Senate Bill S2127

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

    S. 2127                                                  A. 3045

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 21, 2015
                               ___________

IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Elections

IN ASSEMBLY -- Introduced by M. of A. TEDISCO,  BARCLAY,  RAIA,  FITZPA-
  TRICK  --  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02615-01-5
              

S. 2127                             2                            A. 3045

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
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.