S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7287
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 21, 2017
                                ___________
 
 Introduced  by M. of A. FARRELL -- (at request of the State Comptroller)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT in relation to enacting the New  York  state  fiscal  reform  and
   accountability  act;  to  amend  the  state finance law and the public
   authorities law, in relation to contents of the state budget  and  the
   capital  financing and program plan; to repeal section 49 of the state
   finance law, relating to the segregation of lump  sum  appropriations;
   and  to  amend  the  state  finance  law, in relation to the rainy day
   reserve fund (Part A); to amend the state finance law, in relation  to
   establishing  the  New York state capital asset/infrastructure council
   (Part B); to amend the state finance law, in relation  to  limitations
   on  state-funded  debt;  to repeal sections 67-a and 67-b of the state
   finance law, relating to  limitations  on  state-supported  debt;  and
   providing for the repeal of certain provisions upon expiration thereof
   (Part C)
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act enacts into law major  components  of  legislation
 which  are  necessary  to implement the New York state fiscal reform and
 accountability act. Each component is wholly  contained  within  a  Part
 identified  as Parts A through C. The effective date for each particular
 provision contained within such Part is set forth in the last section of
 such Part. Any provision in any section contained within a Part, includ-
 ing the effective date of the Part, which makes a reference to a section
 "of this act", when used in connection with that  particular  component,
 shall  be  deemed  to mean and refer to the corresponding section of the
 Part in which it is found. Section three of  this  act  sets  forth  the
 general effective date of this act.
   §  1-a.  Short title. This act shall be known and may be cited as "the
 New York state fiscal reform and accountability act".

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00039-02-7
              

 A. 7287                             2
 
                                  PART A
 
   Section  1.  Subdivision  5  of section 4 of the state finance law, as
 amended by section 16 of part PP of chapter 56 of the laws of  2009,  is
 amended to read as follows:
   5.  No  money  or  other  financial  resources shall be transferred or
 temporarily loaned from one fund to another OR, FROM A PUBLIC  AUTHORITY
 TO THE STATE, ANOTHER PUBLIC AUTHORITY OR ANY PRIVATE CORPORATION, with-
 out specific statutory authorization for such transfer or temporary loan
 AND ALL SUCH TRANSFER AUTHORIZATIONS MUST INCLUDE SPECIFIC AMOUNTS TO BE
 TRANSFERRED  AND IDENTIFICATION OF THE SPECIFIC FUND, ACCOUNT, OR PUBLIC
 AUTHORITY FROM WHICH MONEY OR OTHER FINANCIAL RESOURCES ARE TO BE TRANS-
 FERRED AND THE SPECIFIC FUND, ACCOUNT OR PUBLIC AUTHORITY TO WHICH MONEY
 OR OTHER FINANCIAL RESOURCES ARE TO BE TRANSFERRED, except that money or
 other financial resources of a fund may be  temporarily  loaned  to  the
 general  fund during the state fiscal year provided that such loan shall
 be repaid in full no later than (a) four months after it was made or (b)
 by the end of the same fiscal year in which it was made, whichever peri-
 od is shorter, so that an  accurate  accounting  and  reporting  of  the
 balance of financial resources in each fund may be made. The comptroller
 is  hereby authorized to temporarily loan money from the general fund or
 any other fund to the fund/accounts that are  authorized  to  receive  a
 loan. Such loans shall be limited to the amounts immediately required to
 meet  disbursements,  made  in  pursuance of an appropriation by law and
 authorized by a certificate of approval issued by the  director  of  the
 budget  with  copies thereof filed with the comptroller and the chair of
 the senate finance committee and the chair  of  the  assembly  ways  and
 means  committee.  The  director  of  the  budget shall not issue such a
 certificate unless he or she shall have determined that the  amounts  to
 be  so  loaned  are  receivable on account. When making loans, the comp-
 troller shall establish appropriate accounts and  if  the  loan  is  not
 repaid  by  the end of the month, provide on or before the fifteenth day
 of the following month to the director of the budget, the chair  of  the
 senate  finance  committee  and the chair of the assembly ways and means
 committee, an accurate accounting and report of the financial  resources
 of  each  such  fund  at  the  end of such month. Within ten days of the
 receipt of such accounting and reporting, the  director  of  the  budget
 shall  provide  the  comptroller  and  the  chair  of the senate finance
 committee and the chair of the assembly  ways  and  means  committee  an
 expected  schedule of repayment by fund and by source for each outstand-
 ing loan. Repayment shall be made by the comptroller from the first cash
 receipt of this fund.
   § 2. Paragraphs a and e and  subparagraph  (v)  of  paragraph  d-2  of
 subdivision  3  of  section  22 of the state finance law, paragraph a as
 amended by chapter 762 of the laws of  1992,  and  subparagraph  (v)  of
 paragraph  d-2  and  paragraph  e as amended by chapter 1 of the laws of
 2007, are amended to read as follows:
   a.  The  appropriations,  including  reappropriations,  made  for  the
 current fiscal year, the appropriations and reappropriations recommended
 for  the  ensuing  fiscal  year,  the disbursements estimated to be made
 before the close of the current fiscal year  and  proposed  to  be  made
 during  the  ensuing  fiscal  year  based upon available and recommended
 appropriations and reappropriations, AND FOR EACH ITEM OF  APPROPRIATION
 WHERE THE APPROPRIATION IS SUBJECT TO ALLOCATION BY MEANS OF (I) A MEMO-
 RANDUM OF UNDERSTANDING, (II) AN INTERCHANGE WITH ANOTHER ITEM OF APPRO-
 PRIATION,  (III)  TRANSFER  OR SUB-ALLOCATION TO ANOTHER AGENCY, OR (IV)

 A. 7287                             3
 
 ANY OTHER METHOD OF ALLOCATING  ANY  APPROPRIATION  OR  RE-APPROPRIATION
 INTO  SMALLER  SUMS, SHALL STATE SEPARATELY THE APPROPRIATION AMOUNT, BY
 PROGRAM, OBJECT AND PURPOSE, AND THE PROJECTED  DISBURSEMENT  LEVEL,  BY
 PROJECTED  RECIPIENT  AND AMOUNT OF EACH SMALLER SUM SUCH ITEM OF APPRO-
 PRIATION IS PROJECTED TO BE ALLOCATED. Disbursements proposed to be made
 shall be  shown  in  separate  parts  as  follows:  those  disbursements
 proposed  to  be made for state purposes shall be set forth in one part,
 those disbursements proposed to be made for local  assistance  shall  be
 set  forth  in  another  separate and distinct part, those disbursements
 proposed to be made for capital projects shall be set forth in  a  third
 separate  and  distinct part and those disbursements proposed to be made
 for debt service shall be set forth in a fourth  separate  and  distinct
 part. The effect of any proposed changes in the payment dates of partic-
 ular  disbursements  on  the financial plan presented in accordance with
 subdivision one of this section shall be set forth separately.
   (v) an itemized list of transfers to and from [the general fund]  EACH
 GOVERNMENTAL  FUND  AND  THE  EFFECT  OF  SUCH TRANSFERS ON PROGRAMS AND
 ACTIVITIES ASSOCIATED WITH THE FUNDS FROM WHICH MONEY OR OTHER FINANCIAL
 RESOURCES ARE TRANSFERRED.
   e. [The] FOR EACH FUND TYPE, THE anticipated [general fund]  quarterly
 schedule  and  fiscal year total for the prior, current and next ensuing
 THREE fiscal years of: disbursements; receipts; repayments of  advances;
 total  tax  refunds; and refunds for the tax imposed under article twen-
 ty-two of the tax law. Such information shall be presented in  the  same
 form  as the summary financial plans presented in accordance with subdi-
 visions one and two of this section. A  separate,  detailed,  report  of
 such schedule shall be provided with receipts shown by each major reven-
 ue  category,  including [detail for each major tax and major components
 of miscellaneous receipts, and with disbursements shown by  major  func-
 tion  or program] EACH INDIVIDUAL TAX, EACH INDIVIDUAL COMPONENT PART OF
 MISCELLANEOUS RECEIPTS, AND EACH REVENUE SOURCE WHICH  ACCOUNTS  FOR  AT
 LEAST  ONE-HALF OF ONE PERCENT OF ALL RECEIPTS WITHIN EACH FUND TYPE AND
 WITH DISBURSEMENTS SHOWN BY MAJOR AGENCY OR  MAJOR  SPENDING  ITEM.  The
 director  of the division of the budget shall submit concurrent with the
 submission of the financial plan to the legislature pursuant to subdivi-
 sion two of this section and  with  each  update  thereafter  a  revised
 monthly  general fund cash flow projection of receipts and disbursements
 for the current fiscal year that: (1) compares  actual  results  to  (i)
 actual  results  through the same period for the prior year and (ii) the
 most recent prior update to the financial plan and to the enacted budget
 financial plan; (2) summarizes the reasons for any  variances;  and  (3)
 describes the revisions to the cash flow projections. The monthly gener-
 al  fund cash flow projection shall be stated by major category of local
 assistance, personal service, nonpersonal service, general state  charg-
 es, and debt service, and by major category of revenue AND SHALL INCLUDE
 A SCHEDULE OF ACTUAL AND PLANNED DISBURSEMENTS BY MONTH, BY AGENCY, FUND
 TYPE,  AND  PROGRAM, STATING SEPARATELY AND DISTINCTLY VARIANCES BETWEEN
 ACTUAL AND PROJECTED FISCAL YEAR TO  DATE  DISBURSEMENTS  AND  PROJECTED
 DISBURSEMENTS  FOR THE REMAINING MONTHS OF THE FISCAL YEAR. Such reports
 shall utilize a format that shall  facilitate  comparison  and  analysis
 with  those  reports submitted to the legislature by the office of audit
 and control pursuant to subdivision nine of section eight of this  chap-
 ter.
   §  3. Subdivision 4 of section 23 of the state finance law, as amended
 by chapter 1 of the laws of 2007, is amended to read as follows:

