senate Bill S1925

2013-2014 Legislative Session

Creates a debt management board; 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
Jan 08, 2014 referred to finance
Jan 09, 2013 referred to finance

S1925 - Details

Current Committee:
Law Section:
State Finance Law
Laws Affected:
Rpld & add Art 5-B §§67-a - 67-f, amd §§68-a, 68-c, 97-rrr & 24, St Fin L; amd §§51 & 365, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2392A
2009-2010: S521

S1925 - Summary

Creates a debt management board with authority to set a limit on state debt; authorizes the use of surplus moneys to reduce outstanding state debt; limits the amount of state debt that may be incurred; limits the debt of public authorities.

S1925 - Sponsor Memo

S1925 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1925

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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, in relation to the creation of  a
  debt  management  board,  using  surplus  moneys to reduce outstanding
  state funded debt and limiting the amount of state  funded  debt  that
  may  be  incurred; to amend the public authorities law, in relation to
  defining and listing public authorities, limiting the debt  of  public
  authorities,  the  approval by the comptroller of the terms and condi-
  tions of bonds or notes issued by public authorities, the  powers  and
  duties  of  the  public authorities control board, and the issuance of
  bonds and notes of the New York state thruway authority; and to repeal
  article 5-B of the state finance law relating to limitations on state-
  supported debt

  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
                          DEBT MANAGEMENT BOARD
                                   AND
                    LIMITATIONS ON STATE FUNDED DEBT
SECTION 67-A. DEFINITIONS.
        67-B. USE OF SURPLUS MONEYS TO REDUCE OUTSTANDING  STATE  FUNDED
                DEBT.
        67-C. NEW YORK STATE DEBT MANAGEMENT BOARD; CREATION; PROCEDURE.
        67-D. POWERS AND DUTIES OF THE BOARD.
        67-E. COMPTROLLER'S DUTIES WITH RESPECT TO BOARD.
        67-F. LIMITATIONS  ON  STATE  FUNDED DEBT AND STATE DEBT SERVICE
                PAYMENTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05274-01-3

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