NY State Senate Bill 2017-S4018A

Archive: Last Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 31, 2018	print number 4018a
Jan 31, 2018	amend (t) and recommit to finance
Jan 03, 2018	referred to finance
Feb 01, 2017	referred to finance

Bill Amendments

Original

A (Active)

2017-S4018 - Details

See Assembly Version of this Bill:: A4665
Current Committee:: Senate Finance
Law Section:: State Finance

2017-S4018 - Summary

Enacts the "community preservation bond act of 2018" in the amount of $5,000,000,000 to preserve the quality of life in the state's communities and neighborhoods by the accomplishment of projects and funding of activities by state agencies, public authorities and public benefit corporations, municipalities, and other government entities and not-for-profit corporations for and related to community preservation including water quality infrastructure improvements and the acquisition of interests in land for open space preservation, farmland preservation, historic preservation, and park and recreation purposes.

2017-S4018 - Sponsor Memo

                                 BILL NUMBER:  S4018

 TITLE OF BILL :  An act authorizing the creation of state debt to the
amount of five billion dollars; in relation to creating the community
preservation bond act of 2017, to provide moneys for the water quality
infrastructure improvements and to provide for state assistance
payments for such purpose, and to provide moneys for the acquisition
of interests in land for open space preservation, farmland
preservation, historic preservation, and parks and recreation
purposes; and providing for the submission to the people of a
proposition or question therefor to be voted upon at the general
election in November 2017

 PURPOSE :

To make provisions for the "Community Preservation Bond Act of 2017".

 SUMMARY OF PROVISIONS :

Section 1. Cites this act as the "Community Preservation Bond Act of
2017".

Section 2. Creates a state debt in an amount not exceeding in the
aggregate $5 billion.

Section 3. Grants power to the State Comptroller to issue and sell

bonds of the State to the amount of $5 billion.

Section 4. Provides for the use of moneys received.

Section 5. Effective date and provides the voter proposition to appear
on the ballot for the general election of 2017.

 JUSTIFICATION :

Since 1960, New York State voters have approved seven bond acts which
have authorized the issuance of nearly $5.7 billion in bonds that have
financed a variety of environmental projects including: air quality;
safe drinking water; clean water; solid waste and environmental
restoration. The last bond act, the Clean Water/Clean Air Bond Act of
1996, was approved over 20 years ago. N those twenty years, the
quality of ground and surface waters continue to decline and New
York's vast open spaces remain vulnerable. Despite an increased
environmental Protection Fund in 2016, there has been insufficient
funding allocated to our State's natural resources for decades and we
are now suffering the consequences. For example, it has been
documented that New York State has $36 billion in clean water
infrastructure. The importance of protecting and restoring our
environment goes well beyond protecting the intrinsic value and
ecological value of our resources; public health/safety and our
State's economy is dependent upon it.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

$5 billion to the State of New York.

 EFFECTIVE DATE :
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

2017-S4018 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4018
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2017
                                ___________
 
 Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT authorizing the creation of state debt  to  the  amount  of  five
   billion  dollars;  in  relation to creating the community preservation
   bond act of 2017, to provide moneys for the water quality  infrastruc-
   ture  improvements  and  to  provide for state assistance payments for
   such purpose, and to provide moneys for the acquisition  of  interests
   in  land  for open space preservation, farmland preservation, historic
   preservation, and parks and recreation purposes; and providing for the
   submission to the people of a proposition or question therefor  to  be
   voted upon at the general election in November 2017
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "community preservation bond act of 2017".
   §  2.    Creation of state debt. a. 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 the quality of life in the state's communities and
 neighborhoods by the accomplishment of projects and  funding  of  activ-
 ities  by  state  agencies, public authorities and public benefit corpo-
 rations, municipalities, and other public authorities and public benefit
 corporations, municipalities, and other government entities and not-for-
 profit corporations for and related to community preservation  including
 water  quality infrastructure improvements and the acquisition of inter-
 ests in land for open space preservation, farmland preservation, histor-
 ic preservation, and park and recreation purposes.
   b. 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 section, 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.

                                                            LBD06760-01-7

 S. 4018                             2
 
 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  New  York
 state,  or any combination thereof, for the purpose of community preser-
 vation.
   § 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
 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 only if the  present  value  of
 the  aggregate  debt  service  of the refunding or repayment bonds to be
 issued shall not exceed the present amount of the aggregate debt service
 of the bonds to be refunded or repaid. The method for calculating  pres-
 ent 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 in the following amount:
   a. For water quality improvement projects, four billions dollars.
   b. For open space, farmland, park and recreation, and historic preser-
 vation projects, one billion dollars.
   § 5. This  act  shall  take  effect  immediately,  provided  that  the
 provisions  of  section two 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 two 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 "Shall chapter
 (insert number of chapter) of the laws of 2017 known  as  the  community
 preservation bond act of 2017, authorizing the creation of state debt to
 provide   moneys   for  the  preservation  of  communities  through  the
 construction of water quality improvement projects  and  acquisition  of
 interests  in  land  for open space preservation, farmland preservation,
 historic preservation, and park and recreation purposes in the amount of
 five billion dollars ($5,000,000,000) be approved?"

2017-S4018A (ACTIVE) - Details

See Assembly Version of this Bill:: A4665
Current Committee:: Senate Finance
Law Section:: State Finance

2017-S4018A (ACTIVE) - Summary

2017-S4018A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4018A              Revised 1/31/18

SPONSOR: LAVALLE
 
TITLE OF BILL:  An act authorizing the creation of state debt to the
amount of five billion dollars; in relation to creating the community
preservation bond act of 2018, to provide moneys for the water quality
infrastructure improvements and to provide for state assistance payments
for such purpose, and to provide moneys for the acquisition of interests
in land for open space preservation, farmland preservation, historic
preservation, and parks and recreation purposes; and providing for the
submission to the people of a proposition or question therefor to be
voted upon at the general election in November 2018

 
PURPOSE:

To make provisions for the "Community Preservation Bond Act of 2018".

