senate Bill S982

2011-2012 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 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
Jan 04, 2012 referred to finance
Jan 05, 2011 referred to finance

S982 - Bill Details

See Assembly Version of this Bill:
A1518
Current Committee:
Law Section:
Election Law
Laws Affected:
Add §7-112, amd §4-116, El L; add §6, St Fin L
Versions Introduced in 2009-2010 Legislative Session:
S1762, A10307

S982 - Bill Texts

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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.

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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
explaining the provisions of, any such ballot proposition shall
include the information on the amortization period and total amount
of debt.

EXISTING LAW:
Ballot propositions to incur state debt must currently
list only the principal amount of the proposed debt.

JUSTIFICATION:
Current law provides that ballot propositions must show
the principal amount of proposed debt. However, this is misleading,
since the actual taxpayer cost of any new debt will also include the
interest to be paid. On long term debt, interest payments can more
than double the principal amount. State publications often play an
important role in educating the public about ballot issues.
Accordingly, these should show the true total cost of any new debt.

FISCAL IMPLICATIONS:
None.

LEGISLATIVE HISTORY:
This legislation was passed by the Senate each year from 1993 to 2008.

EFFECTIVE DATE:
Immediately.

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                    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.
                                                           LBD01483-01-1

S. 982                              2

such submission will be made and the form in which it is to  be  submit-
ted.
  S  3.  The  state  finance law is amended by adding a new section 6 to
read as follows:
  S 6. STATE PUBLICATION CONCERNING PROPOSITION.  ANY  REPORT,  PUBLICA-
TION, PAMPHLET OR OTHER WRITTEN DOCUMENT PREPARED BY A STATE DEPARTMENT,
AGENCY,  AUTHORITY  OR  OTHER COMPONENT OR DIVISION OF STATE GOVERNMENT,
INTENDED FOR DISTRIBUTION TO THE PUBLIC, WHICH IS  INTENDED  TO  PROMOTE
AWARENESS OF OR EXPLAIN THE PROVISIONS CONTAINED IN, OR INCIDENTAL TO, A
DULY  CERTIFIED  PROPOSITION  TO  BE  CONTAINED  ON THE BALLOT AND TO BE
SUBMITTED TO THE VOTERS OF THE STATE WHICH PROPOSITION PROVIDES FOR  THE
CREATION OF A STATE DEBT SHALL CONTAIN THEREIN AN ESTIMATE OF THE ANTIC-
IPATED  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 SUCH DOCUMENT.
  S 4. This act shall take effect immediately.

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