 A. 7287                             4

   4. Financial plan updates. Quarterly, throughout the fiscal year,  the
 governor  shall  submit  to  the  comptroller,  the chairs of the senate
 finance and the assembly ways and means committees, within  thirty  days
 of  the  close  of the quarter to which it shall pertain, a report which
 summarizes the actual experience to date and projections for the remain-
 ing  quarters  of  the  current fiscal year and for each of the next two
 fiscal years of receipts, disbursements, tax refunds, and repayments  of
 advances  presented  in forms suitable for comparison with the financial
 plan submitted pursuant to subdivisions one, four, and five, of  section
 twenty-two  of  this  article  INCLUDING DETAIL FOR EACH INDIVIDUAL TAX,
 EACH INDIVIDUAL COMPONENT  PART  OF  MISCELLANEOUS  RECEIPTS,  AND  EACH
 REVENUE  SOURCE  WHICH  ACCOUNTS FOR AT LEAST ONE-HALF OF ONE PERCENT OF
 ALL RECEIPTS WITHIN EACH FUND TYPE AND WITH DISBURSEMENTS SHOWN BY MAJOR
 AGENCY OR MAJOR  SPENDING  ITEM  and  revised  in  accordance  with  the
 provisions  of  subdivision  three  of this section.   SUCH REPORT SHALL
 INCLUDE A SCHEDULE OF ACTUAL AND  PLANNED  DISBURSEMENTS  BY  MONTH,  BY
 AGENCY,  FUND TYPE, AND PROGRAM, STATING SEPARATELY AND DISTINCTLY VARI-
 ANCES BETWEEN ACTUAL AND PROJECTED FISCAL YEAR TO DATE DISBURSEMENTS AND
 PROJECTED DISBURSEMENTS FOR THE REMAINING MONTHS OF THE FISCAL YEAR. The
 governor shall submit with the budget a similar report  that  summarizes
 revenue  and  expenditure  experience  to  date  in  a form suitable for
 comparison with the financial plan submitted pursuant to subdivision two
 of section twenty-two of this article and revised in accordance with the
 provisions of subdivision three of  this  section.  Such  reports  shall
 provide  an  explanation  of the causes of any major deviations from the
 revised financial plans and, shall provide for the amendment of the plan
 or plans to reflect those deviations. The governor may, if he determines
 it advisable, provide more frequent reports to the legislature regarding
 actual experience as compared to  the  financial  plans.  The  quarterly
 financial  plan  update  most  proximate to October thirty-first of each
 year shall include the calculation of the limitations on the issuance of
 state-supported debt computed pursuant to the provisions of subdivisions
 one and two of section sixty-seven-b of this chapter.  ON OR AFTER JANU-
 ARY FIRST, TWO THOUSAND NINETEEN, THE ENACTED BUDGET FINANCIAL PLAN  AND
 FINANCIAL PLAN UPDATES SUBMITTED BY THE GOVERNOR PURSUANT TO THIS SUBDI-
 VISION SHALL BEAR THE FINANCIAL PLAN PROGRAM REFERENCE NUMBER OR NUMBERS
 TO WHICH EVERY APPROPRIATION OR REAPPROPRIATION SHALL PERTAIN, AND SHALL
 BE  CLASSIFIED  INTO  THE  SAME  CATEGORY  AS  THE ASSOCIATED PROGRAM OR
 PROGRAMS HAVE BEEN CLASSIFIED IN SUCH FINANCIAL PLAN, AND FOR EACH  ITEM
 OF  APPROPRIATION  WHERE  THE  APPROPRIATION IS SUBJECT TO ALLOCATION BY
 MEANS OF (I) A MEMORANDUM OF UNDERSTANDING,  (II)  AN  INTERCHANGE  WITH
 ANOTHER ITEM OF APPROPRIATION, (III) TRANSFER OR SUBALLOCATION TO ANOTH-
 ER  AGENCY,  OR (IV) ANY OTHER METHOD OF ALLOCATING ANY APPROPRIATION OR
 REAPPROPRIATION INTO SMALLER SUMS, SHALL STATE SEPARATELY THE  APPROPRI-
 ATION  AMOUNT,  BY  PROGRAM,  OBJECT  AND  PURPOSE,  AND  THE  PROJECTED
 DISBURSEMENT LEVEL, BY PROJECTED RECIPIENT AND AMOUNT  OF  EACH  SMALLER
 SUM SUCH ITEM OF APPROPRIATION IS PROJECTED TO BE ALLOCATED.
   §  4. Section 22 of the state finance law is amended by adding two new
 subdivisions 5-a and 5-b to read as follows:
   5-A. FOR EACH AGENCY OR PUBLIC AUTHORITY, BY PROGRAM AND FUND, IDENTI-
 FY:
   (A) AMOUNTS, BY APPROPRIATION OR REAPPROPRIATION, PROPOSED TO MAINTAIN
 CURRENT SERVICES;
   (B) AMOUNTS, BY APPROPRIATION OR REAPPROPRIATION, PROPOSED TO  SUPPORT
 NEW PROGRAM INITIATIVES, OR POLICY CHANGES;

 A. 7287                             5
 
   (C)  ESTIMATED DISBURSEMENTS FOR EACH APPROPRIATION OR REAPPROPRIATION
 SEPARATELY IDENTIFIED IN PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION; AND
   (D) ESTIMATED DISBURSEMENTS FOR CARRY-OVER SPENDING FOR EACH APPROPRI-
 ATION, BY PROGRAM AND FUND.
   5-B.  INCLUDE SUMMARIES THAT IDENTIFY DISBURSEMENTS, CARRY-OVER SPEND-
 ING AND NEW SPENDING BY EACH AGENCY OR PUBLIC AUTHORITY, BY PROGRAM  AND
 FUND,  SEPARATELY IDENTIFIED FOR STATE PURPOSES, LOCAL ASSISTANCE, CAPI-
 TAL PROJECTS, AND GENERAL STATE CHARGES.
   § 5. Subdivision 3 of section 23 of the state finance law, as  amended
 by chapter 1 of the laws of 2007, is amended to read as follows:
   3.  [Financial]  PRELIMINARY  BUDGET  ASSESSMENT,  FINANCIAL plans and
 capital improvement program; revisions.  PRIOR TO THE DATE THE  LEGISLA-
 TURE  FINALLY ACTS UPON THE APPROPRIATION BILL OR BILLS SUBMITTED BY THE
 GOVERNOR PURSUANT TO SECTION THREE OF ARTICLE SEVEN OF THE STATE CONSTI-
 TUTION, THE GOVERNOR SHALL CAUSE TO BE SUBMITTED TO THE LEGISLATURE  AND
 MADE  ACCESSIBLE  TO  THE PUBLIC, VIA AN OFFICIAL OR SHARED INTERNET WEB
 SITE, A PRELIMINARY OVERVIEW OF THE ESTIMATED FINANCIAL PLAN  IMPACT  OF
 REVISIONS  TO  THE  BUDGET  THAT  OCCURRED BETWEEN THE SUBMISSION OF THE
 BUDGET BILLS BY THE GOVERNOR AND THE BILLS, AS AMENDED BY  THE  LEGISLA-
 TURE,  THAT  ARE ANTICIPATED TO BE PASSED BY BOTH HOUSES OF THE LEGISLA-
 TURE AND CONSTITUTE FINAL PASSAGE OF THE BUDGET WHICH SHALL INCLUDE, BUT
 NOT BE LIMITED TO, A DESCRIPTION OF RECEIPTS AND  DISBURSEMENTS  IN  THE
 GENERAL   FUND   AND  ALL  GOVERNMENTAL  FUNDS  AS  WELL  AS  A  GENERAL
 DESCRIPTION, BY AGENCY AND  PROGRAM  WHERE  APPLICABLE,  OF  CHANGES  IN
 REVENUE  AND  SPENDING  PROJECTIONS THAT OCCURRED BETWEEN THE GOVERNOR'S
 SUBMISSION AND ACTION BY THE LEGISLATURE. Not  later  than  thirty  days
 after the legislature has completed action on the budget bills submitted
 by  the  governor  and the period for the governor's review has elapsed,
 the governor  shall  cause  to  be  submitted  to  the  legislature  the
 revisions to the financial plans and the capital plan required by subdi-
 visions one, two, THREE, four [and], five, FIVE-A, AND FIVE-B of section
 twenty-two  of  this  article as are necessary to account for all enact-
 ments affecting the financial plans and the capital plan. The  financial
 plan  shall  also contain a cash flow analysis of projected receipts and
 disbursements and other financing sources or uses for each month of  the
 state's fiscal year. Notwithstanding any other law to the contrary, such
 revised  plans and accompanying cash flow analysis shall be submitted to
 the legislature and the comptroller  in  the  same  form  as  the  plans
 required by such subdivisions.
   §  6. The state finance law is amended by adding a new section 40-b to
 read as follows:
   § 40-B.  APPROPRIATION  OF  STATE  FUNDS;  AGENCIES  AND  AUTHORITIES.
 NOTWITHSTANDING  THE  PROVISIONS  OF  ANY  OTHER  SECTION  OF LAW TO THE
 CONTRARY, NO MONEYS SHALL BE PAID FROM ANY FUND UNDER THE MANAGEMENT  OF
 THE  STATE,  OR  ANY  AGENCY  OR OFFICER THEREOF FOR ANY STATE AGENCY OR
 PUBLIC AUTHORITY SPENDING FOR A STATE PURPOSE OR  PROJECT  SUPPORTED  IN
 ANY  WAY  BY  STATE  FUNDS, INCLUDING STATE FUNDED PUBLIC AUTHORITY BOND
 PROCEEDS, EXCEPT IN PURSUANCE OF AN APPROPRIATION  BY  LAW  AND  PAYABLE
 ONLY UPON AUDIT AND WARRANT OF THE STATE COMPTROLLER.
   § 7. Section 24 of the state finance law, as amended by chapter 762 of
 the  laws of 1992,  subdivision 1 as amended and subdivisions 4 and 5 as
 added by chapter 1 of the laws of 2007, and subdivision 2 as amended  by
 section  2  of  part  O of chapter 59 of the laws of 2009, is amended to
 read as follows:
   § 24. Budget bills. 1. The budget submitted annually by  the  governor
 shall  be simultaneously accompanied by a bill or bills for all proposed

 A. 7287                             6
 
 appropriations and reappropriations and for  the  proposed  measures  of
 taxation  or  other legislation, if any, recommended therein. Such bills
 shall be submitted by the governor and shall be known as  budget  bills;
 PROVIDED,   HOWEVER,   THAT   ALL  APPROPRIATIONS  AND  REAPPROPRIATIONS
 CONTAINED IN SUCH BUDGET BILLS SHALL  ONLY  CONTAIN  ITEMIZED  APPROPRI-
 ATIONS WHICH SHALL NOT BE IN THE FORM OF LUMP SUM APPROPRIATIONS.  ON OR
 AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, EVERY PROPOSED APPROPRIATION
 OR  REAPPROPRIATION  SUBMITTED BY THE GOVERNOR SHALL SPECIFICALLY RELATE
 TO A PROGRAM WHICH IS INCLUDED IN THE FINANCIAL PLAN PRESENTED  AS  PART
 OF  THE BUDGET SUBMITTED PURSUANT TO SECTION TWENTY-TWO OF THIS ARTICLE.
 EACH PROPOSED APPROPRIATION OR REAPPROPRIATION FOR A PROGRAM SHALL  BEAR
 THE FINANCIAL PLAN PROGRAM REFERENCE NUMBER OR NUMBERS TO WHICH IT SHALL
 PERTAIN,  AND  SHALL BE CLASSIFIED INTO THE SAME CATEGORY AS THE ASSOCI-
 ATED PROGRAM OR PROGRAMS HAVE BEEN CLASSIFIED IN SUCH FINANCIAL PLAN.
   (a) [For all] ALL non-federal state operations appropriations [,  such
 bill or bills shall only contain itemized appropriations and] shall  NOT
 BE  MADE  IN  FORM  OF LUMP SUM APPROPRIATIONS AND SHALL be [made, where
 practicable,] ITEMIZED by agency and within each agency by  program  and
 within  each program at the following level of detail and in the follow-
 ing order:
   (i) by fund type, which at  a  minimum  shall  include  general  fund,
 special  revenue-other  funds,  capital projects funds, and debt service
 funds;
   (ii) for  personal  service  appropriations,  separate  appropriations
 shall  be made for regular personal service, temporary personal service,
 and holiday and overtime pay;
   (iii) for nonpersonal service appropriations, separate  appropriations
 shall  be made for supplies and materials, travel, contractual services,
 equipment, and fringe benefits, as appropriate.
   (b) Any appropriation for temporary assistance for needy families, the
 environmental protection fund, and the medical assistance program, shall
 only contain itemized appropriations which shall not be in the  form  of
 lump  sum  appropriations,  provided,  however,  for the purposes of the
 medical assistance program, itemized  appropriations  shall  consist  of
 categories-of-service  with  separate  appropriations for hospital inpa-
 tient, hospital outpatient and emergency  room,  clinic,  nursing  home,
 other  long-term  care,  managed care, pharmacy, dental, transportation,
 and other non-institutional services.
   2. (a) On or after January first,  nineteen  hundred  eighty-four,  no
 budget bill submitted by the governor may include any proposed appropri-
 ation  or  reappropriation for any capital project which is not included
 in the capital plan presented as part of the budget  submitted  pursuant
 to  section  twenty-two  of this article. Each proposed appropriation or
 reappropriation for a  capital  project  shall  bear  the  capital  plan
 project reference number or numbers to which it shall pertain, and shall
 be  classified  into the same category as the associated capital project
 or projects have been classified in such capital plan.  Reappropriations
 of  appropriations  effective  for fiscal years beginning prior to April
 first, nineteen hundred eighty-four may be presented by  the  categories
 of  appropriation  contained in the bill originally enacting such appro-
 priation.
   (b) On or after January first,  two  thousand  ten,  any  budget  bill
 submitted  by  the governor containing a proposed appropriation from the
 dedicated highway and bridge trust fund SHALL NOT BE  MADE  IN  FORM  OF
 LUMP  SUM  APPROPRIATIONS  AND  shall  be itemized to show the following
 information for each such appropriation:

