senate Bill S7543

2011-2012 Legislative Session

Relates to limitations on state-funded debt; repealer

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Archive: Last Bill Status - In Committee


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

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Actions

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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

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Jun 13, 2012 - Rules committee Vote

S7543
22
0
committee
22
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
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S7543 - Bill 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 - Bill Texts

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Enacts provisions relating to limitations on state funded debt.

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BILL NUMBER:S7543

TITLE OF BILL:

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

PURPOSE:

The proposed will improve the transparency, accountability, and
affordability of New York State's borrowing practices.

SUMMARY OF PROVISIONS:

Section 1 adds a new Article 5-B (Limitations on State Funded Debt")
to the State Finance Law, including four sections:

Section 67-a defines the terms "State debt," "State-backed debt,"
"State-funded debt" and "State-supported debt" to clarify the full
scope of the State's debt obligations.
Section 67-a also defines the terms "Revenue debt," "Total personal
income of the state," "capital work or purpose," "conduit debt
obligation", "cash surplus" and "state authority."

Section 67-b sets forth the duties with respect to state-funded debt,
which include:

o authorizing the division of the budget to annually determine the
debt limit of the state by calculating the amount equal to five
percent of the defined total personal income of the state;
o beginning SFY 2022-23, authorizing the division of the budget, by
October 31, to determine the total debt limit of the state for the
next fiscal year and report the limit to the legislature and the
comptroller;
o beginning in fiscal year 2013-14, the inclusion of a plan in the
executive budget proposal outlining the methodology for implementing
the debt limit determined by DOB.

Section 67-c continues the current limitations on the issuance of
state-supported debt. This section shall expire and be deemed
repealed on March 31, 2021 when section 67-c is in effect.

Section 67-d sets forth general limitations on State funded debt
including:

o implementation of an overall debt cap, effective on and after April
1, 2022, on all State funded debt to limit debt to no more than 5% of
the total personal income in the State;
o prohibiting the use of State funded debt for any purpose other than
a capital purpose;
o requiring all State funded debt to be in the form of obligations
issued by the Comptroller beginning with the fiscal year that is at
least one year after the effective date of an amendment to the
Constitution;
o prohibiting the issuance of any state funded debt obligation with a
final maturity exceeding the probable life of the capital project
financed by such debt, as well as prohibiting any maturity longer
than 30 years.

Section 67-e prohibits the issuance of new debt supported by a state
agreement to make payments only if expected debt service sources fall
short.

Section 67-f mandates that at the end of any fiscal year, 75 percent
of any cash surplus shall be deposited to the Rainy Day Fund until
the Fund reaches its maximum balance. The remaining 25 percent, as
well as anything after Rainy Day Fund has reached its limit, shall be
deposited in the Debt Reduction Reserve Fund.

Section 67-g creates the Debt Planning Council with seven members, one
each appointed by the Governor, the Comptroller, the Majority Leader
of the Senate and the Speaker of the Assembly and three public
finance experts drawn from a pool of candidates supplied by the
existing four and chosen by the Governor. Representatives of the
Council shall elect a chair person.

Section 67-h establishes the powers and duties of the Debt Planning
Council including annually establishing the debt affordability of the
State, which cannot be exceeded, annually reporting on all current and
projected State-Funded debt levels and factors that affect the cost
of that debt, creation of a State-Funded debt database and making
recommendations to the Governor and the Legislature on all
State-funded debt and other capital financing matters.

Sections 2 through 13 make conforming changes to statute to the
newly created definition of "state funded debt" set forth in new
State Finance Law Article 5-B, as added by this bill.

Section 14 amends section 50 of the State Finance Law by adding a
voting representative from the Debt Planning Council.

Section 15 expands the jurisdiction of the Public Authorities Control
Board to include financing and construction of projects of all state
authorities and requires that applications include a current listing
of all debt and debt service obligations of the applicant.

Section 16 adds a new subdivision 6 to section 51 of the Public
Authorities Law to require an annual report by the Public Authorities
Control Board detailing (i) the aggregate amount of debt approved by
the Board during the fiscal year, (ii) a list of the individual
projects approved by the
Board for each public authority during the fiscal year, and (iii) the
total amount of new debt obligations the Board has approved during
the fiscal year for issuance by each public authority.

Section 17 provides for an immediate effective date. Provided,
however, that section 67-c of the state finance law shall expire and
be deemed repealed on March 31, 2021 and that subdivisions 3 and 6 of
section 67-d of the state finance law, as added by section one of
this act, shall take effect on the same date as the amendments to
article 7 of the state constitution.

JUSTIFICATION:

Although New York regularly borrows and spends money to finance long
term projects such as roads, bridges, dams, prisons and university
buildings, there is no policy to comprehensively track these capital
assets and there is no long term plan for maintaining, replacing or
adding to them. Without knowing what we have or what we need, it is
difficult to determine if the State's limited resources are being put
to the best use or if the State's infrastructure will be able to
support future citizen needs.

Furthermore, the State relies heavily on borrowing by public
authorities, which does not require the approval of taxpayers
("backdoor borrowing") to pay for a large portion of the State's
Capital Plan. Less than six percent of the State's current debt
burden has been approved by those who pay for it. Reliance on this
type of borrowing has become commonplace. The enacted Five Year
Capital Plan for SFY 2012-13 through SFY 2016-17 contains no new
borrowing proposals requiring voter approval, but instead relies upon
public authority debt. One reason is the Constitution allows only one
bond act for a single purpose to be put before voters at a time,
significantly limiting the State's flexibility to address all capital
needs in this process.

New York's already high debt burden is projected to significantly
increase over the next five years. The debt reform measures enacted
in 2000 did little to slow the growth of the State debt or restrict
the use of debt to capital projects and, as a result, the State is
rapidly approaching the statutory cap on State-supported debt
outstanding as established in the Debt Reform Act of 2000.
Although that cap was placed on the amount of debt outstanding and
debt was restricted to capital purposes only, these provisions did
not apply to all types of State debt and are statutory, not
constitutional, and thus easily by-passed. As a result, these
measures have not been effective. For example, as of March 31,
2012, 13.5 percent of the State's current debt burden is for debt that

was issued for budget relief or deficit financing, which is much like
using a mortgage to pay for groceries.

The Debt Reform Act of 2000 did not adequately restrain harmful
borrowing practices or control growth. The State's borrowing
practices must be made more transparent, accountable and affordable.

Furthermore, as of March 31, 2012, approximately 94 percent of
State-Funded debt outstanding was issued without voter approval by
myriad public authorities. The Constitution establishes a procedure
for controlling debt outstanding by keeping voters involved. This
bill will not only return voters to that role, but will also remove
public authorities from the process by having the State Comptroller
issue ALL debt for the State.

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                    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.
                                                           LBD16111-01-2

