|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to finance|
|Jan 05, 2011||referred to finance|
senate Bill S982
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S982 - Details
S982 - 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.
S982 - Sponsor Memo
BILL NUMBER:S982 TITLE OF BILL: An act to amend the election law and the state finance law, in relation to requiring proposition authorizing the creation of a state debt to contain an estimate of the debt service payable thereon and requiring publication of an explanation thereof PURPOSE: This bill would provide the voting public with more accurate information regarding the overall costs of any proposed bond acts by requiring that the ballot proposition include information on the length of the amortization period and the total expected debt service. SUMMARY OF PROVISIONS: Section one of the bill adds a new §7-112 to the Election Law to require that any ballot proposition creating a state debt shall contain an estimate of the length of the amortization period and the total expected debt service payments. Section two of the bill amends §4-116 of the Election Law to incorporate such reference in ballot publication requirements. Section three of the bill adds a new §6 to the State Finance Law to require that any state publications promoting awareness of, or
S982 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 982 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. FARLEY -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the election law and the state finance law, in relation to requiring proposition authorizing the creation of a state debt to contain an estimate of the debt service payable thereon and requiring publication of an explanation thereof 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 an abstract of such amendment or question, INCLUDING THE ESTIMATE OF THE AMORTIZATION PERIOD AND THE TOTAL ANTICIPATED DEBT SERVICE WHERE THE PROPOSITION AUTHORIZES THE CREATION OF A STATE DEBT, a brief statement of the law or proceedings authorizing such submission, a statement that EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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