 A. 7287                             7
 
   (i) each amount appropriated from the  dedicated  highway  and  bridge
 trust fund for capital purposes;
   (ii)  the  amount  of  each such appropriation to be used for personal
 service expenses; and
   (iii) the amount of each such appropriation to be used for non-person-
 al service expenses.
   3. Any appropriation for maintenance undistributed shall be  shown  as
 apportioned among the items covered [to the extent practicable].
   4.  Any  appropriation added to such budget bills, pursuant to section
 four of article seven of  the  constitution  OR  CONCURRENT  RESOLUTION,
 shall  only  contain  itemized  appropriations which shall not be in the
 form of lump sum appropriations, and provided further that for all  non-
 federal  state operations appropriations, such bill or bills [shall only
 contain itemized appropriations and] shall NOT BE MADE IN FORM  OF  LUMP
 SUM  APPROPRIATIONS  AND SHALL be [made, where practicable,] ITEMIZED by
 agency, and within each agency by program and within each program at the
 following level of detail and in the following order:
   (a) by fund type, which at  a  minimum  shall  include  general  fund,
 special  revenue-other  funds,  capital  projects funds and debt service
 funds;
   (b) for personal service appropriations, separate appropriations shall
 be made for regular personal service, temporary  personal  service,  and
 holiday and overtime pay;
   (c)  for  nonpersonal  service appropriations, separate appropriations
 shall be made for supplies and materials, travel, contractual  services,
 equipment and fringe benefits, as appropriate.
   5.  [Any appropriation added pursuant to section four of article seven
 of the constitution without designating a  grantee  shall  be  allocated
 only  pursuant to a plan setting forth an itemized list of grantees with
 the amount to be received by each, or  the  methodology  for  allocating
 such  appropriation.  Such  plan shall be subject to the approval of the
 chair of the senate finance committee, the chair of  the  assembly  ways
 and  means  committee,  and  the  director of the budget, and thereafter
 shall be included in a concurrent resolution calling for the expenditure
 of such monies, which resolution must be approved by a majority vote  of
 all members elected to each house upon a roll call vote]
   (A) TO THE EXTENT THAT ANY APPROPRIATION OR REAPPROPRIATION EITHER (I)
 DOES  NOT IDENTIFY A SPECIFIC RECIPIENT, OR (II) IS NOT SUBJECT TO ALLO-
 CATION BY A STATUTORY FORMULA,  SUCH  APPROPRIATION  OR  REAPPROPRIATION
 MUST  IDENTIFY  AN  ADMINISTERING  STATE AGENCY OR PUBLIC AUTHORITY AND,
 PRIOR TO THE DISBURSEMENT OF ANY FUNDS SO APPROPRIATED, EACH SUCH  STATE
 AGENCY OR PUBLIC AUTHORITY SHALL:
   (I) DEVELOP AND EXECUTE A PROCESS IN ACCORDANCE WITH ALL PROVISIONS OF
 LAW  APPLICABLE TO A PROGRAM ADMINISTERED BY A STATE AGENCY WHEREBY EACH
 PROJECT PROPOSED TO BE FUNDED WITH SUCH APPROPRIATION OR REAPPROPRIATION
 SHALL BE SCORED AND RANKED BASED  ON  CLEAR,  MEASURABLE  AND  OBJECTIVE
 CRITERIA.  THE  RANKING  OF  SUCH PROJECTS SHALL INDICATE THEIR RELATIVE
 IMPORTANCE IN THE BEST INTEREST OF THE STATE;
   (II) DEVELOP AND EXECUTE A PROCESS IN ACCORDANCE WITH  ALL  PROVISIONS
 OF LAW APPLICABLE TO A PROGRAM ADMINISTERED BY A STATE AGENCY FOR ENTER-
 ING  INTO  ANY CONTRACT OR COMMITMENT FOR THE DISBURSEMENT OF SUCH FUNDS
 WHICH SHALL INCLUDE, WHERE APPROPRIATE, PUBLIC ADVERTISING FOR  BIDS  OR
 PROPOSALS,  AND  A METHOD FOR AWARDING CONTRACTS UNDER EACH PROJECT THAT
 SHALL PERMIT FULL AND FREE COMPETITION. SUCH METHOD SHALL  BE  BASED  ON
 CLEAR, MEASURABLE AND OBJECTIVE CRITERIA; AND

 A. 7287                             8
 
   (III)  IDENTIFY  EACH  PROJECT TO BE FUNDED WITH SUCH APPROPRIATION OR
 REAPPROPRIATION AND THE PORTION OF SUCH APPROPRIATION OR REAPPROPRIATION
 TO BE ALLOCATED TO EACH PROJECT.
   (B)  ANY APPROPRIATION ADDED PURSUANT TO SECTION FOUR OF ARTICLE SEVEN
 OF THE CONSTITUTION SHALL IDENTIFY A SPECIFIC RECIPIENT OR  GRANTEE,  OR
 SHALL  BE  SUBJECT  TO  ALLOCATION  BY  A STATUTORY FORMULA, OR SHALL BE
 SUBJECT TO ALLOCATION PURSUANT TO THE PROVISIONS  OF  PARAGRAPH  (A)  OF
 THIS SUBDIVISION.
   § 8. Section 49 of the state finance law is REPEALED.
   §  9. The state finance law is amended by adding a new section 24-a to
 read as follows:
   § 24-A. BUDGET DIRECTOR;  SPENDING  TRANSPARENCY  REPORT.  THE  BUDGET
 DIRECTOR  SHALL  REPORT  ANNUALLY  TO THE LEGISLATURE, THE OFFICE OF THE
 STATE COMPTROLLER AND THE PUBLIC ON ALL SPENDING FOR WHICH AN  APPROPRI-
 ATION DOES NOT PROVIDE EITHER A SPECIFIC RECIPIENT AND/OR THE ALLOCATION
 OF  AN  APPROPRIATION  IS  NOT PROVIDED FOR THROUGH A STATUTORY FORMULA,
 INCLUDING, BUT NOT LIMITED TO THE ALLOCATION OF LUMP SUM  APPROPRIATIONS
 AND OTHER DISCRETIONARY FUNDS, IDENTIFYING, BY APPROPRIATION, THE AMOUNT
 ALLOCATED  BY  PROJECT, THE SELECTION PROCESS AND CRITERIA USED, OVERALL
 SCORING AND RANKING OF  PROJECTS  EVALUATED,  AND  EACH  FUNDED  PROJECT
 SCORE. SUCH REPORT SHALL ALSO PROVIDE THE FINAL ALLOCATION OF ANY APPRO-
 PRIATION  SUBJECT  TO  ALLOCATION BY MEANS OF (I) A MEMORANDUM OF UNDER-
 STANDING, (II) AN INTERCHANGE WITH ANOTHER ITEM OF APPROPRIATION,  (III)
 TRANSFER OR SUBALLOCATION TO ANOTHER AGENCY, OR (IV) ANY OTHER METHOD OF
 ALLOCATING  AN APPROPRIATION INTO SMALLER SUMS, IDENTIFYING DISBURSEMENT
 INFORMATION BY AGENCY, FUND AND PROGRAM WITH PROJECT-LEVEL DETAIL.  SUCH
 REPORT  SHALL  ALSO  INCLUDE  THE  FISCAL AND PROGRAMMATIC IMPACT OF ANY
 EXECUTED TRANSFERS BETWEEN FUNDS AND/OR PUBLIC AUTHORITIES  ON  PROGRAMS
 AND ACTIVITIES ASSOCIATED WITH SUCH FUNDS AND/OR PUBLIC AUTHORITIES FROM
 WHICH  MONEY  OR  OTHER FINANCIAL RESOURCES ARE TRANSFERRED AND TO WHICH
 MONEY OR FINANCIAL RESOURCES ARE TRANSFERRED.
   § 10. The public authorities law is amended by adding  a  new  section
 2801-a to read as follows:
   §  2801-A.  QUARTERLY  REPORTS  BY  AUTHORITIES. 1. STATE AUTHORITIES.
 EVERY STATE AUTHORITY OR COMMISSION HERETOFORE OR HEREAFTER CONTINUED OR
 CREATED BY THIS CHAPTER OR ANY OTHER CHAPTER OF THE LAWS OF THE STATE OF
 NEW YORK SHALL SUBMIT QUARTERLY TO THE GOVERNOR, THE CHAIR  AND  RANKING
 MINORITY  MEMBER  OF THE SENATE FINANCE COMMITTEE, THE CHAIR AND RANKING
 MINORITY MEMBER OF THE ASSEMBLY WAYS  AND  MEANS  COMMITTEE,  THE  STATE
 COMPTROLLER  AND THE AUTHORITIES BUDGET OFFICE, FOR THEIR INFORMATION, A
 REPORT ON THE EXPENDITURE OF FUNDS PURSUANT TO AN APPROPRIATION  BY  THE
 STATE,  INCLUDING IDENTIFYING, BY APPROPRIATION, THE AMOUNT ALLOCATED BY
 PROJECT, THE SELECTION  PROCESS  AND  CRITERIA  USED,  AND  EACH  FUNDED
 PROJECT  SCORE,  AS  WELL AS THE OVERALL SCORING AND RANKING OF PROJECTS
 EVALUATED.
   2. LOCAL AUTHORITIES. EVERY LOCAL AUTHORITY  HERETOFORE  OR  HEREAFTER
 CONTINUED OR CREATED BY THIS CHAPTER OR ANY OTHER CHAPTER OF THE LAWS OF
 THE  STATE  OF  NEW  YORK  SHALL SUBMIT QUARTERLY TO THE CHIEF EXECUTIVE
 OFFICER, THE CHIEF FISCAL OFFICER, THE CHAIRPERSON  OF  THE  LEGISLATIVE
 BODY  OF  THE  LOCAL  GOVERNMENT OR GOVERNMENTS, THE OFFICE OF THE STATE
 COMPTROLLER AND THE AUTHORITIES BUDGET OFFICE FOR THEIR  INFORMATION,  A
 REPORT  ON  THE EXPENDITURE OF FUNDS PURSUANT TO AN APPROPRIATION BY THE
 STATE, INCLUDING IDENTIFYING, BY APPROPRIATION, THE AMOUNT ALLOCATED  BY
 PROJECT,  THE  SELECTION  PROCESS  AND  CRITERIA  USED,  AND EACH FUNDED
 PROJECT SCORE, AS WELL AS THE OVERALL SCORING AND  RANKING  OF  PROJECTS
 EVALUATED.

 A. 7287                             9
 
   §  11. Section 51 of the public authorities law is amended by adding a
 new subdivision 6 to read as follows:
   6.  THE BOARD SHALL MAKE ACCESSIBLE TO THE PUBLIC, VIA ITS OFFICIAL OR
 SHARED INTERNET WEB SITE, BY  MEETING  DATE,  ALL  RESOLUTIONS,  PROJECT
 DESCRIPTIONS, BOARD MATERIALS AND PROJECT LISTS, FOR AT LEAST TEN YEARS.
   §  12. Subdivisions 1 and 2 of section 92-cc of the state finance law,
 subdivision 1 as added by chapter 1 of the laws of 2007 and  subdivision
 2  as  amended  by  section  12-a of part I of chapter 60 of the laws of
 2015, are amended and new subdivision 2-a is added to read as follows:
   1. A. There is hereby established in the state treasury a fund  to  be
 known as the "rainy day reserve fund". Such fund shall consist of moneys
 deposited  therein and monies shall be withdrawn from such fund only for
 the purposes as provided therein.
   B. FOR THE PURPOSES OF THIS SUBDIVISION, "CASH SURPLUS" SHALL MEAN THE
 POSITIVE AMOUNT BY WHICH, AT OF THE CLOSE OF EACH FISCAL YEAR, THE TOTAL
 GENERAL FUND BALANCE EXCEEDS THE GENERAL FUND BALANCE  AS  PROJECTED  IN
 THE ENACTED BUDGET FINANCIAL PLAN.
   2.  Such  fund shall have a maximum balance not to exceed [five] EIGHT
 per centum of the aggregate amount projected to be  disbursed  from  the
 general  fund during the fiscal year immediately following the then-cur-
 rent fiscal year. [At the request of the director of  the  budget,  the]
 THE  state  comptroller  shall  transfer monies to the rainy day reserve
 fund [up to and including] IN  an  amount  equivalent  to  [seventy-five
 one-hundredths of one per centum of the aggregate amount projected to be
 disbursed from the general fund during the then-current fiscal year] THE
 CASH  SURPLUS,  PROVIDED,  HOWEVER,  THAT  IN  CASES  WHERE TAX RECEIPTS
 RECEIVED IN ALL GOVERNMENTAL FUNDS AND MISCELLANEOUS  RECEIPTS  RECEIVED
 IN  THE GENERAL FUND FOR THE IMMEDIATELY PRECEDING FISCAL YEAR DECREASED
 OR DID NOT INCREASE OR DECREASE FROM  THE  FISCAL  YEAR  PRECEDING  SUCH
 YEAR,  THE  STATE  COMPTROLLER  SHALL  TRANSFER  MONIES TO THE RAINY DAY
 RESERVE FUND AT THE REQUEST OF THE DIRECTOR OF THE  BUDGET  unless  such
 transfer  would  increase  the  rainy  day  reserve fund to an amount in
 excess of [five] EIGHT per centum of the aggregate amount  projected  to
 be  disbursed  from  the general fund during the fiscal year immediately
 following the then-current fiscal year, in  which  event  such  transfer
 shall  be  limited to such amount as will increase the rainy day reserve
 fund to such [five] EIGHT per centum limitation.
   2-A. AT THE CLOSE OF EACH FISCAL YEAR, ANY CASH SURPLUS  REMAINING  IN
 THE  GENERAL FUND AFTER TRANSFERS PURSUANT TO SECTION NINETY-TWO OF THIS
 ARTICLE AND THIS SECTION  SHALL  BE  DEPOSITED  IN  THE  DEBT  REDUCTION
 RESERVE  FUND  ESTABLISHED  PURSUANT TO SECTION NINETY-SEVEN-RRR OF THIS
 CHAPTER.
   § 13. This act shall take effect immediately.
 