S. 7543                             2

OTHER  ENTITY  FOR  STATE  CAPITAL  OR  OPERATING PURPOSES OR TO FINANCE
GRANTS, LOANS OR OTHER ASSISTANCE PAYMENTS MADE OR TO BE MADE BY  OR  ON
BEHALF  OF  THE STATE FOR ANY PURPOSE. IF THE STATE AGREES OR HAS AGREED
ON  OR  AFTER  APRIL FIRST, NINETEEN HUNDRED NINETY-SEVEN TO MAKE FUTURE
REVENUES FROM A SPECIFIC STATE  SOURCE  AVAILABLE  FOR  THE  PURPOSE  OF
SUPPORTING  DEBT  OF  ANY  MUNICIPALITY, INDIVIDUAL, PUBLIC AUTHORITY OR
OTHER PUBLIC OR PRIVATE CORPORATION OR ANY OTHER ENTITY, OR,  IF  ON  OR
AFTER  SUCH  DATE,  A  PROGRAM  OF DEBT IS AUTHORIZED TO BE ISSUED WHERE
STATE AID IS INTENDED TO BE THE SOLE SOURCE OF PAYMENT OF DEBT  SERVICE,
SUCH  DEBT SHALL BE CONSIDERED TO BE A DEBT FOR THE PURPOSE OF FINANCING
A STATE  GRANT,  LOAN  OR  OTHER  ASSISTANCE  PAYMENT  AND  SHALL  BE  A
"STATE-BACKED   DEBT"  FOR  THE  PURPOSES  OF  THIS  ARTICLE.  THE  TERM
"STATE-BACKED DEBT" APPLIES TO ALL DEBT OR OBLIGATIONS DESCRIBED IN THIS
SUBDIVISION FOR WHICH THE STATE AGREES, OR HAS IN THE  PAST  AGREED,  TO
MAKE  PAYMENTS  (A)  WHETHER  OR NOT THE OBLIGATION OF THE STATE TO MAKE
PAYMENTS IS SUBJECT TO APPROPRIATION, OR (B) WHETHER OR NOT DEBT SERVICE
IS TO BE PAID FROM A REVENUE STREAM TRANSFERRED BY THE STATE TO  ANOTHER
PARTY THAT IS RESPONSIBLE FOR MAKING SUCH PAYMENTS.
  3.  "STATE-FUNDED  DEBT"  SHALL  MEAN  THE COMBINED TOTAL OF ALL STATE
DEBT,  AS  DEFINED  IN  SUBDIVISION  ONE  OF  THIS  SECTION,   AND   ALL
STATE-BACKED  DEBT  EXCEPT  SHORT  TERM DEBT INCURRED IN ACCORDANCE WITH
SECTION NINE OF  ARTICLE  SEVEN  OF  THE  CONSTITUTION,  EMERGENCY  DEBT
INCURRED  IN ACCORDANCE WITH SECTION TEN OF ARTICLE SEVEN OF THE CONSTI-
TUTION, AND REFUNDING DEBT INCURRED IN ACCORDANCE WITH SECTION  THIRTEEN
OF  ARTICLE  SEVEN  OF  THE  CONSTITUTION  AND  SHALL  INCLUDE  ALL DEBT
OUTSTANDING ON THE EFFECTIVE DATE OF THIS SECTION.
  4. "STATE-SUPPORTED DEBT" SHALL MEAN ANY  BONDS  OR  NOTES,  INCLUDING
BONDS  OR  NOTES  ISSUED  TO  FUND  RESERVE FUNDS AND COSTS OF ISSUANCE,
ISSUED BY THE STATE OR A STATE PUBLIC CORPORATION FOR WHICH THE STATE IS
CONSTITUTIONALLY OBLIGATED TO PAY DEBT SERVICE OR IS CONTRACTUALLY OBLI-
GATED TO PAY DEBT SERVICE SUBJECT TO AN APPROPRIATION, EXCEPT WHERE  THE
STATE HAS A CONTINGENT CONTRACTUAL OBLIGATION.
  5.  "REVENUE  DEBT" SHALL MEAN VOTER APPROVED STATE DEBT ISSUED BY THE
COMPTROLLER AND SUPPORTED BY  FUTURE  REVENUES  FROM  A  SPECIFIC  STATE
SOURCE.
  6.  "TOTAL  PERSONAL INCOME OF THE STATE" SHALL MEAN THE MOST RECENTLY
PUBLISHED ESTIMATED DOLLAR AMOUNT DETERMINED AS TOTAL PERSONAL INCOME OF
THE STATE OF NEW YORK BY THE UNITED STATES DEPARTMENT OF COMMERCE OR ANY
SUCCESSOR AGENCY FOR THE FOUR MOST RECENT SUCCESSIVE  CALENDAR  QUARTERS
FOR WHICH INFORMATION IS AVAILABLE PRIOR TO OCTOBER THIRTY-FIRST OF EACH
YEAR.  SUBSEQUENT REVISIONS OF THE PUBLISHED ESTIMATED DOLLAR AMOUNT FOR
SUCH CALENDAR QUARTERS SHALL NOT AFFECT THE  VALIDITY  OF  THE  DETERMI-
NATION MADE FOR ANY FISCAL YEAR.
  7. "CAPITAL WORK OR PURPOSE" SHALL MEAN ANY PROJECT INVOLVING:
  (A)  THE  ACQUISITION,  CONSTRUCTION,  DEMOLITION  OR REPLACEMENT OF A
FIXED ASSET OR ASSETS;
  (B) THE MAJOR REPAIR OR RENOVATION OF A FIXED ASSET, WHICH  MATERIALLY
EXTENDS  ITS USEFUL LIFE OR MATERIALLY IMPROVES OR INCREASES ITS CAPACI-
TY; OR
  (C) THE PLANNING OR DESIGN OF THE ACQUISITION,  CONSTRUCTION,  DEMOLI-
TION,  REPLACEMENT, MAJOR REPAIR OR RENOVATION OF A FIXED ASSET, INCLUD-
ING THE PREPARATION AND REVIEW OF  PLANS  AND  SPECIFICATIONS  INCLUDING
ENGINEERING  AND  OTHER SERVICES, FIELD SURVEYS AND SUB-SURFACE INVESTI-
GATIONS INCIDENTAL THERETO.
  8. "CONDUIT DEBT OBLIGATION" SHALL MEAN A DEBT OBLIGATION ISSUED BY  A
PUBLIC  AUTHORITY (THE "CONDUIT ISSUER") ON BEHALF OF A THIRD PARTY (THE

S. 7543                             3

"CONDUIT BORROWER") OTHER THAN THE STATE OR A POLITICAL  SUBDIVISION  OF
THE  STATE,  WHERE PAYMENT OF THE OBLIGATION IS TO BE MADE FROM FUNDS OF
THE CONDUIT BORROWER, THE SECURITY FOR THE OBLIGATION IS THE  CREDIT  OF
THE  CONDUIT BORROWER AND NO FUNDS OF THE CONDUIT ISSUER, THE STATE OR A
POLITICAL SUBDIVISION OF THE STATE ARE PLEDGED TO SECURE THE OBLIGATION,
WHETHER OR NOT THE OBLIGATION OF THE CONDUIT ISSUER, THE STATE OR  POLI-
TICAL  SUBDIVISION OF THE STATE IS SUBJECT TO APPROPRIATION OR IS OTHER-
WISE CONTINGENT.
  9. "CASH SURPLUS" SHALL MEAN THE AMOUNT GENERAL FUND  RECEIPTS  EXCEED
GENERAL FUND EXPENDITURES IN SUCH FISCAL YEAR.
  10.  "STATE AUTHORITY" SHALL MEAN A PUBLIC AUTHORITY OR PUBLIC BENEFIT
CORPORATION CREATED BY OR EXISTING UNDER THIS CHAPTER OR ANY  OTHER  LAW
OF  THE STATE, WITH ONE OR MORE OF ITS MEMBERS APPOINTED BY THE GOVERNOR
OR WHO SERVE AS MEMBERS BY VIRTUE OF  HOLDING  A  CIVIL  OFFICE  OF  THE
STATE,  OTHER  THAN  AN  INTERSTATE OR INTERNATIONAL AUTHORITY OR PUBLIC
BENEFIT CORPORATION, INCLUDING SUBSIDIARIES OF SUCH PUBLIC AUTHORITY  OR
PUBLIC BENEFIT CORPORATION.
  S  67-B.  DUTIES  WITH  RESPECT TO STATE-FUNDED DEBT.  1. ON OR BEFORE
OCTOBER THIRTY-FIRST, TWO THOUSAND TWENTY, THE DIVISION OF BUDGET  SHALL
HAVE  THE  RESPONSIBILITY  TO ANNUALLY DETERMINE THE TOTAL DEBT LIMIT OF
THE STATE BY CALCULATING THE DOLLAR AMOUNT EQUIVALENT TO FIVE PERCENT OF
THE TOTAL PERSONAL INCOME OF THE STATE.
  2. ON OR BEFORE OCTOBER  THIRTY-FIRST,  TWO  THOUSAND  TWENTY-ONE  AND
OCTOBER  THIRTY-FIRST  OF  EACH  YEAR THEREAFTER, THE DIVISION OF BUDGET
SHALL DETERMINE THE TOTAL DEBT LIMIT OF THE STATE, PURSUANT  TO  SECTION
ELEVEN  OF  ARTICLE  SEVEN OF THE CONSTITUTION FOR THE NEXT FISCAL YEAR,
AND REPORT SUCH INFORMATION BY OCTOBER THIRTY-FIRST,  TO  THE  TEMPORARY
PRESIDENT  OF  THE  SENATE, THE SPEAKER OF THE ASSEMBLY, THE CHAIRPERSON
AND RANKING MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE, THE  CHAIR-
PERSON  AND  RANKING  MINORITY  MEMBER  OF  THE  ASSEMBLY WAYS AND MEANS
COMMITTEE, AND THE COMPTROLLER. ON OR BEFORE SUCH DATE, THE DIVISION  OF
BUDGET SHALL ISSUE A PUBLIC ANNOUNCEMENT OF SUCH LIMIT.
  3.  THE EXECUTIVE'S PROPOSED BUDGET FOR STATE FISCAL YEAR TWO THOUSAND
THIRTEEN--TWO THOUSAND FOURTEEN SHALL INCLUDE A PLAN SETTING  FORTH  THE
ANNUAL  TARGET PERCENTAGES AND METHODOLOGY FOR THE IMPLEMENTATION OF THE
PROVISIONS OF SUBDIVISION ONE OF SECTION SIXTY-SEVEN-D OF  THIS  ARTICLE
BY  APRIL FIRST, TWO THOUSAND TWENTY-TWO. A PROGRESS REPORT WITH RESPECT
TO MEETING ANNUAL TARGET PERCENTAGES IN THE PLAN SHALL BE ISSUED ANNUAL-
LY BY THE EXECUTIVE WITH RELEASE OF THE  PROPOSED  BUDGET  AND,  IN  THE
EVENT  THE  ACTUAL  PERCENTAGES  DEVIATE FROM THE TARGET PERCENTAGES SET
FORTH IN THE INITIAL PLAN, SHALL INCLUDE AN EXPLANATION  OF  SUCH  DEVI-
ATIONS  AND  THE PROPOSED REMEDIAL ACTIONS DEEMED NECESSARY TO MEET SUCH
TARGET PERCENTAGES BY APRIL FIRST, TWO THOUSAND TWENTY-TWO.   THE  PLAN,
AS  WELL AS ANNUAL PROGRESS REPORTS, SHALL BE SUBJECT TO THE ANNUAL DEBT
AFFORDABILITY LEVEL ESTABLISHED IN SECTION SIXTY-SEVEN-H OF THIS ARTICLE
AND APPROVAL OF THE DEBT PLANNING COUNCIL ESTABLISHED IN SECTION  SIXTY-
SEVEN-G OF THIS ARTICLE.
  S  67-C.  LIMITATIONS  ON THE ISSUANCE OF STATE-SUPPORTED DEBT. 1. (A)
STATE-SUPPORTED DEBT MAY NOT BE CONTRACTED FOR  UNLESS,  AS  OF  OCTOBER
THIRTY-FIRST, TWO THOUSAND ONE AND AS OF EACH OCTOBER THIRTY-FIRST THER-
EAFTER,  THE  TOTAL OUTSTANDING PRINCIPAL AMOUNT OF SUCH DEBT, AS OF THE
LAST DAY OF THE IMMEDIATELY PRECEDING FISCAL  YEAR,  IS  LESS  THAN  THE
DESIGNATED PERCENTAGE OF THE TOTAL PERSONAL INCOME OF THE STATE. NOTHING
SHALL  PRECLUDE THE CONTRACTING OF STATE-SUPPORTED DEBT PRIOR TO OCTOBER
THIRTY-FIRST OF EACH YEAR IF, AS OF THE  LAST  DAY  OF  THE  IMMEDIATELY
PRECEDING  FISCAL  YEAR,  THE TOTAL OUTSTANDING PRINCIPAL AMOUNT OF SUCH

