S T A T E O F N E W Y O R K
I N S E N A T E
March 7, 2014
Introduced by Sen. VALESKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Infrastructure and Capital
AN ACT in relation to authorizing the creation of a state debt in the
amount of two billion dollars, in relation to creating the urban
restoration bond act of 2014 for the purposes of funding capital
projects to provide for improving the infrastructure of cities of this
state; and providing for the submission to the people of a proposition
or question therefor to be voted upon at the general election to be
held in November, 2014
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The urban restoration bond act of 2014 is enacted to read
URBAN RESTORATION BOND ACT OF 2014
Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Use of moneys received.
S 1. Short title. This act shall be known and may be cited as the
"urban restoration bond act of 2014".
S 2. Creation of a state debt. The creation of a state debt in an
amount not exceeding in the aggregate two billion dollars
($2,000,000,000) is hereby authorized to provide moneys for the single
purpose of improving the infrastructure of cities of this state by fund-
ing capital projects to repair, rehabilitate, construct, enhance, expand
and modernize transportation systems, roads, bridges, water supply
systems, drainage systems, and publicly owned storm and sanitary sewers.
The legislature may, by appropriate legislation and subject to such
conditions as it may impose, make available out of the proceeds of the
sale of bonds authorized in this act, moneys disbursed or to be
disbursed for the cost of approved capital projects undertaken by, or on
behalf of, cities for such purposes.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 6770 2
S 3. Bonds of the state. The state comptroller is hereby authorized
and empowered to issue and sell bonds of the state up to the aggregate
amount of two billion dollars ($2,000,000,000) for the purposes of this
act, subject to the provisions of article five of the state finance law.
The aggregate principal amount of such bonds shall not exceed two
billion dollars ($2,000,000,000) excluding bonds issued to refund or
otherwise repay bonds heretofore issued for such purpose; provided,
however, that upon any such refunding or repayment, the total aggregate
principal amount of outstanding bonds may be greater than two billion
dollars ($2,000,000,000) only if the present value of the aggregate debt
service of the refunding or repayment bonds to be issued shall not
exceed the present value of the aggregate debt service of the bonds to
be refunded or repaid. The method for calculating present value shall be
determined by law.
S 4. Use of moneys received. The moneys received by the state from the
sale of bonds sold pursuant to this act shall be expended pursuant to
appropriations for capital projects related to design, planning, site
acquisition, demolition, construction, reconstruction, rehabilitation,
or acquisition and/or installation of equipment for the following types
of projects: capital projects related to repairing, rehabilitating,
constructing, enhancing, expanding and modernizing transportation
systems, roads, bridges, water supply systems, drainage systems, and
publicly owned storm and sanitary sewers.
S 2. This act shall take effect immediately, provided that the
provisions of section one of this act shall not take effect unless and
until this act shall have been submitted to the people at the general
election to be held in November 2014 and shall have been approved by a
majority of all votes cast for and against it at such election. Upon
approval by the people, section one of this act shall take effect imme-
diately. The ballots to be furnished for the use of voters upon
submission of this act shall be in the form prescribed by the election
law and the proposition or question to be submitted shall be printed
thereon in substantially the following form, namely "The URBAN RESTORA-
TION BOND ACT OF 2014, as set forth in section one of chapter (here
insert the chapter number) of the laws of 2014, authorizes the sale of
state bonds of up to two billion dollars ($2,000,000,000) to provide for
improving the infrastructure of cities of this state. Shall the URBAN
RESTORATION BOND ACT OF 2014 be approved?".