                                  PART B
 
   Section 1. The state finance law is amended by adding a new article 17
 to read as follows:
                                ARTICLE 17
 
          NEW YORK STATE CAPITAL ASSET AND INFRASTRUCTURE COUNCIL
 
 SECTION 250. DEFINITIONS.
         251. NEW YORK STATE CAPITAL ASSET  AND  INFRASTRUCTURE  COUNCIL;
                CREATION; PROCEDURE.
         252. POWERS AND DUTIES.

 A. 7287                            10
 
   § 250. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1. "CAPITAL ASSETS" SHALL MEAN FIXED ASSETS AND INFRASTRUCTURE ASSETS,
 INCLUDING,  BUT  NOT  LIMITED TO, LAND, BUILDINGS, EQUIPMENT, ROADS, AND
 BRIDGES OF THE STATE, A STATE AGENCY OR STATE AUTHORITY, AND SHALL  ALSO
 INCLUDE  ANY  CAPITAL  ASSET  OF A LOCAL AUTHORITY OR A MUNICIPAL CORPO-
 RATION THAT, IN THE JUDGMENT OF THE NEW YORK  STATE  CAPITAL  ASSET  AND
 INFRASTRUCTURE COUNCIL IS SIGNIFICANTLY FUNDED BY STATE MONIES.
   2.  "COUNCIL"  SHALL MEAN THE NEW YORK STATE CAPITAL ASSET AND INFRAS-
 TRUCTURE COUNCIL ESTABLISHED PURSUANT TO SECTION TWO  HUNDRED  FIFTY-ONE
 OF THIS ARTICLE.
   3.  "CONSTRUCTION"  SHALL  MEAN THE ERECTION, ACQUISITION, ALTERATION,
 RECONSTRUCTION, REPAIR, REHABILITATION, IMPROVEMENT, EQUIPPING, ENLARGE-
 MENT OR EXTENSION OF A CAPITAL ASSET, INCLUDING LAND ACQUISITION AND THE
 ENGINEERING, ARCHITECTURAL, LEGAL, FISCAL AND  ECONOMIC  INVESTIGATIONS,
 STUDIES,  SURVEYS,  DESIGNS, PLANS, DRAWINGS, SPECIFICATIONS, PROCEDURES
 AND OTHER ACTIONS RELATING TO A CAPITAL ASSET.
   4. "LOCAL AUTHORITY" SHALL MEAN:
   (A) A PUBLIC AUTHORITY OR PUBLIC BENEFIT  CORPORATION  CREATED  BY  OR
 EXISTING  UNDER THIS CHAPTER OR ANY OTHER LAW OF THE STATE WHOSE MEMBERS
 DO NOT HOLD A CIVIL OFFICE OF THE STATE, ARE NOT APPOINTED BY THE GOVER-
 NOR OR ARE APPOINTED BY THE GOVERNOR SPECIFICALLY UPON  THE  RECOMMENDA-
 TION OF THE LOCAL GOVERNMENT OR GOVERNMENTS;
   (B)  A  NOT-FOR-PROFIT  CORPORATION  AFFILIATED WITH, SPONSORED BY, OR
 CREATED BY A COUNTY, CITY, TOWN OR VILLAGE GOVERNMENT;
   (C) A LOCAL INDUSTRIAL DEVELOPMENT AGENCY OR AUTHORITY OR OTHER  LOCAL
 PUBLIC BENEFIT CORPORATION; OR
   (D) AN AFFILIATE OR SUBSIDIARY OF SUCH LOCAL AUTHORITY.
   5.  "STATE  AUTHORITY" SHALL MEAN A PUBLIC AUTHORITY OR PUBLIC BENEFIT
 CORPORATION CREATED BY OR EXISTING UNDER THIS CHAPTER OR ANY  OTHER  LAW
 OF  THE STATE, WITH ONE OR MORE OF ITS MEMBERS APPOINTED BY THE GOVERNOR
 OR WHO SERVE AS MEMBERS BY VIRTUE OF  HOLDING  A  CIVIL  OFFICE  OF  THE
 STATE,  OTHER  THAN  AN  INTERSTATE OR INTERNATIONAL AUTHORITY OR PUBLIC
 BENEFIT CORPORATION, INCLUDING SUBSIDIARIES OF SUCH PUBLIC AUTHORITY  OR
 PUBLIC BENEFIT CORPORATION.
   6. "MAINTENANCE" SHALL MEAN ANY REGULARLY SCHEDULED ACTIVITY INCLUDING
 A  ROUTINE  REPAIR  INTENDED TO ENSURE THAT A CAPITAL ASSET CONTINUES TO
 OPERATE SAFELY AND EFFICIENTLY AND AS INTENDED.
   7. "MUNICIPAL CORPORATION" SHALL MEAN A COUNTY, CITY, TOWN OR  VILLAGE
 AND SHALL INCLUDE ANY SPECIAL DISTRICT THEREIN.
   8.  "REHABILITATION" SHALL MEAN AN ACTION TO EXTEND THE USEFUL LIFE OR
 IMPROVE THE EFFECTIVENESS OF AN EXISTING CAPITAL ASSET.
   § 251. NEW  YORK  STATE  CAPITAL  ASSET  AND  INFRASTRUCTURE  COUNCIL;
 CREATION;  PROCEDURE. 1. WITHIN THE EXECUTIVE DEPARTMENT THERE IS HEREBY
 ESTABLISHED AN INDEPENDENT COUNCIL TO BE KNOWN AS  THE  NEW  YORK  STATE
 CAPITAL ASSET AND INFRASTRUCTURE COUNCIL TO HAVE AND EXERCISE THE POWERS
 AND DUTIES PROVIDED BY THE PROVISIONS OF THIS ARTICLE.
   2. THE PURPOSE OF THE COUNCIL IS TO DEVELOP AND IMPLEMENT A PROCESS TO
 IDENTIFY,  MONITOR,  PLAN, RECOMMEND, AND PUBLICLY REPORT ON ALL CAPITAL
 ASSETS OF STATE AGENCIES AND STATE AUTHORITIES AND, IN THE DISCRETION OF
 THE COUNCIL, LOCAL AUTHORITIES AND  MUNICIPAL  CORPORATIONS,  TO  ENSURE
 THAT  THE  CAPITAL  ASSETS  MEET CURRENT AND FUTURE NEEDS OF THE PUBLIC,
 FACILITATE ECONOMIC GROWTH, ARE MAINTAINED IN A GOOD OPERATING CONDITION
 THAT ENSURES PUBLIC SAFETY, AND ARE DEVELOPED OR MODIFIED IN A SUSTAINA-
 BLE MANNER AS PROVIDED BY THE PROVISIONS OF THIS ARTICLE.

 A. 7287                            11
 
   3. THE COUNCIL SHALL CONSIST OF FIVE MEMBERS APPOINTED BY  THE  GOVER-
 NOR,  ONE  OF  WHOM  SHALL  BE  APPOINTED UPON THE RECOMMENDATION OF THE
 TEMPORARY PRESIDENT OF THE SENATE, ONE OF WHOM SHALL BE  APPOINTED  UPON
 THE RECOMMENDATION OF THE SPEAKER OF THE ASSEMBLY, AND ONE OF WHOM SHALL
 BE  APPOINTED  UPON  THE  RECOMMENDATION  OF THE COMPTROLLER. ONE OF THE
 MEMBERS SHALL BE DESIGNATED AS CHAIR BY THE GOVERNOR. EACH MEMBER OF THE
 COUNCIL SHALL HAVE EXPERIENCE IN ONE OR MORE OF THE FIELDS OF ECONOMICS,
 PUBLIC ADMINISTRATION, CIVIL ENGINEERING, PUBLIC WORKS, CONSTRUCTION  OR
 A  RELATED  DESIGN  PROFESSION,  PLANNING,  PUBLIC INVESTMENT FINANCING,
 ENVIRONMENTAL  ENGINEERING  OR  WATER  RESOURCES  ENGINEERING.  THE  TWO
 MEMBERS  FIRST  APPOINTED  BY THE GOVERNOR WITHOUT THE RECOMMENDATION OF
 ANY OTHER STATE OFFICIAL SHALL SERVE AN INITIAL TERM OF FOUR YEARS;  THE
 MEMBER  FIRST  APPOINTED UPON THE RECOMMENDATION OF THE TEMPORARY PRESI-
 DENT OF THE SENATE SHALL SERVE AN  INITIAL  TERM  OF  THREE  YEARS;  THE
 MEMBER  FIRST  APPOINTED  UPON  THE RECOMMENDATION OF THE SPEAKER OF THE
 ASSEMBLY SHALL SERVE AN INITIAL TERM OF  THREE  YEARS;  AND  THE  MEMBER
 FIRST  APPOINTED  UPON THE RECOMMENDATION OF THE STATE COMPTROLLER SHALL
 SERVE AN INITIAL TERM OF  TWO  YEARS.  UPON  EXPIRATION  OF  A  MEMBER'S
 INITIAL TERM, EACH SUBSEQUENT TERM SHALL BE FOR A PERIOD OF FOUR YEARS.
   4.  NOTWITHSTANDING  ANY  INCONSISTENT PROVISION OF LAW, NO OFFICER OR
 EMPLOYEE OF THE STATE, OF ANY POLITICAL SUBDIVISION OF THE STATE, OF ANY
 GOVERNMENTAL ENTITY OPERATING ANY PUBLIC SCHOOL OR COLLEGE,  OR  OF  ANY
 OTHER PUBLIC AGENCY OR INSTRUMENTALITY OR UNIT OF GOVERNMENT WHICH EXER-
 CISES  GOVERNMENTAL  POWERS  UNDER  THE LAWS OF THE STATE, SHALL FORFEIT
 SUCH OFFICE OR EMPLOYMENT BY REASON OF ACCEPTANCE OR  APPOINTMENT  AS  A
 MEMBER,  REPRESENTATIVE, OFFICER, EMPLOYEE OR AGENT OF THE COUNCIL.  THE
 MEMBERS, THEIR REPRESENTATIVES, OFFICERS AND STAFF TO THE COUNCIL  SHALL
 BE  DEEMED  EMPLOYEES  WITHIN  THE  MEANING  OF SECTION SEVENTEEN OF THE
 PUBLIC OFFICERS LAW.
   5. THE MEMBERS OF THE COUNCIL SHALL SERVE WITHOUT SALARY OR  PER  DIEM
 ALLOWANCE  BUT  SHALL BE ENTITLED TO REIMBURSEMENT FOR ACTUAL AND NECES-
 SARY EXPENSES INCURRED IN  THE  PERFORMANCE  OF  THEIR  OFFICIAL  DUTIES
 PURSUANT  TO  THIS  ARTICLE;  PROVIDED,  HOWEVER,  THAT SUCH MEMBERS AND
 REPRESENTATIVES ARE NOT, AT THE TIME SUCH EXPENSES ARE INCURRED,  PUBLIC
 EMPLOYEES OTHERWISE ENTITLED TO SUCH REIMBURSEMENT.
   § 252. POWERS AND DUTIES. 1. THE COUNCIL SHALL HAVE THE POWER TO:
   (A)  HOLD  SUCH  HEARINGS, MEET AND ACT AT SUCH TIMES AND PLACES, TAKE
 SUCH TESTIMONY, ADMINISTER SUCH OATHS OR AFFIRMATIONS AND  RECEIVE  SUCH
 EVIDENCE  AS  THE COUNCIL CONSIDERS ADVISABLE TO CARRY OUT ITS RESPONSI-
 BILITIES;
   (B) REQUIRE THE PRODUCTION OF ANY BOOKS, AND COLLECTION  AND  COMPILA-
 TION OF DATA DEEMED RELEVANT OR MATERIAL TO ANY REVIEW UNDERTAKEN PURSU-
 ANT TO ITS PURPOSE UNDER THIS ARTICLE;
   (C)  REQUEST AND RECEIVE FROM ANY DEPARTMENT, DIVISION, BOARD, COMMIS-
 SION OR OTHER AGENCY OF THE  STATE,  INCLUDING  ANY  STATE  AUTHORITIES,
 LOCAL  AUTHORITIES  AND  MUNICIPAL CORPORATIONS ANY RELEVANT INFORMATION
 NECESSARY TO CARRY OUT THE RESPONSIBILITIES AND PROVISIONS SET FORTH  IN
 THIS ARTICLE;
   (D)  ENTER  INTO COOPERATIVE AGREEMENTS WITH OTHER GOVERNMENT OFFICES,
 STATE AGENCIES,  STATE  AUTHORITIES,  LOCAL  AUTHORITIES  AND  MUNICIPAL
 CORPORATIONS  TO  EFFICIENTLY  SUPPORT THE WORK OF THE COUNCIL AND CARRY
 OUT ITS RESPONSIBILITIES;
   (E) HAVE DIRECT INPUT AND PROMPT ACCESS TO THE HEAD OF ANY STATE AGEN-
 CIES, STATE AUTHORITIES, LOCAL AUTHORITIES  AND  MUNICIPAL  CORPORATIONS
 AND  ANY  MEMBER  AND  EMPLOYEE  THEREOF WHEN NECESSARY OR USEFUL IN THE
 PERFORMANCE OF THE DUTIES OR RESPONSIBILITIES OF THE COUNCIL;