S. 7543                             4

DEBT WAS LESS THAN THE  DESIGNATED  PERCENTAGE  OF  THE  TOTAL  PERSONAL
INCOME  OF  THE  STATE.  THE  TOTAL OUTSTANDING PRINCIPAL AMOUNT OF DEBT
SHALL INCLUDE ALL STATE-SUPPORTED DEBT ISSUED ON AND AFTER APRIL  FIRST,
TWO   THOUSAND.   SUCH   DESIGNATED   PERCENTAGE   SHALL  BE  SEVEN  AND
ONE-HALF-TENTHS OF ONE PERCENT FOR FISCAL YEAR TWO  THOUSAND--TWO  THOU-
SAND  ONE,  AND  SHALL  INCREASE BY FIVE-TENTHS OF ONE PERCENT IN FISCAL
YEAR TWO THOUSAND ONE--TWO THOUSAND TWO, BY AN ADDITIONAL FOUR-TENTHS OF
ONE PERCENT IN FISCAL YEAR TWO THOUSAND TWO--TWO THOUSAND THREE, AND  BY
AN  ADDITIONAL  ONE-THIRD OF ONE PERCENT IN EACH OF THE SEVEN SUBSEQUENT
FISCAL YEARS. THE DESIGNATED PERCENTAGE FOR  FISCAL  YEAR  TWO  THOUSAND
TEN--TWO  THOUSAND  ELEVEN  AND FOR EACH FISCAL YEAR THEREAFTER SHALL BE
FOUR PERCENT.
  (B) IF STATE-SUPPORTED DEBT IS ISSUED TO REFUND  OR  OTHERWISE  AFFECT
THE   REFUNDING,   RETIREMENT  OR  DEFEASANCE  OF  STATE-SUPPORTED  DEBT
ORIGINALLY ISSUED ON AND AFTER APRIL FIRST, TWO THOUSAND, PROVIDED  SUCH
REFUNDINGS  ARE CONDUCTED IN ACCORDANCE WITH SECTION THIRTEEN OF ARTICLE
SEVEN OF THE CONSTITUTION, THE  CALCULATION  OF  THE  TOTAL  OUTSTANDING
PRINCIPAL  AMOUNT  OF  DEBT SHALL EXCLUDE SUCH REFUNDING DEBT, AND SHALL
ONLY INCLUDE THE AMOUNT OF PRIOR REFUNDED DEBT,  AS  IF  IT  WERE  STILL
OUTSTANDING,  IN EACH YEAR UNTIL SUCH REFUNDING DEBT IS FINALLY RETIRED.
NOTWITHSTANDING THE FOREGOING, THE PROVISIONS OF SUCH  SECTION  THIRTEEN
OF  ARTICLE  SEVEN  OF  THE  CONSTITUTION RELATING TO THE MAINTENANCE OR
MANAGEMENT OF ESCROW FUNDS AND SINKING FUNDS SHALL ONLY BE APPLICABLE TO
STATE-SUPPORTED DEBT ISSUED BY THE STATE COMPTROLLER. IF STATE-SUPPORTED
DEBT IS ISSUED TO REFUND OR OTHERWISE AFFECT THE  REFUNDING,  RETIREMENT
OR  DEFEASANCE  OF STATE-SUPPORTED DEBT ISSUED PRIOR TO APRIL FIRST, TWO
THOUSAND, THEN THE AMOUNT OF SUCH REFUNDING DEBT SHALL BE EXCLUDED  FROM
THE  CALCULATION  OF  THE  TOTAL OUTSTANDING PRINCIPAL AMOUNT OF DEBT IN
EACH YEAR UNTIL SUCH REFUNDING DEBT IS FINALLY RETIRED. IN ADDITION,  IF
STATE-SUPPORTED  DEBT IS RETIRED OR DEFEASED WITH PAYMENTS IN ANY FISCAL
YEAR MADE BY THE STATE THAT ARE NOT REQUIRED BY MANDATORY PAYMENTS, SUCH
DEBT SHALL BE EXCLUDED FROM THE CALCULATION  OF  THE  TOTAL  OUTSTANDING
PRINCIPAL  AMOUNT  OF  DEBT, INCLUDING RETIREMENTS OR DEFEASANCES ACCOM-
PLISHED ON AN ECONOMIC BASIS.
  2. STATE-SUPPORTED DEBT MAY NOT BE CONTRACTED FOR UNLESS, AS OF  OCTO-
BER  THIRTY-FIRST,  TWO THOUSAND ONE AND AS OF EACH OCTOBER THIRTY-FIRST
THEREAFTER, THE TOTAL AMOUNT OF  INTEREST,  INSTALLMENTS  OF  PRINCIPAL,
CONTRIBUTIONS  TO SINKING FUNDS, AND RELATED PAYMENTS ON A CASH BASIS OF
ACCOUNTING FOR STATE-SUPPORTED DEBT IN THE IMMEDIATELY PRECEDING  FISCAL
YEAR  IS LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL GOVERNMENTAL FUNDS
RECEIPTS FOR SUCH FISCAL YEAR. NOTHING SHALL PRECLUDE THE CONTRACTING OF
STATE-FUNDED DEBT PRIOR TO OCTOBER THIRTY-FIRST OF EACH YEAR IF, IN  THE
IMMEDIATELY  PRECEDING  FISCAL  YEAR,  THE  TOTAL  AMOUNT  OF  INTEREST,
INSTALLMENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING FUNDS,  AND  RELATED
PAYMENTS  WAS  LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL GOVERNMENTAL
FUNDS RECEIPTS. THIS SHALL INCLUDE THE TOTAL AMOUNT OF PAYMENTS ON  SUCH
DEBT  ISSUED  ON  AND  AFTER  APRIL  FIRST,  TWO THOUSAND, BUT SHALL NOT
INCLUDE PAYMENTS IN ANY FISCAL YEAR MADE BY  THE  STATE  TO  DEFEASE  OR
RETIRE  DEBT NOT REQUIRED BY MANDATORY PAYMENTS NOR PAYMENTS MADE BY THE
STATE FOR DEBT ISSUED TO REFUND DEBT THAT  WAS  ISSUED  PRIOR  TO  APRIL
FIRST,  TWO  THOUSAND. IN ADDITION, IF STATE-SUPPORTED DEBT IS ISSUED TO
REFUND OR OTHERWISE AFFECT THE REFUNDING, RETIREMENT  OR  DEFEASANCE  OF
STATE-FUNDED  DEBT ORIGINALLY ISSUED ON AND AFTER APRIL FIRST, TWO THOU-
SAND, PROVIDED SUCH REFUNDINGS ARE CONDUCTED IN ACCORDANCE WITH  SECTION
THIRTEEN  OF  ARTICLE  SEVEN OF THE CONSTITUTION, THE CALCULATION OF THE
TOTAL AMOUNT OF INTEREST, INSTALLMENTS OF  PRINCIPAL,  CONTRIBUTIONS  TO

