S T A T E O F N E W Y O R K
________________________________________________________________________
2807
2017-2018 Regular Sessions
I N A S S E M B L Y
January 23, 2017
___________
Introduced by M. of A. LAVINE, SKOUFIS, RAIA, GUNTHER, SALADINO, TITUS,
MOSLEY, BENEDETTO, McDONOUGH -- Multi-Sponsored by -- M. of A. CAHILL,
PEOPLES-STOKES, RIVERA, TITONE -- read once and referred to the
Committee on Aging
AN ACT authorizing the creation of a state debt in the amount of one
billion dollars, in relation to enacting the Alzheimer's research bond
act of 2018 and providing for the submission to the people of a propo-
sition or question therefor to be voted upon at the general election
to be held in November, 2018
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The Alzheimer's research bond act of 2018 is enacted to
read as follows:
ALZHEIMER'S RESEARCH BOND ACT OF 2018
Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Consistency with federal tax law.
5. Use of moneys received.
Section 1. Short title. This act shall be known and may be cited as
the "Alzheimer's research bond act of 2018".
§ 2. Creation of a state debt. The creation of a state debt to an
amount not exceeding in the aggregate one billion dollars
($1,000,000,000) is hereby authorized to provide moneys for the single
purpose of funding research grants and financing collaborations related
to scientific research of Alzheimer's disease including causes, treat-
ment and clinical trials of medications.
The legislature shall, 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 state programs or state assistance payments toward the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04908-01-7
A. 2807 2
cost of such programs undertaken by or through a state or local agency,
not-for-profit entity, or higher educational institutions, for the
purpose of funding research for the causes and treatment of Alzheimer's
disease.
§ 3. Bonds of the state. The state comptroller is hereby authorized
and empowered to issue and sell bonds of the state in the amount of one
billion dollars ($1,000,000,000) for the purpose of this act, subject to
the provisions of article 5 of the state finance law. The aggregate
principal amount of such bonds shall not exceed one billion dollars
excluding bonds issued to refund or otherwise repay bonds theretofore
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 one billion dollars 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. Consistency with federal tax law. Bonds issued pursuant to this
act shall be issued as tax-exempt bonds for purposes of the federal
internal revenue code and regulations thereunder. All actions taken
pursuant to this act shall be reviewed for consistency with provisions
of the federal internal revenue code and regulations thereunder, in
accordance with procedures established in connection with the issuance
of any bonds pursuant to this act which are intended to be federally tax
exempt to preserve the federal tax exempt status of such bonds.
§ 5. 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 funding research grants and financing collaborations
related to scientific research of Alzheimer's disease including causes,
treatment and clinical trials of medications.
§ 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, 2018, and shall have received a majori-
ty of all votes cast for and against it at such election. Upon approval
by the people section one of this act shall take effect immediately. The
ballots to be furnished for the use of the voters upon the submission of
section one 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, "Shall section one
of chapter (here insert the number of the chapter) of the laws of 2018
known as the Alzheimer's research bond act of 2018, which provides fund-
ing for critical research into the causes and treatment of Alzheimer's
disease by authorizing the creation of state debt to provide moneys
therefor in the amount of one billion dollars ($1,000,000,000), be
approved?"