 A. 7287                            12
 
   (F) ISSUE SUCH REPORTS AND OTHER DOCUMENTS AS THE  COUNCIL  DETERMINES
 TO BE NECESSARY OR ADVISABLE; AND
   (G)  ADVISE AND MAKE RECOMMENDATIONS TO THE GOVERNOR, THE LEGISLATURE,
 THE COMPTROLLER, AND OTHER AGENCIES, STATE AUTHORITIES,  LOCAL  AUTHORI-
 TIES  AND  MUNICIPAL  CORPORATIONS OF THE STATE ON MATTERS AFFECTING THE
 CONDITION OF THE CAPITAL ASSETS WITHIN THE STATE.
   2. THE COUNCIL SHALL IDENTIFY THE CAPITAL ASSETS  LOCATED  WITHIN  THE
 STATE ON A PERIODIC BASIS AND ASSESS THE CONDITION OF THE ASSETS BY:
   (A)  DEVELOPING  UNIFORM CRITERIA AND PROCEDURES FOR USE IN CONDUCTING
 INVENTORIES AND ASSESSMENTS, INCLUDING FORMAL STANDARDS DEFINING A STATE
 OF GOOD REPAIR AND REPLACEMENT CYCLES FOR CAPITAL ASSETS, AND  STANDARDS
 REQUIRING CLEAR JUSTIFICATION IN TERMS OF RIGOROUS ECONOMIC ANALYSIS FOR
 PROPOSED NEW CAPITAL INVESTMENTS OR EXPANSIONS;
   (B) INVENTORYING ALL EXISTING CAPITAL ASSETS USING TO THE EXTENT PRAC-
 TICABLE, EXISTING INVENTORIES AVAILABLE FROM ALL SOURCES; WHERE EXISTING
 INVENTORIES  ARE  NOT  AVAILABLE, A PROCESS FOR STATE AGENCIES AND STATE
 AUTHORITIES AND, IN THE DISCRETION OF THE COUNCIL, LOCAL AUTHORITIES AND
 MUNICIPAL CORPORATIONS, TO INVENTORY ALL EXISTING CAPITAL ASSETS WILL BE
 DEVELOPED SUBJECT TO APPROVAL OF THE COUNCIL; AND
   (C) ASSESSING THE CONDITION  OF  CAPITAL  ASSETS,  INCLUDING  BUT  NOT
 LIMITED  TO CHANGES IN THE CONDITION OF THOSE CAPITAL ASSETS AS COMPARED
 WITH PRECEDING YEARS AND IDENTIFICATION OF NEEDED IMPROVEMENTS.
   3. THE COUNCIL SHALL DEVELOP RECOMMENDATIONS  BASED  ON  COMPREHENSIVE
 STUDIES  AND  ASSESSMENTS UNDERTAKEN PURSUANT TO SUBDIVISION TWO OF THIS
 SECTION, AND SHALL REPORT ITS FINDINGS AND RECOMMENDATIONS TO THE GOVER-
 NOR, THE LEGISLATURE AND THE COMPTROLLER NOT LATER THAN JUNE  FIFTEENTH,
 TWO  THOUSAND  NINETEEN,  AND  ANNUALLY  THEREAFTER, AND SHALL MAKE SUCH
 REPORTS ACCESSIBLE TO THE PUBLIC, VIA ITS OFFICIAL  OR  SHARED  INTERNET
 WEB SITE. THE RECOMMENDATIONS OF THE COUNCIL SHALL INCLUDE:
   (A)  PROPOSED IMPROVEMENTS IN PRIORITIZING THE PLANNING AND FUNDING OF
 CAPITAL ASSET INVESTMENTS;
   (B) IMPROVED PROCEDURES FOR ENSURING THAT  STATE  AGENCIES  AND  STATE
 AUTHORITIES AND, IN THE DISCRETION OF THE COUNCIL, LOCAL AUTHORITIES AND
 MUNICIPAL  CORPORATIONS  REPLACE ASSETS ON REGULAR REPLACEMENT SCHEDULES
 ACCORDING TO RELIABLE ESTIMATES OF THEIR USEFUL LIVES; AND
   (C) IMPROVEMENTS IN CRITERIA AND PROCEDURES THAT MAY BE USED BY  STATE
 AGENCIES  AND  STATE  AUTHORITIES AND, IN THE DISCRETION OF THE COUNCIL,
 LOCAL AUTHORITIES AND MUNICIPAL CORPORATIONS, IN:
   (I) DETERMINING THE CAPACITY OF CAPITAL ASSETS TO SUSTAIN CURRENT  AND
 ANTICIPATED  ECONOMIC  DEVELOPMENT  AND COMPETITIVENESS, INCLUDING LONG-
 TERM ECONOMIC GROWTH, INCLUDING THE POTENTIAL RETURN ON  INVESTMENTS  IN
 NEW CAPITAL ASSETS AS OPPOSED TO INVESTMENTS IN EXISTING CAPITAL ASSETS;
   (II)  MAINTAINING  DATA  IN  A  FORM THAT IS READILY ACCESSIBLE TO THE
 PUBLIC;
   (III) THE METHODS USED TO FINANCE THE CONSTRUCTION, ACQUISITION, REHA-
 BILITATION AND MAINTENANCE OF CAPITAL ASSETS;
   (IV) COMPREHENSIVE INVESTMENT REQUIREMENTS, BY TYPE OF CAPITAL  ASSET,
 THAT  ARE NECESSARY TO MAINTAIN THE CURRENT CONDITION AND PERFORMANCE OF
 THE CAPITAL ASSETS AND THE INVESTMENT NEEDED TO IMPROVE  CAPITAL  ASSETS
 IN THE FUTURE;
   (V)  TRENDS  OR  INNOVATIONS  IN CONSTRUCTION METHODS OR MATERIALS FOR
 CAPITAL ASSETS;
   (VI) THE IMPACT OF LOCAL DEVELOPMENT PATTERNS ON DEMAND FOR FUNDING OF
 CAPITAL ASSETS;
   (VII) THE IMPACT OF DEFERRED MAINTENANCE; AND
   (VIII) THE IMPACT OF DETERIORATED CAPITAL ASSETS.

 A. 7287                            13
 
   4. THE COUNCIL SHALL REPORT UPDATED FINDINGS AND RECOMMENDATIONS IN  A
 MANNER  CONSISTENT  WITH  THE  PROVISIONS  OF  SUBDIVISION THREE OF THIS
 SECTION, TO BE KNOWN  AS  THE  "COMPREHENSIVE  STATEWIDE  CAPITAL  NEEDS
 ASSESSMENT". SUCH REPORTS SHALL BE ISSUED NOT LATER THAN THE LAST DAY OF
 THE  CALENDAR  YEAR  FOLLOWING  THE YEAR IN WHICH THE REPORT REQUIRED BY
 SUBDIVISION THREE OF THIS SECTION IS ISSUED AND, THEREAFTER, ON AN ANNU-
 AL BASIS.
   5. (A) THE COUNCIL SHALL ISSUE A COMPREHENSIVE TWENTY  YEAR  STRATEGIC
 PLAN  FOR  CAPITAL  NEEDS ENCOMPASSING NECESSARY MAINTENANCE ACTIVITIES,
 SCHEDULED ASSET REPLACEMENT AND EXPANSION, THE STATUS OF CURRENT CAPITAL
 ACTIVITIES, AND RELATED FINANCING. THE LONG-TERM STRATEGIC PLAN SHALL BE
 DEVELOPED BASED ON THE CAPITAL PROJECTS IDENTIFIED IN THE  COMPREHENSIVE
 STATEWIDE  CAPITAL  NEEDS ASSESSMENT AND FUTURE CAPITAL PROJECT NEEDS OF
 THE STATE, WITH CLEAR INTERIM GOALS AND BENCHMARKS.
   (B) THE LONG-TERM STRATEGIC PLAN SHALL BE UPDATED  AND  REVISED  EVERY
 EVEN-NUMBERED  YEAR,  AND  ISSUED  SIMULTANEOUSLY WITH THE COMPREHENSIVE
 STATEWIDE CAPITAL NEEDS ASSESSMENT OF THAT YEAR.
   § 2. The opening paragraph of section 22-c of the state  finance  law,
 as amended by section 3 of part F of chapter 389 of the laws of 1997, is
 amended to read as follows:
   The  governor  shall  annually  submit  to  the  legislature a capital
 program and financing plan concurrent  with  the  executive  budget,  in
 addition to the information required by section twenty-two of this arti-
 cle.  THE PLAN, ALONG WITH CAPITAL APPROPRIATIONS PROPOSED IN THE EXECU-
 TIVE BUDGET OR ENACTED BY THE LEGISLATURE, SHALL DERIVE FROM  THE  LONG-
 TERM  STRATEGIC  PLAN  ESTABLISHED  BY  SUBDIVISION  FIVE OF SECTION TWO
 HUNDRED FIFTY-TWO OF THIS CHAPTER.  ANY  DEVIATION  FROM  THE  LONG-TERM
 STRATEGIC PLAN MUST BE JUSTIFIED. The plan shall contain a comprehensive
 assessment  of  the  capital assets and program needs of all state agen-
 cies, a review and analysis of how such requirements would be  financed,
 an  analysis of the affordability of state-supported debt, and an analy-
 sis of all costs related to the financing of such plan.
   § 3. This act shall take effect immediately.
 