S. 7543                             5

SINKING  FUNDS, AND RELATED PAYMENTS SHALL EXCLUDE PAYMENTS MADE ON SUCH
REFUNDING DEBT, AND  SHALL  ONLY  INCLUDE  THE  PAYMENTS  ON  THE  PRIOR
REFUNDED  DEBT, AS IF IT WERE STILL OUTSTANDING, IN EACH YEAR UNTIL SUCH
REFUNDING  DEBT  IS FINALLY RETIRED. SUCH DESIGNATED PERCENTAGE SHALL BE
SEVEN  AND  ONE-HALF-TENTHS  OF  ONE  PERCENT  FOR   FISCAL   YEAR   TWO
THOUSAND--TWO  THOUSAND  ONE,  AND  SHALL INCREASE BY FIVE-TENTHS OF ONE
PERCENT IN FISCAL YEAR TWO THOUSAND ONE--TWO THOUSAND TWO, BY  AN  ADDI-
TIONAL  FOUR-TENTHS  OF ONE PERCENT IN FISCAL YEAR TWO THOUSAND TWO--TWO
THOUSAND THREE, AND BY AN ADDITIONAL ONE-THIRD OF ONE PERCENT IN EACH OF
THE TEN SUBSEQUENT FISCAL YEARS. THE DESIGNATED  PERCENTAGE  FOR  FISCAL
YEAR  TWO  THOUSAND  THIRTEEN--TWO THOUSAND FOURTEEN AND FOR EACH FISCAL
YEAR THEREAFTER SHALL BE FIVE PERCENT.
  S  67-D.  LIMITATIONS  ON  STATE-FUNDED  DEBT.     1.  NO   ADDITIONAL
STATE-FUNDED  DEBT  SHALL  BE  INCURRED  AFTER APRIL FIRST, TWO THOUSAND
TWENTY-TWO IF THE  TOTAL  PRINCIPAL  AMOUNT  OF  SUCH  ADDITIONAL  DEBT,
TOGETHER  WITH  THE  TOTAL PRINCIPAL AMOUNT OF STATE-FUNDED DEBT ALREADY
OUTSTANDING IS EQUAL TO OR GREATER THAN THE  TOTAL  DEBT  LIMIT  OF  THE
STATE EXCLUDING SHORT TERM DEBT INCURRED IN ACCORDANCE WITH SECTION NINE
OF ARTICLE SEVEN OF THE CONSTITUTION, EMERGENCY DEBT INCURRED IN ACCORD-
ANCE  WITH SECTION TEN OF ARTICLE SEVEN OF THE CONSTITUTION, AND REFUND-
ING DEBT.
  2. WITH THE EXCEPTION OF SHORT TERM DEBT INCURRED IN  ACCORDANCE  WITH
SECTION  NINE  OF  ARTICLE  SEVEN  OF  THE  CONSTITUTION, EMERGENCY DEBT
INCURRED IN ACCORDANCE WITH SECTION TEN OF ARTICLE SEVEN OF THE  CONSTI-
TUTION,  AND  REFUNDING  DEBT,  NO  STATE-FUNDED  DEBT SHALL BE INCURRED
EXCEPT TO FINANCE A CAPITAL WORK OR PURPOSE. NO SUCH  STATE-FUNDED  DEBT
SHALL  BE  INCURRED  IF THE TOTAL PRINCIPAL AMOUNT OF SUCH DEBT TOGETHER
WITH THE TOTAL PRINCIPAL AMOUNT OF  SUCH  DEBT  ALREADY  OUTSTANDING  IS
EQUAL TO OR GREATER THAN THE TOTAL DEBT LIMIT OF THE STATE.
  3.  ALL  DEBT  SUBJECT  TO  THE  PROVISIONS  OF THIS SECTION SHALL, IF
INCURRED ON OR AFTER THE FIRST DAY OF THE FIRST FISCAL YEAR BEGINNING AT
LEAST ONE YEAR AFTER THE EFFECTIVE DATE OF AN  AMENDMENT  ADDING  A  NEW
SUBDIVISION  SIX TO SECTION ELEVEN OF ARTICLE SEVEN OF THE CONSTITUTION,
BE IN THE FORM OF OBLIGATIONS ISSUED BY THE COMPTROLLER.
  4. NO STATE-FUNDED DEBT SHALL BE INCURRED IN THE FORM OF AN OBLIGATION
WITH A FINAL MATURITY EXCEEDING THE PROBABLE LIFE OF THE CAPITAL PROJECT
FINANCED BY SUCH DEBT, AS SPECIFIED IN SECTION SIXTY-ONE OF  THIS  CHAP-
TER.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW TO THE CONTRARY, NO
STATE-FUNDED DEBT SHALL BE INCURRED IN THE FORM OF AN OBLIGATION WITH  A
FINAL MATURITY OF MORE THAN THIRTY YEARS.
  5.  NO  STATE-FUNDED  DEBT  OUTSTANDING  ON THE EFFECTIVE DATE OF THIS
SUBDIVISION SHALL BE REFUNDED UNLESS SUCH REFUNDING IS CONDUCTED IN  ALL
RESPECTS  AS IF SUBJECT TO THE PROVISIONS OF SECTION THIRTEEN OF ARTICLE
SEVEN OF THE CONSTITUTION. SUCH OUTSTANDING DEBT  OBLIGATIONS  SHALL  BE
INCLUDED  IN  THE  DETERMINATION  OF THE DEBT LIMIT. FOR THE PURPOSES OF
THIS SUBDIVISION AND SECTION SIXTY-SEVEN-C OF THIS ARTICLE, ANY  REFUND-
ING  DEBT  THAT  DOES  NOT  EXTEND BEYOND THE FINAL MATURITY OF THE DEBT
BEING REFUNDED SHALL BE DEEMED TO BE IN COMPLIANCE WITH  THE  PROVISIONS
OF SUBDIVISION SIX OF SECTION THIRTEEN OF ARTICLE SEVEN OF THE CONSTITU-
TION  MADE  APPLICABLE  BY  THIS  SUBDIVISION IF THERE IS AN ACTUAL DEBT
SERVICE SAVINGS IN EVERY YEAR TO MATURITY AS A RESULT OF THE ISSUANCE OF
THE REFUNDING DEBT.
  6. ANY REFUNDING OBLIGATIONS ISSUED PURSUANT TO  SUBDIVISION  FIVE  OF
THIS  SECTION  ON OR AFTER THE FIRST DAY OF THE FIRST FISCAL YEAR BEGIN-
NING AT LEAST ONE YEAR AFTER THE  EFFECTIVE  DATE  OF  AN  AMENDMENT  TO

