senate Bill S2776

2013-2014 Legislative Session

Relates to limitations on state-funded debt; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to finance
Jan 23, 2013 referred to finance

S2776 - Details

Law Section:
State Finance Law
Laws Affected:
Rpld & add Art 5-B §§67-a - 67-h, amd St Fin L, generally; amd §§50 & 51, Pub Auth L
Versions Introduced in 2011-2012 Legislative Session:
S7543

S2776 - Summary

Enacts provisions relating to limitations on state funded debt.

S2776 - Sponsor Memo

S2776 - Bill Text download pdf

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

                                  2776

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 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 and the public authorities law, in
  relation to limitations on state-funded debt; to repeal article 5-B of
  the state finance law relating to limitations on state-supported debt;
  and providing for the repeal of  certain  provisions  upon  expiration
  thereof

  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  Article 5-B of the state finance law is REPEALED and a new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
                    LIMITATIONS ON STATE-FUNDED DEBT
SECTION 67-A. DEFINITIONS.
        67-B. DUTIES WITH RESPECT TO STATE-FUNDED DEBT.
        67-C. LIMITATIONS ON THE ISSUANCE OF STATE-SUPPORTED DEBT.
        67-D. LIMITATIONS ON STATE-FUNDED DEBT.
        67-E. PROHIBITION OF CONTINGENT OBLIGATION DEBT.
        67-F. USE OF SURPLUS MONEYS.
        67-G. NEW YORK STATE DEBT PLANNING COUNCIL; CREATION; PROCEDURE.
        67-H. POWERS AND DUTIES OF THE DEBT PLANNING COUNCIL.
  S 67-A. DEFINITIONS. AS USED IN THIS ARTICLE  AND  ARTICLE  FIVE-C  OF
THIS CHAPTER THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  1.  "STATE  DEBT"  SHALL  MEAN ALL BONDS, BOND ANTICIPATION NOTES, AND
REVENUE DEBT ISSUED BY THE COMPTROLLER PURSUANT TO ARTICLE FIVE OF  THIS
CHAPTER.
  2.  "STATE-BACKED  DEBT" SHALL MEAN ANY DEBT OR OBLIGATION, OTHER THAN
STATE DEBT, THAT IS SUPPORTED IN WHOLE  OR  IN  PART  BY  ANY  FINANCING
ARRANGEMENT  WHEREBY THE STATE AGREES OR HAS IN THE PAST AGREED, WHETHER
BY LAW, CONTRACT OR OTHERWISE, TO MAKE  PAYMENTS  WHICH  WILL  BE  USED,
DIRECTLY  OR  INDIRECTLY,  FOR  THE  PAYMENT  OF  PRINCIPAL, INTEREST OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05273-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.