECURITY AND RIGHTS OF A
 PURCHASER OR HOLDER OR TO PROTECT AND SAFEGUARD THE SOURCE OF PAYMENT OF
 SUCH OBLIGATIONS OR AS DEEMED APPROPRIATE BY THE MAYOR WHICH  AGREEMENTS
 OR  COVENANTS MAY CONTAIN PROVISIONS PROVIDING FOR (I) THE COMPLIANCE BY
 THE CITY WITH ANY OF THE PROVISIONS OF THIS SECTION,  (II)  RESTRICTIONS
 ON  THE  ISSUANCE  BY  THE  CITY  OF ITS OBLIGATIONS, LIMITATIONS ON THE
 INCLUSION OF EXPENSE ITEMS IN ITS CAPITAL BUDGETS AND FINANCIAL RECORDS,
 REPORTING  AND  DISCLOSURE  REQUIREMENTS  IN  ADDITION   TO   ANY   SUCH
 RESTRICTIONS,  LIMITATIONS  OR  REQUIREMENTS  CONTAINED IN THIS SECTION,
 (III) COMPLIANCE BY THE CITY WITH ITS FINANCIAL PLAN  AS  MODIFIED  FROM
 TIME  TO  TIME,  (IV)  CONDITIONS  THAT  WOULD  GIVE RISE TO AN EVENT OF
 DEFAULT ON SUCH OBLIGATIONS, AND (V) REMEDIES AVAILABLE TO  A  PURCHASER
 OR  HOLDER  OF SUCH OBLIGATIONS, OTHER THAN ACCELERATION OR THE REQUIRED
 ELIMINATION OR REDUCTION OF SPECIFIC MUNICIPAL  EXPENDITURES,  INCLUDING
 THE CIRCUMSTANCES, IF ANY, UNDER WHICH A TRUSTEE OR TRUSTEES OR A FISCAL
 AGENT  MAY  BE  APPOINTED  OR  MAY ACT AS A REPRESENTATIVE OF HOLDERS OF
 OBLIGATIONS ISSUED BY THE CITY IN CONNECTION WITH AN ISSUE OR ISSUES  OF
 OBLIGATIONS  OF  THE CITY AND THE RIGHTS, POWERS AND DUTIES WHICH MAY BE
 A. 10214                            5

 VESTED IN SUCH TRUSTEE, TRUSTEES OR FISCAL AGENT AS SUCH REPRESENTATIVE.
 THE STATE OF NEW YORK HEREBY PLEDGES AND AGREES THAT  IT  WILL  TAKE  NO
 ACTION  THAT  WOULD  IMPAIR  THE  POWER OF THE CITY TO COMPLY WITH OR TO
 PERFORM  ANY  COVENANT  OR AGREEMENT MADE PURSUANT TO THIS PARAGRAPH, OR
 ANY RIGHT OR REMEDY OF A PURCHASER OR HOLDER TO ENFORCE SUCH COVENANT OR
 AGREEMENT; AND THE CITY IS HEREBY AUTHORIZED TO INCLUDE SUCH PLEDGE  AND
 AGREEMENT  IN  ANY  AGREEMENT  MADE  PURSUANT TO THIS PARAGRAPH. NOTHING
 CONTAINED IN THIS PARAGRAPH SHALL PRECLUDE THE  STATE  FROM  AUTHORIZING
 THE CITY TO EXERCISE, OR THE CITY FROM EXERCISING, ANY POWER PROVIDED BY
 LAW  TO  SEEK  APPLICATION  OF  LAWS THEN IN EFFECT UNDER THE BANKRUPTCY
 PROVISIONS OF THE UNITED STATES CONSTITUTION OR SHALL PRECLUDE THE STATE
 FROM VALIDLY EXERCISING ITS POLICE POWERS.
   § 2. This act shall take effect immediately.