S. 7543                             6

SECTION  ELEVEN OF ARTICLE SEVEN OF THE CONSTITUTION IMPOSING A LIMIT ON
THE TOTAL AMOUNT OF STATE DEBT SHALL BE ISSUED BY THE COMPTROLLER.
  S  67-E.  PROHIBITION OF CONTINGENT OBLIGATION DEBT.  AFTER THE EFFEC-
TIVE DATE OF THIS SECTION, THE STATE SHALL NOT, EXCEPT  AS  SPECIFICALLY
AUTHORIZED  BY A PROVISION OF THE CONSTITUTION OTHER THAN SECTION ELEVEN
OF ARTICLE SEVEN, AGREE TO MAKE PAYMENTS, DIRECTLY OR INDIRECTLY, WHETH-
ER OR NOT SUBJECT TO APPROPRIATION, THAT ARE TO BE AVAILABLE TO PAY DEBT
SERVICE ON ANY DEBT  INCURRED  BY  A  MUNICIPALITY,  INDIVIDUAL,  PUBLIC
AUTHORITY  OR  OTHER  PUBLIC OR PRIVATE CORPORATION OR ANY OTHER ENTITY,
FOR ANY PURPOSE, IF SUCH PAYMENTS ARE EXPECTED TO BE USED  TO  PAY  DEBT
SERVICE  ONLY IF OTHER SOURCES AVAILABLE FOR THE PAYMENT OF DEBT SERVICE
ARE INADEQUATE. ANY PROVISION REQUIRING THE STATE TO REPLACE MONIES USED
TO PAY DEBT SERVICE SHALL BE INCLUDED IN THE PROHIBITION  SET  FORTH  IN
THIS  SUBDIVISION.  OUTSTANDING  DEBT  THAT  WOULD BE PROHIBITED BY THIS
SECTION IF SUCH DEBT HAD BEEN INCURRED AFTER THE EFFECTIVE DATE OF  THIS
SECTION  MAY  BE  REFUNDED  BY  THE ENTITY THAT INCURRED THE OUTSTANDING
DEBT.
  S 67-F. USE OF SURPLUS MONEYS. AT  THE  CLOSE  OF  EACH  FISCAL  YEAR,
SEVENTY-FIVE  PERCENT  OF ANY CASH SURPLUS REMAINING IN THE GENERAL FUND
AFTER THE TRANSFER PURSUANT TO SECTION NINETY-TWO OF THIS CHAPTER  SHALL
BE  DEPOSITED TO THE RAINY DAY FUND ESTABLISHED IN SECTION NINETY-TWO-CC
OF THIS CHAPTER UNTIL THE FUND REACHES THE MAXIMUM BALANCE. THE  REMAIN-
ING  TWENTY-FIVE  PERCENT  SHALL  BE  TRANSFERRED  TO THE DEBT REDUCTION
RESERVE FUND ESTABLISHED BY  SECTION  NINETY-SEVEN-RRR,  AS  AMENDED  BY
SECTION  FORTY-FIVE  OF  PART  H OF CHAPTER FIFTY-SIX OF THE LAWS OF TWO
THOUSAND, OF THIS CHAPTER.  IF THE RAINY DAY FUND HAS REACHED ITS  MAXI-
MUM  BALANCE  THEN  ALL  CASH  SURPLUS  SHALL  BE  DEPOSITED IN THE DEBT
REDUCTION RESERVE FUND.
  S 67-G. NEW YORK STATE DEBT PLANNING COUNCIL; CREATION; PROCEDURE.  1.
THE  NEW  YORK  STATE DEBT PLANNING COUNCIL IS HEREBY CREATED WITHIN THE
DEPARTMENT OF AUDIT AND CONTROL TO HAVE AND EXERCISE THE POWERS,  DUTIES
AND  PREROGATIVES  PROVIDED  BY  THE  PROVISIONS OF THIS ARTICLE AND ANY
OTHER PROVISION OF LAW. THE COUNCIL SHALL BE CREATED NO LATER THAN SIXTY
DAYS AFTER THE EFFECTIVE DATE OF THIS ARTICLE.
  2. THE MEMBERSHIP OF THE  COUNCIL  SHALL  CONSIST  OF  SEVEN  PERSONS,
INCLUDING  ONE APPOINTED BY THE GOVERNOR, THE COMPTROLLER, THE TEMPORARY
PRESIDENT OF THE SENATE AND THE  SPEAKER  OF  THE  ASSEMBLY.  THE  COMP-
TROLLER,  TEMPORARY  PRESIDENT OF THE SENATE AND SPEAKER OF THE ASSEMBLY
SHALL EACH NOMINATE TWO NON-GOVERNMENTAL EXPERTS IN THE FIELD OF  PUBLIC
FINANCE  FROM  WHICH  THE  REMAINING  THREE MEMBERS OF THE DEBT PLANNING
COUNCIL SHALL BE APPOINTED BY THE GOVERNOR.  THE  THREE  PUBLIC  FINANCE
EXPERTS  SHALL  SERVE TERMS OF THREE YEARS; THE MEMBERS APPOINTED BY THE
GOVERNOR, COMPTROLLER, TEMPORARY PRESIDENT OF THE SENATE AND SPEAKER  OF
THE  ASSEMBLY  SHALL SERVE INITIAL TERMS OF THREE YEARS. UPON EXPIRATION
OF INITIAL TERMS FOR MEMBERS APPOINTED  BY  THE  GOVERNOR,  COMPTROLLER,
TEMPORARY  PRESIDENT  OF  THE  SENATE  AND SPEAKER OF THE ASSEMBLY, EACH
SUBSEQUENT TERM SHALL BE FOUR YEARS. REPRESENTATIVES  FROM  THE  COUNCIL
SHALL  ELECT  A CHAIRPERSON.  IN THE EVENT OF A VACANCY OCCURRING IN THE
COUNCIL OF A MEMBER APPOINTED BY  THE  COMPTROLLER,  THE  GOVERNOR,  THE
TEMPORARY  PRESIDENT  OF  THE  SENATE  OR THE SPEAKER OF THE ASSEMBLY BY
DEATH, RESIGNATION OR OTHERWISE, THE SUCCESSOR SHALL BE APPOINTED BY THE
SAME APPOINTING OFFICIAL TO SERVE FOR THE BALANCE OF THE UNEXPIRED TERM.
IN THE EVENT OF A VACANCY OCCURRING IN THE COUNCIL OF A NON-GOVERNMENTAL
MEMBER BY DEATH, RESIGNATION OR OTHERWISE, THE COMPTROLLER,  THE  TEMPO-
RARY  PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY SHALL EACH
NOMINATE ONE NON-GOVERNMENTAL EXPERT IN THE  FIELD  OF  PUBLIC  FINANCE,

S. 7543                             7

FROM  WHICH THE GOVERNOR SHALL APPOINT ONE AS SUCCESSOR TO SERVE FOR THE
BALANCE OF THE UNEXPIRED TERM. THE COUNCIL SHALL ACT BY MAJORITY OF  ALL
OF  THE  MEMBERS  OF  THE  COUNCIL.  ANY  ACTION BY THE COUNCIL SHALL BE
EVIDENCED  BY  A  CERTIFICATION  THEREOF SIGNED BY A MAJORITY OF ALL THE
MEMBERS, EXCEPT THAT ALL MEMBERS  SHALL  SIGN  A  CERTIFICATION  OF  ANY
ACTION REQUIRING UNANIMOUS APPROVAL. EACH MEMBER OF THE COUNCIL SHALL BE
ENTITLED  TO  DESIGNATE A REPRESENTATIVE TO ATTEND MEETINGS OF THE BOARD
IN HIS OR HER PLACE, AND TO VOTE OR OTHERWISE ACT ON HIS OR  HER  BEHALF
IN  HIS OR HER ABSENCE. NOTICE OF SUCH DESIGNATION SHALL BE FURNISHED IN
WRITING TO THE COUNCIL BY THE DESIGNATING MEMBER. A REPRESENTATIVE SHALL
SERVE AT THE PLEASURE OF THE DESIGNATING MEMBER DURING THE MEMBER'S TERM
OF OFFICE. A REPRESENTATIVE SHALL NOT BE AUTHORIZED TO DELEGATE  ANY  OF
HIS OR HER DUTIES OR POWERS TO ANY OTHER PERSON. THE COUNCIL MAY REQUEST
AND  RECEIVE  FROM  ANY  STATE OR LOCAL AUTHORITY, AGENCY, DEPARTMENT OR
DIVISION OF THE STATE OR POLITICAL SUBDIVISION SUCH ASSISTANCE,  PERSON-
NEL, INFORMATION, BOOKS, RECORDS, OTHER DOCUMENTATION AND COOPERATION AS
MAY BE NECESSARY TO PERFORM ITS DUTIES.
  3.  THE  COMPTROLLER,  GOVERNOR, TEMPORARY PRESIDENT OF THE SENATE AND
SPEAKER OF THE ASSEMBLY MAY REMOVE ANY MEMBER APPOINTED BY  HIM  OR  HER
FOR  INEFFICIENCY,  NEGLECT OF DUTY OR MISCONDUCT IN OFFICE AFTER GIVING
HIM OR HER A COPY OF THE CHARGES AGAINST HIM OR HER, AND AN  OPPORTUNITY
TO  BE  HEARD,  IN PERSON OR BY COUNSEL, IN HIS OR HER DEFENSE, UPON NOT
LESS THAN TEN DAYS' NOTICE. IF ANY SUCH MEMBER  SHALL  BE  REMOVED,  THE
GOVERNOR  SHALL FILE IN THE OFFICE OF THE DEPARTMENT OF STATE A COMPLETE
STATEMENT OF CHARGES MADE AGAINST SUCH MEMBER AND HIS  OR  HER  FINDINGS
THEREON, TOGETHER WITH A COMPLETE RECORD OF THE PROCEEDING.
  4.  ALL  THE MEMBERS OF THE COUNCIL SHALL BE ENTITLED TO REIMBURSEMENT
FOR ACTUAL AND NECESSARY EXPENSES INCURRED IN THE PERFORMANCE  OF  OFFI-
CIAL DUTIES PURSUANT TO THIS SECTION OR OTHER PROVISION OF LAW.
  5.  THE COUNCIL SHALL MEET QUARTERLY OR MORE FREQUENTLY AT THE CALL OF
THE CHAIRPERSON. MEETINGS OF THE BOARD SHALL  BE  SUBJECT  TO  THE  OPEN
MEETINGS LAW ESTABLISHED BY ARTICLE SEVEN OF THE PUBLIC OFFICERS LAW.
  6.  THE  PROVISIONS  OF  THIS  SECTION SHALL BE CONTROLLING, ANY OTHER
GENERAL, SPECIAL OR LOCAL LAW  INCONSISTENT  THEREWITH  NOTWITHSTANDING,
UNLESS  THIS  SECTION  IS EXPRESSLY AND SPECIFICALLY REFERRED TO IN SUCH
OTHER GENERAL, SPECIAL OR LOCAL LAW.
  S 67-H. POWERS AND DUTIES OF THE DEBT PLANNING COUNCIL.  1. THE  COUN-
CIL SHALL HAVE THE POWER AND THE DUTY TO:
  (A)  ON  OR  BEFORE  OCTOBER THIRTY-FIRST OF TWO THOUSAND THIRTEEN AND
EACH YEAR THEREAFTER, THE COUNCIL SHALL PRESCRIBE THE DEBT AFFORDABILITY
LEVEL OF THE STATE FOR THE NEXT FISCAL YEAR, AND REPORT THE LEVEL TO THE
TEMPORARY PRESIDENT OF THE SENATE, THE  SPEAKER  OF  THE  ASSEMBLY,  THE
CHAIRPERSON AND RANKING MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE,
AND THE CHAIRPERSON AND RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND
MEANS  COMMITTEE.  ON  OR  BEFORE  SUCH  DATE, THE COUNCIL SHALL ISSUE A
PUBLIC ANNOUNCEMENT OF SUCH LEVEL. WITHIN THE LIMITATION ESTABLISHED  BY
THE  TOTAL  DEBT LIMIT OF THE STATE, THE DEBT AFFORDABILITY LEVEL OF THE
STATE SHALL BE BASED UPON THE COUNCIL'S EVALUATION OF THE  TOTAL  AMOUNT
OF ADDITIONAL DEBT THAT MAY BE INCURRED AND THE TOTAL DEBT SERVICE OBLI-
GATIONS AND RELATED PAYMENTS THAT MAY BE UNDERTAKEN BY THE STATE WITHOUT
OVERBURDENING  PRESENT  OR  FUTURE  GENERATIONS, TAKING INTO ACCOUNT THE
CURRENT AND EXPECTED REVENUES AND EXPENSES OF THE STATE, THE CURRENT AND
EXPECTED TRENDS AFFECTING THE ECONOMY  OF  THE  STATE,  AND  SUCH  OTHER
FACTORS AS THE BOARD DEEMS RELEVANT. IN ADDITION TO THE DEBT AFFORDABIL-
ITY LEVEL OF THE STATE FOR THE NEXT FISCAL YEAR, THE COUNCIL'S REPORT TO
THE  LEGISLATURE  AND ANNOUNCEMENT TO THE PUBLIC SHALL INCLUDE THE COUN-

