S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2250
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
   on Cities
 
 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 2017  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, 2017
 
   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 2017 is enacted to read
 as follows:
                    URBAN RESTORATION BOND ACT OF 2017
 Section 1. Short title.
         2. Creation of a state debt.
         3. Bonds of the state.
         4. Use of moneys received.
   § 1. Short title. This act shall be known and  may  be  cited  as  the
 "urban restoration bond act of 2017".
   §  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07727-01-7
              

 A. 2250                             2
 
 disbursed for the cost of approved capital projects undertaken by, or on
 behalf of, cities for such purposes.
   §  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.
   § 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.
   § 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 2017 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 2017, as set forth in  section  one  of  chapter  (here
 insert  the  chapter number) of the laws of 2017, 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 2017 be approved?".