                                  PART C
 
   Section 1. Sections 67-a  and  67-b  of  the  state  finance  law  are
 REPEALED  and  five new sections 67-a, 67-b, 67-b-1, 67-b-2 and 67-d are
 added to read as follows:
   § 67-A. DEFINITIONS. AS USED IN THIS ARTICLE THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1. "STATE DEBT" SHALL MEAN ALL BONDS, BOND ANTICIPATION NOTES, TAX AND
 REVENUE ANTICIPATION NOTES AND REVENUE DEBT ISSUED  BY  THE  COMPTROLLER
 PURSUANT TO ARTICLE FIVE OF THIS CHAPTER.
   2.  "STATE-BACKED  DEBT" SHALL MEAN ANY DEBT OR OBLIGATION, OTHER THAN
 STATE DEBT, THAT IS SUPPORTED IN WHOLE  OR  IN  PART  BY  ANY  FINANCING
 ARRANGEMENT  WHEREBY THE STATE AGREES OR HAS IN THE PAST AGREED, WHETHER
 BY LAW, CONTRACT OR OTHERWISE, TO MAKE  PAYMENTS  WHICH  WILL  BE  USED,
 DIRECTLY  OR  INDIRECTLY,  FOR  THE  PAYMENT  OF  PRINCIPAL, INTEREST OR
 RELATED PAYMENTS ON INDEBTEDNESS INCURRED OR  CONTRACTED  BY  THE  STATE
 ITSELF  FOR  ANY PURPOSE, OR BY ANY STATE AGENCY, MUNICIPALITY, INDIVID-
 UAL, PUBLIC AUTHORITY OR OTHER PUBLIC  OR  PRIVATE  CORPORATION  OR  ANY
 OTHER  ENTITY  FOR  STATE  CAPITAL  OR  OPERATING PURPOSES OR TO FINANCE
 GRANTS, LOANS OR OTHER ASSISTANCE PAYMENTS MADE OR TO BE MADE BY  OR  ON
 BEHALF  OF  THE STATE FOR ANY PURPOSE. IF THE STATE AGREES OR HAS AGREED
 ON OR AFTER APRIL FIRST, NINETEEN HUNDRED NINETY-SEVEN  TO  MAKE  FUTURE

 A. 7287                            14
 
 REVENUES  FROM  A  SPECIFIC  STATE  SOURCE  AVAILABLE FOR THE PURPOSE OF
 SUPPORTING DEBT OF ANY MUNICIPALITY,  INDIVIDUAL,  PUBLIC  AUTHORITY  OR
 OTHER  PUBLIC  OR  PRIVATE CORPORATION OR ANY OTHER ENTITY, OR, IF ON OR
 AFTER  SUCH  DATE,  A  PROGRAM  OF DEBT IS AUTHORIZED TO BE ISSUED WHERE
 STATE AID IS INTENDED TO BE THE SOLE SOURCE OF PAYMENT OF DEBT  SERVICE,
 SUCH  DEBT SHALL BE CONSIDERED TO BE A DEBT FOR THE PURPOSE OF FINANCING
 A STATE GRANT, LOAN OR OTHER ASSISTANCE PAYMENT AND SHALL BE  A  "STATE-
 BACKED  DEBT"  FOR  THE PURPOSES OF THIS ARTICLE. THE TERM "STATE-BACKED
 DEBT" APPLIES TO ALL DEBT OR OBLIGATIONS DESCRIBED IN  THIS  SUBDIVISION
 FOR  WHICH THE STATE AGREES, OR HAS IN THE PAST AGREED, TO MAKE PAYMENTS
 (A) WHETHER OR NOT THE OBLIGATION OF  THE  STATE  TO  MAKE  PAYMENTS  IS
 SUBJECT  TO  APPROPRIATION,  OR (B) WHETHER OR NOT DEBT SERVICE IS TO BE
 PAID FROM A REVENUE STREAM TRANSFERRED BY THE  STATE  TO  ANOTHER  PARTY
 THAT IS RESPONSIBLE FOR MAKING SUCH PAYMENTS.
   3.  "STATE-FUNDED  DEBT"  SHALL  MEAN  THE COMBINED TOTAL OF ALL STATE
 DEBT, AS DEFINED IN SUBDIVISION ONE OF  THIS  SECTION,  AND  ALL  STATE-
 BACKED  DEBT  EXCEPT SHORT TERM DEBT INCURRED IN ACCORDANCE WITH SECTION
 NINE OF ARTICLE SEVEN OF THE CONSTITUTION, AND SHALL  INCLUDE  ALL  DEBT
 OUTSTANDING ON THE EFFECTIVE DATE OF THIS SECTION.
   4.  "STATE-SUPPORTED  DEBT"  SHALL  MEAN ANY BONDS OR NOTES, INCLUDING
 BONDS OR NOTES ISSUED TO FUND  RESERVE  FUNDS  AND  COSTS  OF  ISSUANCE,
 ISSUED BY THE STATE OR A STATE PUBLIC CORPORATION FOR WHICH THE STATE IS
 CONSTITUTIONALLY OBLIGATED TO PAY DEBT SERVICE OR IS CONTRACTUALLY OBLI-
 GATED  TO PAY DEBT SERVICE SUBJECT TO AN APPROPRIATION, EXCEPT WHERE THE
 STATE HAS A CONTINGENT CONTRACTUAL OBLIGATION.
   5. "REVENUE DEBT" SHALL MEAN STATE DEBT ISSUED BY THE COMPTROLLER  AND
 SUPPORTED BY FUTURE REVENUES FROM A SPECIFIC STATE SOURCE.
   6.  "TOTAL  PERSONAL INCOME OF THE STATE" SHALL MEAN THE MOST RECENTLY
 PUBLISHED ESTIMATED DOLLAR AMOUNT DETERMINED AS TOTAL PERSONAL INCOME OF
 THE STATE OF NEW YORK BY THE UNITED STATES DEPARTMENT OF COMMERCE OR ANY
 SUCCESSOR AGENCY FOR THE FOUR MOST RECENT SUCCESSIVE  CALENDAR  QUARTERS
 FOR WHICH INFORMATION IS AVAILABLE PRIOR TO OCTOBER THIRTY-FIRST OF EACH
 YEAR.  SUBSEQUENT REVISIONS OF THE PUBLISHED ESTIMATED DOLLAR AMOUNT FOR
 SUCH CALENDAR QUARTERS SHALL NOT AFFECT THE  VALIDITY  OF  THE  DETERMI-
 NATION MADE FOR ANY FISCAL YEAR.
   7. "CAPITAL WORK OR PURPOSE" SHALL MEAN ANY PROJECT INVOLVING:
   (A)  THE  ACQUISITION,  CONSTRUCTION,  DEMOLITION  OR REPLACEMENT OF A
 FIXED ASSET OR ASSETS;
   (B) THE MAJOR REPAIR OR RENOVATION OF A FIXED ASSET, WHICH  MATERIALLY
 EXTENDS  ITS USEFUL LIFE OR MATERIALLY IMPROVES OR INCREASES ITS CAPACI-
 TY; OR
   (C) THE PLANNING OR DESIGN OF THE ACQUISITION,  CONSTRUCTION,  DEMOLI-
 TION,  REPLACEMENT, MAJOR REPAIR OR RENOVATION OF A FIXED ASSET, INCLUD-
 ING THE PREPARATION AND REVIEW OF  PLANS  AND  SPECIFICATIONS  INCLUDING
 ENGINEERING  AND  OTHER SERVICES, FIELD SURVEYS AND SUB-SURFACE INVESTI-
 GATIONS INCIDENTAL THERETO.
   8. "CONDUIT DEBT OBLIGATION" SHALL MEAN A DEBT OBLIGATION ISSUED BY  A
 PUBLIC  AUTHORITY (THE "CONDUIT ISSUER") ON BEHALF OF A THIRD PARTY (THE
 "CONDUIT BORROWER") OTHER THAN THE STATE OR A POLITICAL  SUBDIVISION  OF
 THE  STATE,  WHERE PAYMENT OF THE OBLIGATION IS TO BE MADE FROM FUNDS OF
 THE CONDUIT BORROWER, THE SECURITY FOR THE OBLIGATION IS THE  CREDIT  OF
 THE  CONDUIT BORROWER AND NO FUNDS OF THE CONDUIT ISSUER, THE STATE OR A
 POLITICAL SUBDIVISION OF THE STATE ARE PLEDGED TO SECURE THE OBLIGATION,
 WHETHER OR NOT THE OBLIGATION OF THE CONDUIT ISSUER, THE STATE OR  POLI-
 TICAL  SUBDIVISION OF THE STATE IS SUBJECT TO APPROPRIATION OR IS OTHER-
 WISE CONTINGENT.

 A. 7287                            15
 
   § 67-B. DUTIES WITH RESPECT TO STATE-FUNDED  DEBT.  1.  ON  OR  BEFORE
 OCTOBER  THIRTY-FIRST,  TWO THOUSAND TWENTY-SIX AND ON OR BEFORE OCTOBER
 THIRTY-FIRST OF EACH YEAR THEREAFTER, THE DIVISION OF BUDGET SHALL  HAVE
 THE  RESPONSIBILITY  TO  DETERMINE  THE TOTAL DEBT LIMIT OF THE STATE BY
 CALCULATING  THE  DOLLAR  AMOUNT EQUIVALENT TO FIVE PERCENT OF THE TOTAL
 PERSONAL INCOME OF THE STATE.
   2. ON OR BEFORE OCTOBER THIRTY-FIRST, TWO THOUSAND TWENTY-SIX  AND  ON
 OR  BEFORE OCTOBER THIRTY-FIRST OF EACH YEAR THEREAFTER, THE DIVISION OF
 BUDGET SHALL DETERMINE THE TOTAL DEBT LIMIT OF THE STATE,  AND  PURSUANT
 TO  SECTION  SIXTY-SEVEN-B-TWO  OF THIS ARTICLE FOR THE NEXT FISCAL YEAR
 AND DETERMINE WHETHER THE TOTAL  PRINCIPAL  AMOUNT  OF  ADDITIONAL  DEBT
 PROJECTED  TO  BE  INCURRED  IN  THE NEXT FISCAL YEAR, TOGETHER WITH THE
 TOTAL PRINCIPAL AMOUNT OF STATE-FUNDED DEBT ALREADY OUTSTANDING IS EQUAL
 TO OR GREATER THAN THE DEBT LIMIT, AND REPORT SUCH INFORMATION BY  OCTO-
 BER  THIRTY-FIRST, TO THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER
 OF THE ASSEMBLY, THE CHAIRPERSON AND  RANKING  MINORITY  MEMBER  OF  THE
 SENATE FINANCE COMMITTEE, THE CHAIRPERSON AND RANKING MINORITY MEMBER OF
 THE ASSEMBLY WAYS AND MEANS COMMITTEE, AND THE COMPTROLLER. ON OR BEFORE
 SUCH  DATE,  THE DIVISION OF BUDGET SHALL ISSUE A PUBLIC ANNOUNCEMENT OF
 SUCH LIMIT.
   3. THE EXECUTIVE'S PROPOSED BUDGET FOR STATE FISCAL YEAR TWO  THOUSAND
 EIGHTEEN--TWO  THOUSAND  NINETEEN SHALL INCLUDE A PLAN SETTING FORTH THE
 ANNUAL TARGET PERCENTAGES AND METHODOLOGY FOR THE IMPLEMENTATION OF  THE
 PROVISIONS OF SUBDIVISION ONE OF SECTION SIXTY-SEVEN-B-TWO OF THIS ARTI-
 CLE  BY  APRIL  FIRST, TWO THOUSAND TWENTY-SEVEN. A PROGRESS REPORT WITH
 RESPECT TO MEETING ANNUAL TARGET PERCENTAGES IN THE PLAN SHALL BE ISSUED
 ANNUALLY BY THE EXECUTIVE WITH RELEASE OF THE PROPOSED  BUDGET  AND,  IN
 THE EVENT THE ACTUAL PERCENTAGES DEVIATE FROM THE TARGET PERCENTAGES SET
 FORTH  IN  THE  INITIAL PLAN, SHALL INCLUDE AN EXPLANATION OF SUCH DEVI-
 ATIONS AND THE PROPOSED REMEDIAL ACTIONS DEEMED NECESSARY TO  MEET  SUCH
 TARGET PERCENTAGES BY APRIL FIRST, TWO THOUSAND TWENTY-SEVEN.
   § 67-B-1. LIMITATIONS ON THE ISSUANCE OF STATE-SUPPORTED DEBT.  1. (A)
 STATE-SUPPORTED  DEBT  MAY  NOT  BE CONTRACTED FOR UNLESS, AS OF OCTOBER
 THIRTY-FIRST, TWO THOUSAND ONE AND AS OF EACH OCTOBER THIRTY-FIRST THER-
 EAFTER, THE TOTAL OUTSTANDING PRINCIPAL AMOUNT OF SUCH DEBT, AS  OF  THE
 LAST  DAY  OF  THE  IMMEDIATELY  PRECEDING FISCAL YEAR, IS LESS THAN THE
 DESIGNATED PERCENTAGE OF THE TOTAL PERSONAL INCOME OF THE STATE. NOTHING
 SHALL PRECLUDE THE CONTRACTING OF STATE-SUPPORTED DEBT PRIOR TO  OCTOBER
 THIRTY-FIRST  OF  EACH  YEAR  IF,  AS OF THE LAST DAY OF THE IMMEDIATELY
 PRECEDING FISCAL YEAR, THE TOTAL OUTSTANDING PRINCIPAL  AMOUNT  OF  SUCH
 DEBT  WAS  LESS  THAN  THE  DESIGNATED  PERCENTAGE OF THE TOTAL PERSONAL
 INCOME OF THE STATE. THE TOTAL  OUTSTANDING  PRINCIPAL  AMOUNT  OF  DEBT
 SHALL  INCLUDE ALL STATE-SUPPORTED DEBT ISSUED ON AND AFTER APRIL FIRST,
 TWO THOUSAND. SUCH DESIGNATED PERCENTAGE SHALL BE  SEVEN  AND  ONE-HALF-
 TENTHS  OF  ONE  PERCENT FOR FISCAL YEAR TWO THOUSAND--TWO THOUSAND ONE,
 AND SHALL INCREASE BY FIVE-TENTHS OF ONE  PERCENT  IN  FISCAL  YEAR  TWO
 THOUSAND  ONE--TWO  THOUSAND  TWO,  BY  AN ADDITIONAL FOUR-TENTHS OF ONE
 PERCENT IN FISCAL YEAR TWO THOUSAND TWO--TWO THOUSAND THREE, AND  BY  AN
 ADDITIONAL  ONE-THIRD  OF  ONE  PERCENT  IN EACH OF THE SEVEN SUBSEQUENT
 FISCAL YEARS. THE DESIGNATED PERCENTAGE FOR  FISCAL  YEAR  TWO  THOUSAND
 TEN--TWO  THOUSAND  ELEVEN  AND FOR EACH FISCAL YEAR THEREAFTER SHALL BE
 FOUR PERCENT.
   (B) IF STATE-SUPPORTED DEBT IS ISSUED TO REFUND  OR  OTHERWISE  AFFECT
 THE   REFUNDING,   RETIREMENT  OR  DEFEASANCE  OF  STATE-SUPPORTED  DEBT
 ORIGINALLY ISSUED ON AND AFTER APRIL FIRST, TWO THOUSAND, PROVIDED  SUCH
 REFUNDINGS  ARE CONDUCTED IN ACCORDANCE WITH SECTION THIRTEEN OF ARTICLE

