senate Bill S2211

2019-2020 Legislative Session

Prohibits certain borrowing arrangements

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Judiciary Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 01, 2019 opinion referred to judiciary
Feb 07, 2019 to attorney-general for opinion
Jan 23, 2019 referred to judiciary

S2211 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Constitution, Concurrent Resolutions to Amend
Laws Affected:
Amd Art 7 §11, Constn
Versions Introduced in 2017-2018 Legislative Session:
S4402

S2211 (ACTIVE) - Summary

Prohibits certain borrowing arrangements; relates to the authorization for the contracting of debt; relates to the manner by which payments are appropriated and paid.

S2211 (ACTIVE) - Sponsor Memo

S2211 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2211

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 23, 2019
                               ___________

Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

            CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY

proposing amendments to article 7 of the constitution,  in  relation  to
  the  prohibition  of  certain  borrowing arrangements and the authori-
  zation for the contracting of debt

  Section 1. Resolved (if the Assembly concur), That section 11 of arti-
cle 7 of the constitution be amended to read as follows:
  § 11. 1. Except the debts or refunding debts specified in sections  9,
10  and 13 of this article, [no debt shall be hereafter contracted by or
in behalf of the state, unless] AS AUTHORIZED IN SUBDIVISION 2 OR  3  OF
THIS  SECTION,  OR AS EXPRESSLY PROVIDED FOR ELSEWHERE IN THIS CONSTITU-
TION, THE STATE SHALL NOT ENTER INTO  ANY  FINANCING  OR  OTHER  SIMILAR
ARRANGEMENT,  WHETHER BY STATUTE, CONTRACT, LEASE, OR OTHERWISE, WHEREBY
THE STATE AGREES TO MAKE PAYMENTS WHICH WILL BE USED DIRECTLY  OR  INDI-
RECTLY, FOR THE PAYMENT OF INTEREST, INSTALLMENTS OF PRINCIPAL, CONTRIB-
UTIONS  TO  SINKING FUNDS, OR RELATED PAYMENTS ON INDEBTEDNESS ISSUED OR
CONTRACTED BY ANY STATE AGENCY, MUNICIPALITY, INDIVIDUAL, OR  PUBLIC  OR
PRIVATE  CORPORATION  FOR  STATE  PURPOSES OR TO FINANCE GRANTS OR LOANS
MADE OR TO BE MADE BY OR ON BEHALF OF THE STATE  FOR  ANY  PURPOSE.  THE
RESTRICTIONS  IN  THIS  SUBDIVISION SHALL APPLY WHETHER OR NOT THE OBLI-
GATION OF THE STATE TO MAKE SUCH PAYMENTS IS SUBJECT TO APPROPRIATION OR
IS OTHERWISE CONTINGENT.
  2. THE STATE MAY CONTRACT DEBT WHICH IS SECURED BY  A  PLEDGE  OF  THE
FULL  FAITH  AND CREDIT OF THE STATE IF such debt shall be authorized by
law, for some single CAPITAL work or purpose, to be distinctly specified
therein[. No]; PROVIDED THAT NO such law  shall  take  effect  until  it
shall,  at  a  general  election, have been submitted to the people, and
have received a majority of all the votes cast for  and  against  it  at
such  election  nor  shall  it  be submitted to be voted on within three
months after its passage nor at any general election when any other  law
or any bill shall be submitted to be voted for or against.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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