S T A T E O F N E W Y O R K
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5467--A
2017-2018 Regular Sessions
I N A S S E M B L Y
February 9, 2017
___________
Introduced by M. of A. ENGLEBRIGHT, GOTTFRIED, GALEF, THIELE, LAVINE,
HOOPER, BRAUNSTEIN, GUNTHER, MOSLEY, JAFFEE, HEVESI, LIFTON, D'URSO,
NIOU, PEOPLES-STOKES, ZEBROWSKI, COOK, HUNTER, ABINANTI, SIMON,
GJONAJ, HYNDMAN, JONES, BLAKE, RIVERA, GLICK, ORTIZ, JEAN-PIERRE,
HARRIS, STECK, JENNE, SANTABARBARA, AUBRY, SKARTADOS, RAIA -- Multi-
Sponsored by -- M. of A. CARROLL, LENTOL, NOLAN -- read once and
referred to the Committee on Environmental Conservation -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to authorize the creation of a state debt in the amount of five
billion dollars, in relation to creating the "clean water bond act of
2018" to provide moneys for the preservation, enhancement, restoration
and improvement of the quality of the state's water through the fund-
ing of certain projects and activities; 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, two thou-
sand eighteen
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The clean water bond act of 2018 is enacted to read as
follows:
CLEAN WATER BOND ACT OF 2018
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
"clean water bond act of 2018".
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09318-07-7
A. 5467--A 2
§ 2. Creation of a state debt. The creation of a state debt to an
amount not exceeding in the aggregate five billion dollars
($5,000,000,000), is hereby authorized to provide moneys for the single
purpose of preserving, enhancing, restoring and improving the quality of
the state's water by the accomplishment of projects and the funding of
activities by state agencies, public authorities and public benefit
corporations, municipalities, and other governmental entities and not-
for-profit corporations for and related to protecting, improving and
enhancing the quality of drinking water and enhancement of water bodies;
by providing funds for water quality related research and development;
for repairing, replacing and updating municipal wastewater, stormwater
and drinking water infrastructure; and for restoring and improving
contaminated areas and returning those to productive use; for improving
environmental health.
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 section three of this act, moneys disbursed
or to be disbursed for state programs or state assistance payments
toward the cost of such programs undertaken by or through a state or
local public authority or public benefit corporation, not-for-profit
corporation, county, city, town, village, school district, supervisory
district, district corporation, improvement district within a county,
city, town, village, or Indian tribe residing in whole or in part within
the state, or any combination thereof, for the purpose of preserving,
enhancing, restoring and improving the quality of the state's environ-
ment and natural resources. Provided however, that funds expended from
moneys derived from the sale of bonds authorized in section three of
this act that are later recovered under a state or federal superfund or
through other means from polluters shall be repaid to satisfy any state
debt created pursuant to this act.
§ 3. Bonds of the state. The state comptroller is hereby authorized
and empowered to issue and sell bonds of the state to the amount of five
billion dollars ($5,000,000,000), 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 five
billion dollars ($5,000,000,000), 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 five billion
dollars ($5,000,000,000), 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. Any funds expended from moneys derived from the sale
of bonds pursuant to this section that are subsequently recovered under
state or federal superfund or other methods from polluters shall be used
to repay the bonds.
§ 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 to further fund the clean water infrastructure act of
2017 including, but not limited to, funds for the water infrastructure
improvement act of 2017, water quality improvement projects, source
water protection, septic system replacement and mitigation of water
systems to reduce exposure to emerging contaminants.
§ 2. This act shall not take effect unless and until it shall have
been submitted to the people at the general election to be held in
A. 5467--A 3
November, and shall have received a majority of all votes cast for and
against it at such election. Upon approval by the people, this act shall
take effect immediately.
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, "Shall chapter (here insert
the number of the chapter) of the laws of 2018, known as the clean water
bond act of 2018, authorizing the creation of a state debt in the amount
of five billion dollars ($5,000,000,000), to provide moneys for the
enhancing of drinking water quality, and the preservation and restora-
tion of the state's water resources be approved?".