S. 7543                             8

CIL'S FORECAST OF THE DEBT AFFORDABILITY LEVELS  EXPECTED  FOR  THE  TWO
SUCCEEDING  FISCAL  YEARS.    FOLLOWING THE COUNCIL'S ESTABLISHMENT OF A
DEBT AFFORDABILITY LEVEL OF THE STATE FOR A FISCAL YEAR, THERE SHALL  BE
NO  CHANGE IN SUCH LEVEL (OTHER THAN A DEBT AFFORDABILITY LEVEL FORECAST
FOR A FISCAL YEAR AFTER THE NEXT FISCAL YEAR) EXCEPT WITH THE  UNANIMOUS
APPROVAL OF THE MEMBERS OF THE COUNCIL; AND
  (B)  PUBLICLY  PROVIDE  AN  ANNUAL  DETAILED  REPORTING OF CURRENT AND
PROJECTED STATE-FUNDED DEBT LEVELS AND OTHER  FACTORS  THAT  AFFECT  THE
COST OF STATE-FUNDED DEBT.
  2.  THE  COUNCIL  SHALL  MAKE  RECOMMENDATIONS TO THE GOVERNOR AND THE
LEGISLATURE OF POLICIES TO GOVERN THE ISSUANCE OF ALL STATE-FUNDED  DEBT
AND OTHER CAPITAL FINANCING MATTERS.
  3.  THE  COUNCIL SHALL MAINTAIN AND POST ON THE COMPTROLLER'S PUBLICLY
AVAILABLE INTERNET WEBSITE A LISTING OF ALL  BONDS  ISSUED  PURSUANT  TO
SECTION  SIXTY-SEVEN-A  OF  THIS  ARTICLE.  INFORMATION ON NEW ISSUANCES
SHALL BE ADDED TO THE LISTING ON AN ONGOING BASIS AS  SOON  AS  POSSIBLE
AFTER  THE  DATE  ON  WHICH THE BONDS ARE SOLD, BUT NO LATER THAN THIRTY
DAYS AFTER SUCH DATE. SUCH LISTING SHALL INCLUDE, BUT NOT BE LIMITED TO,
THE FOLLOWING ITEMS:
  (A) A GENERAL DESCRIPTION OF THE BOND CONSISTING OF:
  (I) THE NAME OF THE SERIES;
  (II) SOURCES AND USES OF THE SERIES; AND
  (III) PROJECTED PAYMENTS OF PRINCIPAL AND INTEREST;
  (B) AN ELECTRONIC COPY OF THE OFFICIAL STATEMENT OF THE BOND ISSUE;
  (C) OTHER INFORMATION USED BY THE DEBT PLANNING COUNCIL  TO  ESTABLISH
ANNUAL  DEBT AFFORDABILITY LEVELS INCLUDING, BUT NOT LIMITED TO ECONOMIC
AND BUDGET FORECASTS; AND
  (D) ANNUAL DEBT AFFORDABILITY STUDIES AND  REPORTING  OF  CURRENT  AND
PROJECTED STATE-FUNDED DEBT LEVELS AND DEBT SERVICE REQUIREMENTS.
  S  2.  Paragraph i of subdivision 3 of section 22 of the state finance
law, as amended by chapter 1 of the laws of 2007, is amended to read  as
follows:
  i.  A  statement  setting  forth state involvement in the fiscal oper-
ations of those public authorities and public benefit corporations which
may be part of the development of a comprehensive  state  budget  system
and  provided therefor in the state financial plan. Such statement shall
include those public authorities and public  benefit  corporations  with
disbursements  which  are  not  currently reflected in the state central
accounting system from proceeds of any notes  or  bonds  issued  by  any
public  authority,  and  which  bonds  or  notes  would be considered as
[state-supported] STATE-FUNDED debt as defined in section  sixty-seven-a
of this chapter. Such statement shall set forth the amount of all of the
bonds,  notes  and  other  obligations  of each public authority, public
benefit corporation and all other agencies and instrumentalities of  the
state  for which the full faith and credit of the state has been pledged
or on account of which the state has by law given its pledge  or  assur-
ance  for  the continued operation and solvency of the authority, public
corporation, or other agency or instrumentality of  the  state,  as  the
case  may be. Such statement shall also set forth all proposed appropri-
ations to be made to any public authority, public  benefit  corporation,
and  any  other  agency  or  instrumentality of the state which has been
created or continued by law and which is separate and distinct from  the
state itself.
  S  3. Paragraph b of subdivision 15 of section 22 of the state finance
law, as added by chapter 1 of the laws of 2007, is amended  to  read  as
follows:

S. 7543                             9

  b.  The  capital  program  and  financing  plan  submitted pursuant to
section twenty-two-c of this article, and the  update  thereto  required
pursuant to section twenty-three of this article, shall include a report
on  the  management  of [state-supported] STATE-FUNDED debt. Such report
may include, but is not limited to: (1) an assessment of the affordabil-
ity  of state debt, including debt as a percent of personal income, debt
per capita, and debt service costs as a percent of  the  budget;  (2)  a
summary  and analysis of the interest rate exchange agreements and vari-
able rate exposure; and (3) an  assessment  of  financing  opportunities
related to the state's debt portfolio.
  S  4.  The  opening  paragraph and paragraph (f) of subdivision 1, and
subparagraphs (iv), (v), (vi), (vii) and  (viii)  of  paragraph  (c)  of
subdivision  3  of  section 22-c of the state finance law, as amended by
section 3 of part F of chapter 389 of the laws of 1997, are  amended  to
read as follows:
  The  governor  shall  annually  submit  to  the  legislature a capital
program and financing plan concurrent  with  the  executive  budget,  in
addition to the information required by section twenty-two of this arti-
cle.  The  plan  shall contain a comprehensive assessment of the capital
assets and program needs of all state agencies, a review and analysis of
how such requirements would be financed, an analysis of the affordabili-
ty of [state-supported] STATE-FUNDED debt, and an analysis of all  costs
related to the financing of such plan.
  (f)  "[State-supported]  STATE-FUNDED  debt"  shall [mean any bonds or
notes issued by the state or a state public corporation  for  which  the
state is constitutionally obligated to pay debt service or is contractu-
ally  obligated  to pay debt service subject to an appropriation, except
where the state has a contingent contractual obligation] HAVE  THE  SAME
MEANING AS SET FORTH IN SECTION SIXTY-SEVEN-A OF THIS CHAPTER.
  (iv)  schedules of the projected annual [state-supported] STATE-FUNDED
bond issuances, proposed for each capital program, by agency, by issuer,
and an analysis of existing debt authorizations and  the  need  for  any
additional authorizations;
  (v) schedules of projected outstanding bonds, including retirements by
year identified separately for [state-supported] STATE-FUNDED bond issu-
ances by issuer, and by capital program by agency, where practicable;
  (vi)  schedules  of the projected personal income of the state and the
projected ratio of outstanding [state-supported] STATE-FUNDED  bonds  to
personal income;
  (vii)  schedules  of  projected  [state-supported]  STATE-FUNDED  debt
service costs by issuer, and by capital program by agency, where practi-
cable; and
  (viii) an analysis of trends in municipal bond interest rates  and  an
explanation  of  the  interest rate assumptions, timing of principal and
interest payments, and the timing and size of projected  [state-support-
ed] STATE-FUNDED bond sales used in the debt service projections.
  S  5. Subdivision 4 of section 23 of the state finance law, as amended
by chapter 1 of the laws of 2007, is amended to read as follows:
  4. Financial plan updates. Quarterly, throughout the fiscal year,  the
governor  shall  submit  to  the  comptroller,  the chairs of the senate
finance and the assembly ways and means committees, within  thirty  days
of  the  close  of the quarter to which it shall pertain, a report which
summarizes the actual experience to date and projections for the remain-
ing quarters of the current fiscal year and for each  of  the  next  two
fiscal  years of receipts, disbursements, tax refunds, and repayments of
advances presented in forms suitable for comparison with  the  financial

