Assembly Bill A7455

2021-2022 Legislative Session

Requires propositions authorizing creation of a state debt to contain an estimate of the debt service payable and publish an explanation thereof

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Archive: Last Bill Status - In Assembly 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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2021-A7455 (ACTIVE) - Details

See Senate Version of this Bill:
S219
Current Committee:
Assembly Election Law
Law Section:
Election Law
Laws Affected:
Add §7-112, amd §4-116, El L; add §§6 & 65-a, amd §§92 & 97-rrr, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8450
2011-2012: A1504
2013-2014: A5073
2015-2016: A2460
2017-2018: A6935, A9884, S4140
2019-2020: A6416, S559
2023-2024: A3082, S43

2021-A7455 (ACTIVE) - Summary

Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service payable thereon until the bonds issued pursuant to such proposition are retired; relates to deposits to the tax stabilization reserve fund; provides that at least 10% of any surplus shall be used to pay down state debt.

2021-A7455 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7455
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 10, 2021
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Election Law
 
 AN ACT
   to amend the election law and the state finance law,  in  relation  to
 requiring  a  proposition  authorizing  the  creation of a state debt to
 contain an estimate of the debt service payable thereon,  and  to  amend
 the state finance law, in relation to requiring publication of an expla-
 nation of the proposition authorizing the creation of state debt, depos-
 its  to  the tax stabilization reserve fund, and using surplus moneys to
 reduce outstanding state funded debt
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The election law is amended by adding a new section 7-112
 to read as follows:
   § 7-112. BALLOTS; FORM FOR PROPOSITION; ADDITIONAL REQUIREMENTS.  EACH
 DULY CERTIFIED PROPOSITION CONTAINED ON THE BALLOT AND SUBMITTED TO  THE
 VOTERS  OF  THE  STATE  WHICH  PROVIDES FOR THE CREATION OF A STATE DEBT
 SHALL CONTAIN AN ESTIMATE OF THE ANTICIPATED NUMBER OF YEARS OVER  WHICH
 SUCH DEBT SHALL BE AMORTIZED AND THE TOTAL EXPECTED DEBT SERVICE PAYABLE
 ON  THE  PRINCIPAL  AMOUNT  OF  SUCH  BONDS UNTIL THEIR RETIREMENT. SUCH
 INFORMATION SHALL BE PRINTED IN THE LARGEST TYPE WHICH IS PRACTICABLE TO
 USE IN THE SPACE PROVIDED FOR THE PROPOSITION. SUCH INFORMATION SHALL BE
 PROVIDED TO THE STATE BOARD OF ELECTIONS AND THE SECRETARY OF  STATE  BY
 THE STATE COMPTROLLER NOT LATER THAN SEVEN DAYS AFTER THE PASSAGE OF THE
 LAW AUTHORIZING SUCH PROPOSITION.
   § 2. Subdivision 2 of section 4-116 of the election law, as amended by
 chapter 60 of the laws of 1993, is amended to read as follows:
   2. The state board of elections shall publish once in the week preced-
 ing  any  election  at which proposed constitutional amendments or other
 propositions or questions are to be submitted to the voters of the state
 an abstract of such amendment or question, INCLUDING THE ESTIMATE OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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