 A. 7287                            16
 
 SEVEN OF THE CONSTITUTION, THE  CALCULATION  OF  THE  TOTAL  OUTSTANDING
 PRINCIPAL  AMOUNT  OF  DEBT SHALL EXCLUDE SUCH REFUNDING DEBT, AND SHALL
 ONLY INCLUDE THE AMOUNT OF PRIOR REFUNDED DEBT,  AS  IF  IT  WERE  STILL
 OUTSTANDING,  IN EACH YEAR UNTIL SUCH REFUNDING DEBT IS FINALLY RETIRED.
 NOTWITHSTANDING THE FOREGOING, THE PROVISIONS OF SUCH  SECTION  THIRTEEN
 OF  ARTICLE  SEVEN  OF  THE  CONSTITUTION RELATING TO THE MAINTENANCE OR
 MANAGEMENT OF ESCROW FUNDS AND SINKING FUNDS SHALL ONLY BE APPLICABLE TO
 STATE-SUPPORTED DEBT ISSUED BY THE STATE COMPTROLLER. IF STATE-SUPPORTED
 DEBT IS ISSUED TO REFUND OR OTHERWISE AFFECT THE  REFUNDING,  RETIREMENT
 OR  DEFEASANCE  OF STATE-SUPPORTED DEBT ISSUED PRIOR TO APRIL FIRST, TWO
 THOUSAND, THEN THE AMOUNT OF SUCH REFUNDING DEBT SHALL BE EXCLUDED  FROM
 THE  CALCULATION  OF  THE  TOTAL OUTSTANDING PRINCIPAL AMOUNT OF DEBT IN
 EACH YEAR UNTIL SUCH REFUNDING DEBT IS FINALLY RETIRED. IN ADDITION,  IF
 STATE-SUPPORTED  DEBT IS RETIRED OR DEFEASED WITH PAYMENTS IN ANY FISCAL
 YEAR MADE BY THE STATE THAT ARE NOT REQUIRED BY MANDATORY PAYMENTS, SUCH
 DEBT SHALL BE EXCLUDED FROM THE CALCULATION  OF  THE  TOTAL  OUTSTANDING
 PRINCIPAL  AMOUNT  OF  DEBT, INCLUDING RETIREMENTS OR DEFEASANCES ACCOM-
 PLISHED ON AN ECONOMIC BASIS.
   2. STATE-SUPPORTED DEBT MAY NOT BE CONTRACTED FOR UNLESS, AS OF  OCTO-
 BER  THIRTY-FIRST,  TWO THOUSAND ONE AND AS OF EACH OCTOBER THIRTY-FIRST
 THEREAFTER, THE TOTAL AMOUNT OF  INTEREST,  INSTALLMENTS  OF  PRINCIPAL,
 CONTRIBUTIONS  TO SINKING FUNDS, AND RELATED PAYMENTS ON A CASH BASIS OF
 ACCOUNTING FOR STATE-SUPPORTED DEBT IN THE IMMEDIATELY PRECEDING  FISCAL
 YEAR  IS LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL GOVERNMENTAL FUNDS
 RECEIPTS FOR SUCH FISCAL YEAR. NOTHING SHALL PRECLUDE THE CONTRACTING OF
 STATE-SUPPORTED DEBT PRIOR TO OCTOBER THIRTY-FIRST OF EACH YEAR  IF,  IN
 THE  IMMEDIATELY  PRECEDING  FISCAL  YEAR, THE TOTAL AMOUNT OF INTEREST,
 INSTALLMENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING FUNDS,  AND  RELATED
 PAYMENTS  WAS  LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL GOVERNMENTAL
 FUNDS RECEIPTS. THIS SHALL INCLUDE THE TOTAL AMOUNT OF PAYMENTS ON  SUCH
 DEBT  ISSUED  ON  AND  AFTER  APRIL  FIRST,  TWO THOUSAND, BUT SHALL NOT
 INCLUDE PAYMENTS IN ANY FISCAL YEAR MADE BY  THE  STATE  TO  DEFEASE  OR
 RETIRE  DEBT NOT REQUIRED BY MANDATORY PAYMENTS NOR PAYMENTS MADE BY THE
 STATE FOR DEBT ISSUED TO REFUND DEBT THAT  WAS  ISSUED  PRIOR  TO  APRIL
 FIRST,  TWO  THOUSAND. IN ADDITION, IF STATE-SUPPORTED DEBT IS ISSUED TO
 REFUND OR OTHERWISE AFFECT THE REFUNDING, RETIREMENT  OR  DEFEASANCE  OF
 STATE-SUPPORTED  DEBT  ORIGINALLY  ISSUED  ON AND AFTER APRIL FIRST, TWO
 THOUSAND, PROVIDED SUCH REFUNDINGS  ARE  CONDUCTED  IN  ACCORDANCE  WITH
 SECTION  THIRTEEN  OF ARTICLE SEVEN OF THE CONSTITUTION, THE CALCULATION
 OF THE TOTAL AMOUNT OF INTEREST,  INSTALLMENTS  OF  PRINCIPAL,  CONTRIB-
 UTIONS  TO  SINKING  FUNDS,  AND RELATED PAYMENTS SHALL EXCLUDE PAYMENTS
 MADE ON SUCH REFUNDING DEBT, AND SHALL ONLY INCLUDE THE PAYMENTS ON  THE
 PRIOR REFUNDED DEBT, AS IF IT WERE STILL OUTSTANDING, IN EACH YEAR UNTIL
 SUCH REFUNDING DEBT IS FINALLY RETIRED. SUCH DESIGNATED PERCENTAGE SHALL
 BE  SEVEN  AND  ONE-HALF-TENTHS OF ONE PERCENT FOR FISCAL YEAR TWO THOU-
 SAND--TWO THOUSAND ONE, AND SHALL INCREASE BY FIVE-TENTHS OF ONE PERCENT
 IN FISCAL YEAR TWO THOUSAND ONE--TWO  THOUSAND  TWO,  BY  AN  ADDITIONAL
 FOUR-TENTHS OF ONE PERCENT IN FISCAL YEAR TWO THOUSAND TWO--TWO THOUSAND
 THREE,  AND BY AN ADDITIONAL ONE-THIRD OF ONE PERCENT IN EACH OF THE TEN
 SUBSEQUENT FISCAL YEARS. THE DESIGNATED PERCENTAGE FOR FISCAL  YEAR  TWO
 THOUSAND THIRTEEN--TWO THOUSAND FOURTEEN AND FOR EACH FISCAL YEAR THERE-
 AFTER SHALL BE FIVE PERCENT.
   §  67-B-2.  LIMITATIONS  ON STATE-FUNDED DEBT. 1. NO ADDITIONAL STATE-
 FUNDED DEBT SHALL BE INCURRED AFTER APRIL FIRST,  TWO  THOUSAND  TWENTY-
 SEVEN IF THE TOTAL PRINCIPAL AMOUNT OF SUCH ADDITIONAL DEBT PROJECTED TO
 BE  INCURRED  IN  SUCH YEAR, TOGETHER WITH THE TOTAL PRINCIPAL AMOUNT OF