S. 7543                            10

plan  submitted pursuant to subdivisions one, four, and five, of section
twenty-two of this article and revised in accordance with the provisions
of subdivision three of this section. The governor shall submit with the
budget  a similar report that summarizes revenue and expenditure experi-
ence to date in a form suitable for comparison with the  financial  plan
submitted  pursuant  to  subdivision  two  of section twenty-two of this
article and revised in accordance with  the  provisions  of  subdivision
three  of this section. Such reports shall provide an explanation of the
causes of any major deviations from the  revised  financial  plans  and,
shall  provide  for  the amendment of the plan or plans to reflect those
deviations.  The governor may, if he determines  it  advisable,  provide
more  frequent reports to the legislature regarding actual experience as
compared to the financial plans. The  quarterly  financial  plan  update
most  proximate  to  October thirty-first of each year shall include the
calculation of the limitations  on  the  issuance  of  [state-supported]
STATE-FUNDED  debt  computed pursuant to the provisions of [subdivisions
one and two of] section sixty-seven-b of this chapter.
  S 6. Subdivision 2 of section  68-a  of  the  state  finance  law,  as
amended  by  section  36 of part U of chapter 59 of the laws of 2012, is
amended to read as follows:
  2. "Authorized purpose" for purposes of this article and section nine-
ty-two-z of this chapter shall mean any  [purposes]  PURPOSE  for  which
[state-supported] STATE-FUNDED debt, as defined by section sixty-seven-a
of  this chapter, may or has been issued except debt for which the state
is constitutionally obligated thereunder to pay debt service and related
expenses, and except (a) as authorized in paragraph (b)  of  subdivision
one  of section three hundred eighty-five of the public authorities law,
(b) as authorized for the department of health of the state of New  York
facilities  as  specified  in  paragraph a of subdivision two of section
sixteen hundred eighty of the public authorities law, (c) state  univer-
sity  of New York dormitory facilities as specified in subdivision eight
of section sixteen hundred seventy-eight of the public authorities  law,
and  (d)  as authorized for mental health services facilities by section
nine-a of section one of chapter three hundred ninety-two of the laws of
nineteen hundred seventy-three constituting the New York  state  medical
care  facilities financing act. Notwithstanding the provisions of clause
(d) of this subdivision, for the period April first, two  thousand  nine
through   March  thirty-first,  two  thousand  thirteen,  mental  health
services facilities, as authorized by section nine-a of section  one  of
chapter  three hundred ninety-two of the laws of nineteen hundred seven-
ty-three constituting the New York state medical care facilities financ-
ing act, shall constitute an authorized purpose.
  S 7. Section 69-a of the state finance law, as added by section 38  of
part  K  of  chapter 81 of the laws of 2002, subdivision 6 as amended by
section 9 of part A of chapter 63 of the laws of 2005 and subdivision  7
as amended by section 35 of part T of chapter 57 of the laws of 2007, is
amended to read as follows:
  S  69-a.  Definitions.  As used throughout this article, the following
terms shall have the following meanings:
  1. "Variable rate bonds" shall mean any [State-supported] STATE-FUNDED
debt which bears interest at a rate or rates which varies from  time  to
time.
  2.  "Interest rate exchange or similar agreement" shall mean a written
contract entered into in connection with the issuance of [State-support-
ed] STATE-FUNDED debt, or  in  connection  with  such  [State-supported]
STATE-FUNDED  debt  already  outstanding, with a counterparty to provide

S. 7543                            11

for an exchange of payments based upon fixed  and/or  variable  interest
rates,  and  shall  be for exchanges in currency of the United States of
America only.
  3.  "[State-supported] STATE-FUNDED debt" shall mean all debt included
in subdivision [one] THREE of section sixty-seven-a of this chapter.
  4. "Authorized issuer" shall mean the state or any state public corpo-
ration which is authorized to issue [State-supported] STATE-FUNDED debt.
  5. "Governing board" shall mean, for  each  state  public  corporation
which  is  authorized  to issue [State-supported] STATE-FUNDED debt, its
board of directors or, in the absence of a board of directors, its other
appropriate supervising body and, in relation  to  state  general  obli-
gation debt, the state comptroller.
  6.  "Variable  rate  debt instruments" shall mean, for any calculation
purpose,  (i)  variable  rate  bonds  or  (ii)   any   [state-supported]
STATE-FUNDED  debt  and related interest rate exchange or similar agree-
ments which, when considered together, result in  an  authorized  issuer
effectively paying interest at a rate or rates which varies from time to
time,  but shall not include any variable rate bonds, or any [state-sup-
ported] STATE-FUNDED debt considered together with related interest rate
exchange or similar agreements issued on or before July first, two thou-
sand five, during any period that such instrument or instruments provide
for payment by the authorized issuer of a fixed rate throughout the then
current fiscal year of the state.
  7. "Excluded agreements" shall  mean  the  total  notional  amount  of
interest  rate  exchange  or  similar  agreements  entered  into for the
purpose of reducing or eliminating a situation of risk or exposure under
an existing interest rate exchange or similar agreement, including,  but
not  limited  to  a  counterparty downgrade, default, or other actual or
potential economic loss; provided, however, that for agreements  entered
into  on and after April first, two thousand seven "excluded agreements"
shall mean the total notional amount of interest rate exchange or  simi-
lar agreements entered into for the purpose of reducing or eliminating a
situation  of  imminent risk under an existing interest rate exchange or
similar agreement, including, but not limited to  a  counterparty  down-
grade, default, or other actual or imminent economic loss.
  S 8. Section 69-b of the state finance law, as amended by section 57-d
of  part  BB  of  chapter  58 of the laws of 2011, is amended to read as
follows:
  S 69-b. Limitation on amount of variable rate debt instruments. As  of
the  initial date of each issuance of variable rate bonds or the date of
entering into any other variable rate  debt  instruments,  or  for  debt
issued on or before July first, two thousand five upon conversion of any
[state-supported]  STATE-FUNDED  debt to variable rate debt instruments,
the total of the principal and notional amounts of  such  variable  rate
debt  instruments  outstanding  and in effect shall not exceed an amount
equal to fifteen percent of the total principal  amount  of  [state-sup-
ported] STATE-FUNDED debt outstanding.
  S  9.  The opening paragraph of section 69-c of the state finance law,
as amended by section 35 of part PP of chapter 56 of the laws  of  2009,
is amended to read as follows:
  Notwithstanding  any  other  provision  of  law  to  the contrary, any
[State-supported] STATE-FUNDED debt  may  be  issued  as  variable  rate
bonds.
  S  10.  The  opening  paragraph  and paragraph (d) of subdivision 1 of
section 69-d of the state finance law, as amended by section 33 of  part
P2 of chapter 62 of the laws of 2003, are amended to read as follows:

