S T A T E O F N E W Y O R K
________________________________________________________________________
9164
I N S E N A T E
May 2, 2024
___________
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 twenty
billion dollars, in relation to enacting the save public housing bond
act of 2024 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, 2024
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The save public housing bond act of 2024 is enacted to read
as follows:
SAVE PUBLIC HOUSING BOND ACT OF 2024
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 "save public housing bond act of 2024".
§ 2. Creation of a state debt. The creation of a state debt to an
amount not exceeding in the aggregate twenty billion dollars
($20,000,000,000) is hereby authorized to provide moneys for the single
purpose of the capital needs of public housing statewide.
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
purpose of providing for the capital needs of public housing statewide.
§ 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
twenty billion dollars ($20,000,000,000) for the purpose of this act,
subject to the provisions of article 5 of the state finance law. The
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15376-01-4
S. 9164 2
aggregate principal amount of such bonds shall not exceed twenty billion
dollars excluding bonds issued to refund or otherwise repay bonds there-
tofore issued for such purpose; provided, however, that upon any such
refunding or repayment the total aggregate principal amount of outstand-
ing bonds may be greater than twenty 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 calculat-
ing 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 the capital needs of public housing statewide.
§ 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, 2024, 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 2024
known as the save public housing bond act of 2024, which provides for
the capital needs of public housing statewide by authorizing the
creation of state debt to provide moneys therefor in the amount of twen-
ty billion dollars ($20,000,000,000), be approved?"