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Assembly Bill A7476

2009-2010 Legislative Session

Provides for limitations on the contracting of state debt as to amount and manner

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Archive: Last Bill Status - In Assembly Committee

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2009-A7476 (ACTIVE) - Details

See Senate Version of this Bill:
S1962
Current Committee:
Assembly Ways And Means
Law Section:
Constitution, Concurrent Resolutions to Amend
Laws Affected:
Add Art 7 §11-a, amd §16, Constn
Versions Introduced in 2011-2012 Legislative Session:
A4565

2009-A7476 (ACTIVE) - Summary

Provides for limitations on the contracting of state debt as to amount and manner: strictly limits state debt to state purposes, regardless of contingency of obligation to pay by the state; authorizes state debt without voter approval in the case of debt secured by pledge of specific state revenues; limits state debt based on percentage of state income; requires debt bills to "age" for 14 legislative days

2009-A7476 (ACTIVE) - Bill Text download pdf 

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

                                  7476

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              April 9, 2009
                               ___________

Introduced  by  M.  of  A.  SCHROEDER  --  read once and referred to the
  Committee on Ways and Means

            CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY

proposing amendments to article 7 of the constitution,  in  relation  to
  the  prohibition  of certain borrowing arrangements, the authorization
  for the contracting of debt secured by the  state  revenues,  and  the
  manner  in  which principal and interest payments are appropriated and
  paid

  Section 1. Resolved (if the Senate concur),  That  article  7  of  the
constitution be amended by adding a new section 11-a to read as follows:
  S  11-A.  1.    EXCEPT  AS AUTHORIZED BY SECTION 11 OF THIS ARTICLE OR
SUBDIVISION 2 OF THIS SECTION,  THE  STATE  SHALL  NOT  ENTER  INTO  ANY
FINANCING  OR  OTHER  SIMILAR ARRANGEMENT, WHETHER BY STATUTE, CONTRACT,
LEASE, OR OTHER SIMILAR  AGREEMENT,  OR  OTHERWISE,  WHEREBY  THE  STATE
AGREES  TO MAKE PAYMENTS WHICH WILL BE USED, DIRECTLY OR INDIRECTLY, FOR
THE PAYMENT OF PRINCIPAL, INTEREST, OR RELATED PAYMENTS ON  INDEBTEDNESS
ISSUED  OR  CONTRACTED BY ANY STATE AGENCY, MUNICIPALITY, INDIVIDUAL, OR
PUBLIC OR PRIVATE CORPORATION FOR STATE CAPITAL OR OPERATING PURPOSES OR
TO FINANCE GRANTS MADE OR TO BE MADE BY OR ON BEHALF OF  THE  STATE  FOR
ANY  PURPOSE.  THE FOREGOING RESTRICTIONS SHALL APPLY WHETHER OR NOT THE
OBLIGATION OF THE STATE TO MAKE PAYMENTS IS SUBJECT TO APPROPRIATION  OR
IS OTHERWISE CONTINGENT.
  2.  NOTWITHSTANDING  THE PROVISIONS OF SECTION 11 OF THIS ARTICLE, THE
LEGISLATURE MAY, BY LAW, WITHOUT VOTER APPROVAL, AUTHORIZE THE STATE  TO
CONTRACT  DEBT SECURED BY A PLEDGE OF SPECIFIC STATE REVENUES AUTHORIZED
BY SUCH LAW TO BE DEPOSITED IN A DEDICATED TRUST FUND OR  FUNDS  CREATED
FOR  CAPITAL  WORKS OR PURPOSES. THE LEGISLATURE SHALL, BY LAW, IDENTIFY
THE CAPITAL WORKS OR PURPOSES TO BE FINANCED WITH SUCH DEBT. REVENUES IN
EXCESS OF THE REQUIRED PAYMENTS OF DEBT SERVICE AND RELATED PAYMENTS  ON
SUCH DEBT SHALL BE AVAILABLE FOR OTHER PURPOSES, AS PROVIDED BY LAW.
  3.  THE  STATE  MAY  NOT  CONTRACT DEBT PURSUANT TO SECTION 11 OF THIS
ARTICLE OR SUBDIVISION 2 OF THIS SECTION UNLESS THE CONDITIONS CONTAINED

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

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