Assembly Bill A8450

2009-2010 Legislative Session

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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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A8450 (ACTIVE) - Details

Current Committee:
Assembly Election Law
Law Section:
Election Law
Laws Affected:
Add §7-112, amd §4-116, El L; add §§6 & 65-a, amd §§92 & 97-rrr, St Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: A1504
2013-2014: A5073
2015-2016: A2460
2017-2018: A6935, A9884
2019-2020: A6416
2021-2022: A7455
2023-2024: A3082

2009-A8450 (ACTIVE) - Summary

Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service payable thereon until the bonds issued pursuant to such proposition are retired; relates to deposits to the tax stabilization reserve fund; provides that at least 10% of any surplus shall be used to pay down state debt.

2009-A8450 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8450

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2009
                               ___________

Introduced  by  M.  of  A.  TEDISCO  --  Multi-Sponsored  by -- M. of A.
  BARCLAY, BUTLER, CONTE, CROUCH, ERRIGO,  FINCH,  KOLB,  MILLER,  OAKS,
  O'MARA,  RAIA, REILICH, SAYWARD, THIELE, TOWNSEND, WALKER -- read once
  and referred to the Committee on Election Law

AN ACT to amend the election law and the state finance law, in  relation
  to requiring a proposition authorizing the creation of a state debt to
  contain an estimate of the debt service payable thereon, and the state
  finance law, in relation to requiring publication of an explanation of
  the  proposition  authorizing  the creation of state debt, deposits to
  the tax stabilization reserve fund, and using surplus moneys to reduce
  outstanding state funded debt

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The election law is amended by adding a new section 7-112
to read as follows:
  S 7-112. BALLOTS; FORM FOR PROPOSITION; ADDITIONAL REQUIREMENTS.  EACH
DULY CERTIFIED PROPOSITION CONTAINED ON THE BALLOT AND SUBMITTED TO  THE
VOTERS  OF  THE  STATE  WHICH  PROVIDES FOR THE CREATION OF A STATE DEBT
SHALL CONTAIN AN ESTIMATE OF THE ANTICIPATED NUMBER OF YEARS OVER  WHICH
SUCH DEBT SHALL BE AMORTIZED AND THE TOTAL EXPECTED DEBT SERVICE PAYABLE
ON  THE  PRINCIPAL  AMOUNT  OF  SUCH  BONDS UNTIL THEIR RETIREMENT. SUCH
INFORMATION SHALL BE PRINTED IN THE LARGEST TYPE WHICH IS PRACTICABLE TO
USE IN THE SPACE PROVIDED FOR THE PROPOSITION. SUCH INFORMATION SHALL BE
PROVIDED TO THE STATE BOARD OF ELECTIONS AND THE SECRETARY OF  STATE  BY
THE STATE COMPTROLLER NOT LATER THAN SEVEN DAYS AFTER THE PASSAGE OF THE
LAW AUTHORIZING SUCH PROPOSITION.
  S 2. Subdivision 2 of section 4-116 of the election law, as amended by
chapter 60 of the laws of 1993, is amended to read as follows:
  2. The state board of elections shall publish once in the week preced-
ing  any  election  at which proposed constitutional amendments or other
propositions or questions are to be submitted to the voters of the state

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09982-01-9
              

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