Senate Bill S679

2023-2024 Legislative Session

Prohibits certain borrowing arrangements

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Judiciary 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-S679 (ACTIVE) - Details

See Assembly Version of this Bill:
A3130
Current Committee:
Senate 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: S1262, A6217

2023-S679 (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-S679 (ACTIVE) - Sponsor Memo

2023-S679 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    679
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 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
                       [ ] is old law to be omitted.
              

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