NY State Senate Bill 2023-S709

Senate Bill S709

2023-2024 Legislative Session

Authorizes the creation of state debt in creating the Alzheimer's research bond act of 2023 and provides for submission to the people of such proposal

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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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to finance
Jan 06, 2023	referred to finance

2023-S709 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Bonds and Notes
Versions Introduced in 2025-2026 Legislative Session:: S6509

2023-S709 (ACTIVE) - Summary

Authorizes the creation of state debt in the amount of 1 billion dollars in creating the Alzheimer's research bond act of 2023; provides for submission to the people of such proposal.

2023-S709 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S709

SPONSOR: CLEARE
 
TITLE OF BILL:

An act authorizing the creation of a state debt in the amount of one
billion dollars, in relation to enacting the Alzheimer's research bond
act of 2023 and providing for the submission to the people of a proposi-
tion or question therefor to be voted upon at the general election to be
held in November, 2023

 
PURPOSE OF BILL:

To create a taxpayer approved initiative that will issue bonds to aid in
the funding of Alzheimer's research in the State of New York.

 
SUMMARY OF PROVISIONS:  This bill authorizes the State, upon approval
by voters in the next general election, to issue $1 billion in general
obligation bonds.  The proceeds will be used for funding research grants
and financial collaborations related to the scientific research of
disease.

Section 1 enacts the Alzheimer's Research Bond Act of 2023. Title 1 of
Section 1 sets forth the short title of "Alzheimer's Research Bond Act
of 2022". Title 2 of Section 1 authorizes the creation of a $1 billion
state debt to fund the scientific research of Alzheimer's disease,
including causes, treatment and clinical trials of medications. Title 3
of Section 1 authorizes the state comptroller to issue $1 billion in
bonds for this purpose. Title 4 of Section 1 requires the bonds to be
issued as tax-exempt consistent with the federal internal revenue code.
Title 5 of Section 1 specifies that the money received from these bonds
be used in order to fund scientific research of Alzheimer's disease.

Section 2 sets an immediate effective date, subject to a voter approved
referendum at the next general election

 
JUSTIFICATION:

The cost of treating Alzheimer's in the U.S. is expected to increase
from $203 billion in 2013 to $1 2 trillion by 2050. Exploring treatments
and cures for the disease poses unique challenges, especially because
the latest research indicates that the onset of Alzheimer's disease
comes long before a formal diagnosis. Because long term studies may be
necessary to find effective treatments, pharmaceutical companies and
research institutions must bear huge costs up-front before seeing the
results of their investments bear fruit. Federal investments in
researching the disease are currently at an all-time low.

This legislation will provide for the creation of a $1 billion voter
approved general obligation State debt for the purpose of funding
Alzheimer's research in the State of New York. By issuing taxpayer
approved bonds for Alzheimer's research, the State of New York can
utilize an innovative approach to find and leverage new revenues, This
funding can be used to provide research grants and other financing to
collaborations of New York institutions and ' researchers while creating
jobs and funding essential research and clinical trials, which will
result in New York being at the very forefront of discovering a cure for
this dread disease.

 
LEGISLATIVE HISTORY:

A.1475A of 2015-16 - Referred to Ways and Means.

A.2807 of 2017-18 referred to aging

A.2512 of 2019-20 referred to aging

 
FISCAL IMPLICATIONS:

Upon approval of the voters, this legislation authorizes the creation of
a $1 billion bond issue for Alzheimer's research purposes.

 
EFFECTIVE DATE:
This act shall take effect immediately, provided however that $1 billion
in State debt shall not be created unless and until the voters approve
such referendum at the general election next conducted following enact-
ment.

2023-S709 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    709
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2023
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT authorizing the creation of a state debt in  the  amount  of  one
   billion dollars, in relation to enacting the Alzheimer's research bond
   act of 2023 and providing for the submission to the people of a propo-
   sition  or  question therefor to be voted upon at the general election
   to be held in November, 2023
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  Alzheimer's  research bond act of 2023 is enacted to
 read as follows:
                   ALZHEIMER'S RESEARCH BOND ACT OF 2023
 Section 1. Short title.
         2. Creation of a state debt.
         3. Bonds of the state.
         4. Consistency with federal tax law.
         5. Use of moneys received.
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "Alzheimer's research bond act of 2023".
   §  2.  Creation  of  a  state debt. The creation of a state debt to an
 amount  not   exceeding   in   the   aggregate   one   billion   dollars
 ($1,000,000,000)  is  hereby authorized to provide moneys for the single
 purpose of funding research grants and financing collaborations  related
 to  scientific  research of Alzheimer's disease including causes, treat-
 ment and clinical trials of medications.
   The legislature shall, 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  act,  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  agency,
 not-for-profit  entity,  or  higher  educational  institutions,  for the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02709-01-3

 S. 709                              2
 
 purpose of funding research for the causes and treatment of  Alzheimer's
 disease.
   §  3.  Bonds  of the state. The state comptroller is hereby authorized
 and empowered to issue and sell bonds of the state in the amount of  one
 billion dollars ($1,000,000,000) 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  one  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 one 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 value of the aggregate debt service of  the
 bonds to be refunded or repaid. The method for calculating present value
 shall be determined by law.
   §  4.  Consistency with federal tax law. Bonds issued pursuant to this
 act shall be issued as tax-exempt bonds  for  purposes  of  the  federal
 internal  revenue  code  and  regulations  thereunder. All actions taken
 pursuant to this act shall be reviewed for consistency  with  provisions
 of  the  federal  internal  revenue  code and regulations thereunder, in
 accordance with procedures established in connection with  the  issuance
 of any bonds pursuant to this act which are intended to be federally tax
 exempt to preserve the federal tax exempt status of such bonds.
   § 5. 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 for funding research grants and financing  collaborations
 related  to scientific research of Alzheimer's disease including causes,
 treatment and clinical trials of medications.
   § 2. 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, 2023, and shall have received a majori-
 ty  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 the voters upon the submission of
 section one 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 section  one
 of  chapter  (here insert the number of the chapter) of the laws of 2023
 known as the Alzheimer's research bond act of 2023, which provides fund-
 ing for critical research into the causes and treatment  of  Alzheimer's
 disease  by  authorizing  the  creation  of state debt to provide moneys
 therefor in the amount  of  one  billion  dollars  ($1,000,000,000),  be
 approved?"

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