S T A T E O F N E W Y O R K
________________________________________________________________________
6174
2013-2014 Regular Sessions
I N A S S E M B L Y
March 15, 2013
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Introduced by M. of A. TEDISCO, BARCLAY, RAIA, FITZPATRICK -- Multi-
Sponsored by -- M. of A. BUTLER, McKEVITT, OAKS, THIELE -- read once
and referred to the Committee on Ways and Means
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.
LBD07452-01-3
A. 6174 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.