S. 7543                            12

  In  connection  with  the  issuance  of [State-supported] STATE-FUNDED
debt, or in connection with  such  [State-supported]  STATE-FUNDED  debt
already outstanding, an authorized issuer shall have the power to:
  (d)  the  state,  acting  through  the director of the budget or other
state officials who are so authorized by applicable law with respect  to
such  bonds,  notes  or  other  obligations, shall also be authorized to
enter into or amend agreements related to such [State-supported]  STATE-
FUNDED  debt  to  provide for payment, subject to appropriation, to such
authorized issuer of any amounts required to be paid by such  authorized
issuer under any such interest rate exchange or similar agreement;
  S  11.  Paragraphs (c) and (d) of subdivision 2 of section 69-d of the
state finance law, paragraph (c) as amended by section 57-e of  part  BB
of  chapter 58 of the laws of 2011 and paragraph (d) as added by section
38 of part K of chapter 81 of the laws of 2002, are amended to  read  as
follows:
  (c) the total notional amount of all interest rate exchange or similar
agreements  for  all authorized issuers to be in effect shall not exceed
an amount equal to fifteen percent of the total  amount  of  [state-sup-
ported] STATE-FUNDED debt outstanding as of the initial date of entering
into  each  new  agreement;  provided, however, that such total notional
amount shall not include any excluded agreements.
  (d) no interest rate exchange or similar agreement shall have a  matu-
rity exceeding the maturity of the related [State-supported] STATE-FUND-
ED debt;
  S 12. Section 69-e of the state finance law, as added by section 38 of
part K of chapter 81 of the laws of 2002, is amended to read as follows:
  S  69-e.  Applicability. Nothing in this article shall be construed as
to apply to or limit any debt obligation or related  instrument  of  the
state,  state  public  corporations,  or  any other issuers except those
obligations or instruments which  are  or  relate  to  [State-supported]
STATE-FUNDED debt.
  S  13.  Paragraph  (a) of subdivision 3 of section 97-rrr of the state
finance law, as amended by section 45 of part H of  chapter  56  of  the
laws of 2000, is amended to read as follows:
  (a)  for  the  payment of principal, interest, and related expenses on
general obligation bonds, lease purchase payments, or special contractu-
al obligation payments, or for the purposes  of  retiring  or  defeasing
bonds previously issued, including any accrued interest thereon, for any
[state-supported] STATE-FUNDED bonding program or programs, and;
  S  14.  Subdivision  2 of section 50 of the public authorities law, as
amended by chapter 838 of the laws  of  1983,  is  amended  to  read  as
follows:
  2.  The  membership  of  the board shall consist of [five] SIX persons
appointed by the governor AND ONE UPON THE RECOMMENDATION  OF  THE  DEBT
PLANNING  COUNCIL  ESTABLISHED  IN  SECTION  SIXTY-SEVEN-H  OF THE STATE
FINANCE LAW, of which one shall be upon the recommendation of the tempo-
rary president of the senate, one upon the recommendation of the speaker
of the assembly, one upon the recommendation of the minority  leader  of
the senate and one upon the recommendation of the minority leader of the
assembly.  The members appointed by the governor upon the recommendation
of the minority leader of the senate and  the  minority  leader  of  the
assembly  shall  be  non-voting  members whose comments shall be entered
upon any official record of board proceedings  in  the  same  manner  as
voting  members'  comments,  unless  objection  is  raised by any of the
voting members in which case, notwithstanding any provision  of  law  to
the  contrary,  such  comments  by  non-voting  members  shall not be so

S. 7543                            13

entered. The term of the members first appointed  shall  continue  until
January  thirty-first,  nineteen  hundred seventy-seven, except that the
term of the members first appointed  upon  the  recommendations  of  the
minority  leader  of  the senate and the minority leader of the assembly
shall continue until January thirty-first, nineteen hundred eighty-four,
and thereafter their successors shall serve  for  a  term  of  one  year
ending  on January thirty-first in each year. Upon recommendation of the
nominating party, the governor may replace any member in accordance with
the provision contained herein  for  the  appointment  of  members.  The
governor  shall  designate  one of the members to serve as chairman. The
board shall act by unanimous vote of the voting members  of  the  board.
Any  determination  of  the  board shall be evidenced by a certification
thereof executed by all the voting members. Each  member  of  the  board
shall  be  entitled  to designate a representative to attend meetings of
the board in his place, and to vote or otherwise act on  his  behalf  in
his absence. Notice of such designation shall be furnished in writing to
the board by the designating member. A representative shall serve at the
pleasure of the designating member during the member's term of office. A
representative  shall not be authorized to delegate any of his duties or
functions to any other person.
  S 15. Subdivision 1 of section 51 of the public  authorities  law,  as
added  by chapter 838 of the laws of 1983, paragraph k as added by chap-
ter 506 of the laws of 1995, paragraph l as added by chapter 468 of  the
laws  of  2004,  paragraph m as added by section 10 of part E of chapter
494 of the laws of 2009 and paragraph n as added by chapter 533  of  the
laws of 2010, is amended to read as follows:
  1.  [The] SUBJECT TO (A) THE COMPTROLLER'S CONSTITUTIONAL AUTHORITY TO
SUPERVISE THE ACCOUNTS OF  PUBLIC  AUTHORITIES,  (B)  THE  COMPTROLLER'S
STATUTORY  AUTHORITY  TO  APPROVE THE TERMS AND CONDITIONS OF DEBT OBLI-
GATIONS ISSUED BY PUBLIC  AUTHORITIES,  AND  (C)  THE  POLICY  STANDARDS
RECOMMENDED BY THE DEBT POLICY COUNCIL PURSUANT TO SECTION SIXTY-SEVEN-G
OF  THE  STATE FINANCE LAW IN RELATION TO PUBLIC AUTHORITY DEBT, THE New
York state public authorities control board shall have the power and  it
shall  be its duty to receive applications for approval of the financing
and construction of any project proposed by any of the  following  state
public benefit corporations:
  a. New York state environmental facilities corporation
  b. New York state housing finance agency
  c. New York state medical care facilities finance agency
  d. Dormitory authority
  e. New York state urban development corporation
  f. Job development authority
  g. Battery park city authority
  h. New York state project finance agency
  i. State of New York mortgage agency
  j. New York state energy research and development authority
  k. Long Island Power Authority
  l. Albany Convention Center Authority
  m.  State  of  New  York  Municipal  Bond Bank Agency for bonds issued
pursuant to section two thousand four hundred thirty-six-b of this chap-
ter
  n. North Country Power Authority
  o. Any other state authority.
Any application made concerning  a  project  shall  include  the  terms,
conditions and dates of the repayment of state appropriations authorized
by  law  pursuant to a repayment agreement, AND A CURRENT LISTING OF ALL

S. 7543                            14

OUTSTANDING DEBT AND DEBT SERVICE  OBLIGATIONS  OF  THE  APPLICANT.  Any
subsidiary  of,  or corporation with the same members or directors as, a
public benefit corporation subject to the  provisions  of  this  section
shall  also  be  subject to the provisions of this section. All applica-
tions and submissions to the board required to be made by  a  subsidiary
shall  be made on behalf of such subsidiary by the public benefit corpo-
ration which created  the  subsidiary.  No  public  benefit  corporation
subject  to  the  provisions  of this section shall make any commitment,
enter into any agreement or incur any indebtedness for  the  purpose  of
acquiring,  constructing, or financing any project unless prior approval
has been received from the board by such public benefit  corporation  as
provided herein.
  S  16. Section 51 of the public authorities law is amended by adding a
new subdivision 6 to read as follows:
  6. NOT LATER THAN NINETY DAYS AFTER THE END OF EACH FISCAL  YEAR,  THE
BOARD SHALL SUBMIT TO THE GOVERNOR, THE COMPTROLLER, THE TEMPORARY PRES-
IDENT  AND  THE  MINORITY  LEADER OF THE SENATE, AND THE SPEAKER AND THE
MINORITY LEADER OF THE ASSEMBLY, AN ANNUAL REPORT DETAILING:
  (A) THE AGGREGATE AMOUNT OF DEBT APPROVED BY  THE  BOARD  DURING  SUCH
FISCAL YEAR;
  (B)  A  LIST OF THE INDIVIDUAL PROJECTS APPROVED BY THE BOARD FOR EACH
PUBLIC AUTHORITY DURING SUCH FISCAL YEAR; AND
  (C) THE TOTAL AMOUNT OF NEW DEBT OBLIGATIONS THE  BOARD  HAS  APPROVED
DURING SUCH FISCAL YEAR FOR ISSUANCE BY EACH PUBLIC AUTHORITY. THE BOARD
SHALL PUBLISH SUCH REPORT BY POSTING SUCH REPORT ON THE BOARD'S INTERNET
WEBSITE.  EACH  SUCH REPORT POSTED ON THE BOARD'S INTERNET WEBSITE SHALL
BE MAINTAINED ON SUCH WEBSITE FOR AT LEAST TWELVE MONTHS  OR  UNTIL  THE
NEXT  SUCH  REPORT  IS  POSTED  ON SUCH WEBSITE, WHICHEVER IS LATER. THE
BOARD SHALL ISSUE A NEWS RELEASE ANNOUNCING SUCH REPORT TO NEWSPAPERS OF
GENERAL CIRCULATION AND RADIO AND TELEVISION  NEWS  BUREAUS  WITHIN  THE
STATE.
  S  17. This act shall take effect immediately, provided, however, that
section 67-c of the state finance law, as added by section one  of  this
act,  shall  expire  and  be  deemed  repealed March 31, 2021; provided,
further, however, that subdivisions 3 and 6 of section 67-d of the state
finance law, as added by section one of this act, shall take  effect  on
the  same  date as the amendments to article 7 of the state constitution
relating to the authorization of multiple general  obligation  issuances
and  revenue  backed bonds on the ballot and restricting the use of debt
to capital purposes with strict limitations on exceptions  for  specific
purposes,  as  proposed  in  a  concurrent  resolution of the Senate and
Assembly entitled "CONCURRENT RESOLUTION  OF  THE  SENATE  AND  ASSEMBLY
proposing  amendments  to  article 7 of the constitution, in relation to
authorization of debt in times of public emergency, a limit on the total
amount of state-funded debt, and the refunding of  state  debts",  takes
effect.

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