Assembly Bill A3130

2023-2024 Legislative Session

Prohibits certain borrowing arrangements

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Sponsored By

Current 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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2023-A3130 (ACTIVE) - Details

See Senate Version of this Bill:
S679
Current Committee:
Assembly Judiciary
Law Section:
Constitution, Concurrent Resolutions to Amend
Laws Affected:
Amd Art 7 §11, Constn
Versions Introduced in Other Legislative Sessions:
2017-2018: S4402
2019-2020: S2211
2021-2022: A6217, S1262

2023-A3130 (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.

2023-A3130 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3130
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2023
                                ___________
 
 Introduced  by  M. of A. RA, BARCLAY, BLANKENBUSH, J. M. GIGLIO, THIELE,
   HAWLEY, BRABENEC -- Multi-Sponsored by -- M. of A. McDONOUGH  --  read
   once and referred to the Committee on Ways and Means
 
             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 Senate concur), That section 11 of article
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD89034-01-3
              

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