 A. 7287                            17
 
 STATE-FUNDED DEBT ALREADY OUTSTANDING IS EQUAL TO OR  GREATER  THAN  THE
 TOTAL  DEBT  LIMIT  OF  THE  STATE EXCLUDING SHORT TERM DEBT INCURRED IN
 ACCORDANCE WITH SECTION NINE OF ARTICLE SEVEN OF THE CONSTITUTION,  DEBT
 INCURRED  IN ACCORDANCE WITH SECTION TEN OF ARTICLE SEVEN OF THE CONSTI-
 TUTION, AND REFUNDING DEBT.
   2. WITH THE EXCEPTION OF SHORT TERM DEBT INCURRED IN  ACCORDANCE  WITH
 SECTION  NINE  OF  ARTICLE  SEVEN  OF THE CONSTITUTION, DEBT INCURRED IN
 ACCORDANCE WITH SECTION TEN OF ARTICLE SEVEN OF  THE  CONSTITUTION,  AND
 REFUNDING DEBT, NO STATE-FUNDED DEBT SHALL BE INCURRED EXCEPT TO FINANCE
 A  CAPITAL  WORK OR PURPOSE. NO SUCH STATE-FUNDED DEBT SHALL BE INCURRED
 IF THE TOTAL PRINCIPAL AMOUNT OF SUCH DEBT TOGETHER WITH THE TOTAL PRIN-
 CIPAL AMOUNT OF SUCH DEBT ALREADY OUTSTANDING IS  EQUAL  TO  OR  GREATER
 THAN THE TOTAL DEBT LIMIT OF THE STATE.
   3.  ALL  DEBT  SUBJECT  TO  THE  PROVISIONS  OF THIS SECTION SHALL, IF
 INCURRED ON OR AFTER THE FIRST DAY OF THE FIRST FISCAL YEAR BEGINNING AT
 LEAST ONE YEAR AFTER THE EFFECTIVE DATE OF AN  AMENDMENT  ADDING  A  NEW
 SUBDIVISION  SIX TO SECTION ELEVEN OF ARTICLE SEVEN OF THE CONSTITUTION,
 BE IN THE FORM OF OBLIGATIONS ISSUED BY THE COMPTROLLER.
   4. NO STATE-FUNDED DEBT SHALL BE INCURRED IN THE FORM OF AN OBLIGATION
 WITH A FINAL MATURITY EXCEEDING THE PROBABLE LIFE OF THE CAPITAL PROJECT
 FINANCED BY SUCH DEBT, AS SPECIFIED IN SECTION SIXTY-ONE OF  THIS  CHAP-
 TER.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW TO THE CONTRARY, NO
 STATE-FUNDED DEBT SHALL BE INCURRED IN THE FORM OF AN OBLIGATION WITH  A
 FINAL MATURITY OF MORE THAN THIRTY YEARS.
   5.  NO  STATE-FUNDED  DEBT  OUTSTANDING  ON THE EFFECTIVE DATE OF THIS
 SUBDIVISION SHALL BE REFUNDED UNLESS SUCH REFUNDING IS CONDUCTED IN  ALL
 RESPECTS  AS IF SUBJECT TO THE PROVISIONS OF SECTION THIRTEEN OF ARTICLE
 SEVEN OF THE CONSTITUTION. SUCH OUTSTANDING DEBT  OBLIGATIONS  SHALL  BE
 INCLUDED  IN  THE  DETERMINATION  OF THE DEBT LIMIT. FOR THE PURPOSES OF
 THIS SUBDIVISION AND SECTION SIXTY-SEVEN-D OF THIS ARTICLE, ANY  REFUND-
 ING  DEBT  THAT  DOES  NOT  EXTEND BEYOND THE FINAL MATURITY OF THE DEBT
 BEING REFUNDED SHALL BE DEEMED TO BE IN COMPLIANCE WITH  THE  PROVISIONS
 OF SUBDIVISION SIX OF SECTION THIRTEEN OF ARTICLE SEVEN OF THE CONSTITU-
 TION  MADE  APPLICABLE  BY  THIS  SUBDIVISION IF THERE IS AN ACTUAL DEBT
 SERVICE SAVINGS IN EVERY YEAR TO MATURITY AS A RESULT OF THE ISSUANCE OF
 THE REFUNDING DEBT.
   6. ANY REFUNDING OBLIGATIONS ISSUED PURSUANT TO  SUBDIVISION  FIVE  OF
 THIS  SECTION  ON OR AFTER THE FIRST DAY OF THE FIRST FISCAL YEAR BEGIN-
 NING AT LEAST ONE YEAR AFTER THE  EFFECTIVE  DATE  OF  AN  AMENDMENT  TO
 SECTION  ELEVEN OF ARTICLE SEVEN OF THE CONSTITUTION IMPOSING A LIMIT ON
 THE TOTAL AMOUNT OF STATE DEBT SHALL BE ISSUED BY THE COMPTROLLER.
   § 67-D. PROHIBITION OF CONTINGENT OBLIGATION DEBT. AFTER THE EFFECTIVE
 DATE OF THIS SECTION,  THE  STATE  SHALL  NOT,  EXCEPT  AS  SPECIFICALLY
 AUTHORIZED  BY A PROVISION OF THE CONSTITUTION OTHER THAN SECTION ELEVEN
 OF ARTICLE SEVEN, AGREE TO MAKE PAYMENTS, DIRECTLY OR INDIRECTLY, WHETH-
 ER OR NOT SUBJECT TO APPROPRIATION, THAT ARE TO BE AVAILABLE TO PAY DEBT
 SERVICE ON ANY DEBT  INCURRED  BY  A  MUNICIPALITY,  INDIVIDUAL,  PUBLIC
 AUTHORITY  OR  OTHER  PUBLIC OR PRIVATE CORPORATION OR ANY OTHER ENTITY,
 FOR ANY PURPOSE, IF SUCH PAYMENTS ARE EXPECTED TO BE USED  TO  PAY  DEBT
 SERVICE  ONLY IF OTHER SOURCES AVAILABLE FOR THE PAYMENT OF DEBT SERVICE
 ARE INADEQUATE. ANY PROVISION REQUIRING THE STATE TO REPLACE MONIES USED
 TO PAY DEBT SERVICE SHALL BE INCLUDED IN THE PROHIBITION  SET  FORTH  IN
 THIS  SUBDIVISION.  OUTSTANDING  DEBT  THAT  WOULD BE PROHIBITED BY THIS
 SECTION MAY BE REFUNDED BY THE  ENTITY  THAT  INCURRED  THE  OUTSTANDING
 DEBT.

 A. 7287                            18
 
   §  2.  Paragraph i of subdivision 3 of section 22 of the state finance
 law, as amended by chapter 1 of the laws of 2007, is amended to read  as
 follows:
   i.  A  statement  setting  forth state involvement in the fiscal oper-
 ations of those public authorities and public benefit corporations which
 may be part of the development of a comprehensive  state  budget  system
 and  provided therefor in the state financial plan. Such statement shall
 include those public authorities and public  benefit  corporations  with
 disbursements  which  are  not  currently reflected in the state central
 accounting system from proceeds of any notes  or  bonds  issued  by  any
 public  authority,  and  which  bonds  or  notes  would be considered as
 [state-supported] STATE-FUNDED debt as defined in section  sixty-seven-a
 of this chapter. Such statement shall set forth the amount of all of the
 bonds,  notes  and  other  obligations  of each public authority, public
 benefit corporation and all other agencies and instrumentalities of  the
 state  for which the full faith and credit of the state has been pledged
 or on account of which the state has by law given its pledge  or  assur-
 ance  for  the continued operation and solvency of the authority, public
 corporation, or other agency or instrumentality of  the  state,  as  the
 case  may be. Such statement shall also set forth all proposed appropri-
 ations to be made to any public authority, public  benefit  corporation,
 and  any  other  agency  or  instrumentality of the state which has been
 created or continued by law and which is separate and distinct from  the
 state itself.
   §  3. Paragraph b of subdivision 15 of section 22 of the state finance
 law, as added by chapter 1 of the laws of 2007, is amended  to  read  as
 follows:
   b.  The  capital  program  and  financing  plan  submitted pursuant to
 section twenty-two-c of this article, and the  update  thereto  required
 pursuant to section twenty-three of this article, shall include a report
 on  the  management  of [state-supported] STATE-FUNDED debt. Such report
 may include, but is not limited to: (1) an assessment of the affordabil-
 ity of state debt, including debt as a percent of personal income,  debt
 per  capita,  and  debt  service costs as a percent of the budget; (2) a
 summary and analysis of the interest rate exchange agreements and  vari-
 able  rate  exposure;  and  (3) an assessment of financing opportunities
 related to the state's debt portfolio.
   § 4. The opening paragraph and paragraph (f)  of  subdivision  1,  and
 subparagraphs  (iv),  (v),  (vi),  (vii)  and (viii) of paragraph (c) of
 subdivision 3 of section 22-c of the state finance law,  as  amended  by
 section  3  of part F of chapter 389 of the laws of 1997, are amended to
 read as follows:
   The governor shall  annually  submit  to  the  legislature  a  capital
 program  and  financing  plan  concurrent  with the executive budget, in
 addition to the information required by section twenty-two of this arti-
 cle. The plan shall contain a comprehensive assessment  of  the  capital
 assets and program needs of all state agencies, a review and analysis of
 how such requirements would be financed, an analysis of the affordabili-
 ty  of [state-supported] STATE-FUNDED debt, and an analysis of all costs
 related to the financing of such plan.
   (f) "[State-supported] STATE-FUNDED debt" shall  [mean  any  bonds  or
 notes  issued  by  the state or a state public corporation for which the
 state is constitutionally obligated to pay debt service or is contractu-
 ally obligated to pay debt service subject to an  appropriation,  except
 where  the  state has a contingent contractual obligation] HAVE THE SAME
 MEANING AS SET FORTH IN SECTION SIXTY-SEVEN-A OF THIS CHAPTER.

 A. 7287                            19
 
   (iv) schedules of the projected annual [state-supported]  STATE-FUNDED
 bond issuances, proposed for each capital program, by agency, by issuer,
 and  an  analysis  of  existing debt authorizations and the need for any
 additional authorizations;
   (v) schedules of projected outstanding bonds, including retirements by
 year identified separately for [state-supported] STATE-FUNDED bond issu-
 ances by issuer, and by capital program by agency, where practicable;
   (vi)  schedules  of the projected personal income of the state and the
 projected ratio of outstanding [state-supported] STATE-FUNDED  bonds  to
 personal income;
   (vii)  schedules  of  projected  [state-supported]  STATE-FUNDED  debt
 service costs by issuer, and by capital program by agency, where practi-
 cable; and
   (viii) an analysis of trends in municipal bond interest rates  and  an
 explanation  of  the  interest rate assumptions, timing of principal and
 interest payments, and the timing and size of projected  [state-support-
 ed] STATE-FUNDED bond sales used in the debt service projections.
   §  5. Subdivision 4 of section 23 of the state finance law, as amended
 by chapter 1 of the laws of 2007, is amended to read as follows:
   4. Financial plan updates. Quarterly, throughout the fiscal year,  the
 governor  shall  submit  to  the  comptroller,  the chairs of the senate
 finance and the assembly ways and means committees, within  thirty  days
 of  the  close  of the quarter to which it shall pertain, a report which
 summarizes the actual experience to date and projections for the remain-
 ing quarters of the current fiscal year and for each  of  the  next  two
 fiscal  years of receipts, disbursements, tax refunds, and repayments of
 advances presented in forms suitable for comparison with  the  financial
 plan  submitted  pursuant  to subdivisions one, THREE, four, [and] five,
 FIVE-A AND FIVE-B of section twenty-two of this article and  revised  in
 accordance with the provisions of subdivision three of this section. The
 governor  shall  submit with the budget a similar report that summarizes
 revenue and expenditure experience  to  date  in  a  form  suitable  for
 comparison with the financial plan submitted pursuant to subdivision two
 of section twenty-two of this article and revised in accordance with the
 provisions  of  subdivision  three  of  this section. Such reports shall
 provide an explanation of the causes of any major  deviations  from  the
 revised financial plans and, shall provide for the amendment of the plan
 or plans to reflect those deviations. The governor may, if he determines
 it advisable, provide more frequent reports to the legislature regarding
 actual  experience  as  compared  to  the financial plans. The quarterly
 financial plan update most proximate to  October  thirty-first  of  each
 year  PRIOR  TO  OCTOBER  THIRTY-FIRST,  TWO  THOUSAND  TWENTY-SIX shall
 include the calculation of the limitations on the issuance of state-sup-
 ported debt computed pursuant to the provisions of subdivisions one  and
 two  of  section  [sixty-seven-b] SIXTY-SEVEN-B-ONE of this chapter. THE
 QUARTERLY FINANCIAL PLAN UPDATE MOST PROXIMATE TO  OCTOBER  THIRTY-FIRST
 OF  EACH  YEAR ON OR AFTER OCTOBER THIRTY-FIRST, TWO THOUSAND TWENTY-SIX
 SHALL INCLUDE THE CALCULATION OF THE  LIMITATIONS  ON  THE  ISSUANCE  OF
 STATE-FUNDED  DEBT  COMPUTED  PURSUANT  TO THE PROVISIONS OF SUBDIVISION
 THREE OF SECTION SIXTY-SEVEN-B OF THIS CHAPTER.
   § 6. Paragraph (a) of subdivision 3 of section  97-rrr  of  the  state
 finance  law,  as  amended  by section 45 of part H of chapter 56 of the
 laws of 2000, is amended to read as follows:
   (a) for the payment of principal, interest, and  related  expenses  on
 general obligation bonds, lease purchase payments, or special contractu-
 al  obligation  payments,  or  for the purposes of retiring or defeasing

 A. 7287                            20
 
 bonds previously issued, including any accrued interest thereon, for any
 [state-supported] STATE-FUNDED bonding program or programs, and;
   §  7.  This act shall take effect immediately, provided, however, that
 section 67-b-1 of the state finance law, as added by section one of this
 act, shall expire and be  deemed  repealed  March  31,  2027;  provided,
 further,  that the provisions of section 67-b-2 of the state finance law
 as added by section one of this act shall take effect March 31, 2027.
   § 2. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion, section or part of this act shall be  adjudged  by  any  court  of
 competent  jurisdiction  to  be invalid, such judgment shall not affect,
 impair, or invalidate the remainder thereof, but shall  be  confined  in
 its  operation  to the clause, sentence, paragraph, subdivision, section
 or part thereof directly involved in the controversy in which such judg-
 ment shall have been rendered. It is hereby declared to be the intent of
 the legislature that this act would  have  been  enacted  even  if  such
 invalid provisions had not been included herein.
   §  3.  This act shall take effect immediately; provided, however, that
 the applicable effective date of Parts A through C of this act shall  be
 as specifically set forth in the last section of such Parts.