senate Bill S7543

2011-2012 Legislative Session

Relates to limitations on state-funded debt; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 recommitted to rules
Jun 13, 2012 ordered to third reading cal.1253
committee discharged and committed to rules
Jun 01, 2012 referred to finance

Votes

view votes

Jun 13, 2012 - Rules committee Vote

S7543
22
0
committee
22
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

S7543 - Details

Current Committee:
Law Section:
State Finance Law
Laws Affected:
Rpld & add Art 5-B §§67-a - 67-h, amd St Fin L, generally; amd §§50 & 51, Pub Auth L

S7543 - Summary

Enacts provisions relating to limitations on state funded debt.

S7543 - Sponsor Memo

S7543 - Bill Text download pdf

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

                                  7543

                            I N  S E N A T E

                              June 1, 2012
                               ___________

Introduced  by  Sen.  LIBOUS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law and the public authorities law, in
  relation to limitations on state-funded debt; to repeal article 5-B of
  the state finance law relating to limitations on state-supported debt;
  and providing for the repeal of certain provisions of  such  law  upon
  expiration thereof

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

  Section 1.  Article 5-B of the state finance law is REPEALED and a new
article 5-B is added to read as follows:
                               ARTICLE 5-B
                    LIMITATIONS ON STATE-FUNDED DEBT
SECTION 67-A. DEFINITIONS.
        67-B. DUTIES WITH RESPECT TO STATE-FUNDED DEBT.
        67-C. LIMITATIONS ON THE ISSUANCE OF STATE-SUPPORTED DEBT.
        67-D. LIMITATIONS ON STATE-FUNDED DEBT.
        67-E. PROHIBITION OF CONTINGENT OBLIGATION DEBT.
        67-F. USE OF SURPLUS MONEYS.
        67-G. NEW YORK STATE DEBT PLANNING COUNCIL; CREATION; PROCEDURE.
        67-H. POWERS AND DUTIES OF THE DEBT PLANNING COUNCIL.
  S 67-A. DEFINITIONS. AS USED IN THIS ARTICLE  AND  ARTICLE  FIVE-C  OF
THIS CHAPTER THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  1.  "STATE  DEBT"  SHALL  MEAN ALL BONDS, BOND ANTICIPATION NOTES, AND
REVENUE DEBT ISSUED BY THE COMPTROLLER PURSUANT TO ARTICLE FIVE OF  THIS
CHAPTER.
  2.  "STATE-BACKED  DEBT" SHALL MEAN ANY DEBT OR OBLIGATION, OTHER THAN
STATE DEBT, THAT IS SUPPORTED IN WHOLE  OR  IN  PART  BY  ANY  FINANCING
ARRANGEMENT  WHEREBY THE STATE AGREES OR HAS IN THE PAST AGREED, WHETHER
BY LAW, CONTRACT OR OTHERWISE, TO MAKE  PAYMENTS  WHICH  WILL  BE  USED,
DIRECTLY  OR  INDIRECTLY,  FOR  THE  PAYMENT  OF  PRINCIPAL, INTEREST OR
RELATED PAYMENTS ON INDEBTEDNESS INCURRED OR  CONTRACTED  BY  THE  STATE
ITSELF  FOR  ANY PURPOSE, OR BY ANY STATE AGENCY, MUNICIPALITY, INDIVID-
UAL, PUBLIC AUTHORITY OR OTHER PUBLIC  OR  PRIVATE  CORPORATION  OR  ANY

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

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