 
SUMMARY OF PROVISIONS:

Section 1. Cites this act as the "Community Preservation Bond Act of
2018".

Section 2. Creates a state debt in an amount not exceeding in the aggre-
gate $5 billion.

Section 3. Grants power to the State Comptroller to issue and sell bonds
of the State to the amount of $5 billion.

Section 4. Provides for the use of moneys received.

Section 5. Effective date and provides the voter proposition to appear
on the ballot for the general election of 2018.

 
JUSTIFICATION:

Since 1960, New York State voters have approved seven bond acts which
have authorized the issuance of nearly $5.7 billion in bonds that have
financed a variety of environmental projects including: air quality;
safe drinking water; clean water; solid waste and environmental restora-
tion. The last bond act, the Clean Water/Clean Air Bond Act of 1996, was
approved over 20 years ago. In those twenty years, the quality of ground
and surface waters continue to decline and New York's vast open spaces
remain vulnerable. Despite an increased environmental Protection Fund in
2016, there has been insufficient funding allocated to our State's
natural resources for decades and we are now suffering the consequences.
For example, it has been documented that New York State has $36 billion
in clean water infrastructure. The importance of protecting and restor-
ing our environment goes well beyond protecting the intrinsic value and
ecological value of our resources; public health/safety and our State's
economy is dependent upon it.

 
LEGISLATIVE HISTORY:  New bill.

 
FISCAL IMPLICATIONS:

$5 billion to the State of New York

 
EFFECTIVE DATE:
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 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 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 proposi-
tion or question to be submitted shall be printed thereon in substan-
tially the following form, namely "Shall chapter ( ) of the law of 2018
known as the community preservation fund bond act of 2018, authorizing
the creation of state debt to provide moneys for the preservation of
communities through the construction of water quality improvement
projects and acquisition of interests in land for open space preserva-
tion, farmland preservation, historic preservation and park and recre-
ation purposes in the amount of five billion dollars ($5,000,000,000) be
approved.

2017-S4018A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4018--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2017
                                ___________
 
 Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance -- recommitted  to
   the  Committee  on Finance in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN  ACT  authorizing  the  creation  of state debt to the amount of five
   billion dollars; in relation to creating  the  community  preservation
   bond  act of 2018, to provide moneys for the water quality infrastruc-
   ture improvements and to provide for  state  assistance  payments  for
   such  purpose,  and to provide moneys for the acquisition of interests
   in land for open space preservation, farmland  preservation,  historic
   preservation, and parks and recreation purposes; and providing for the
   submission  to  the people of a proposition or question therefor to be
   voted upon at the general election in November 2018
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "community preservation bond act of 2018".
   § 2. Creation of state debt. a. 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 the quality of life in the state's communities and
 neighborhoods  by  the  accomplishment of projects and funding of activ-
 ities by state agencies, public authorities and  public  benefit  corpo-
 rations, municipalities, and other public authorities and public benefit
 corporations, municipalities, and other government entities and not-for-
 profit  corporations for and related to community preservation including
 water quality infrastructure improvements and the acquisition of  inter-
 ests in land for open space preservation, farmland preservation, histor-
 ic preservation, and park and recreation purposes.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06760-02-8

 S. 4018--A                          2
 
   b. 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 section,  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 New York
 state, or any combination thereof, for the purpose of community  preser-
 vation.
   §  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
 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 only if the present value of
 the aggregate debt service of the refunding or  repayment  bonds  to  be
 issued shall not exceed the present amount of the aggregate debt service
 of  the bonds to be refunded or repaid. The method for calculating pres-
 ent 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 in the following amount:
   a. For water quality improvement projects, four billions dollars.
   b. For open space, farmland, park and recreation, and historic preser-
 vation projects, one billion dollars.
   §  5.  This  act  shall  take  effect  immediately,  provided that the
 provisions of section two 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 been approved by  a
 majority  of  all  votes  cast for and against it at such election. Upon
 approval by the people, section two 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  "Shall  chapter
 (insert  number  of  chapter) of the laws of 2018 known as the community
 preservation bond act of 2018, authorizing the creation of state debt to
 provide  moneys  for  the  preservation  of  communities   through   the
 construction  of  water  quality improvement projects and acquisition of
 interests in land for open space  preservation,  farmland  preservation,
 historic preservation, and park and recreation purposes in the amount of
 five billion dollars ($5,000,000,000) be approved?"

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Senate Bill S4018A

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Actions

Bill Amendments

2017-S4018 - Details

2017-S4018 - Summary

2017-S4018 - Sponsor Memo

2017-S4018 - Bill Text download pdf

2017-S4018A (ACTIVE) - Details

2017-S4018A (ACTIVE) - Summary

2017-S4018A (ACTIVE) - Sponsor Memo

2017-S4018A (ACTIVE) - Bill Text download pdf

Comments

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Senate Bill S4018A

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Sponsored By

Kenneth P. LaValle

Archive: Last Bill Status - In Senate Committee Finance Committee

Actions

Bill Amendments

2017-S4018 - Details

2017-S4018 - Summary

2017-S4018 - Sponsor Memo

2017-S4018 - Bill Text download pdf

2017-S4018A (ACTIVE) - Details

2017-S4018A (ACTIVE) - Summary

2017-S4018A (ACTIVE) - Sponsor Memo

2017-S4018A (ACTIVE) - Bill Text download pdf

Comments