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

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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to finance
Jan 05, 2011 referred to finance

S982 - 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 - 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

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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