S T A T E O F N E W Y O R K
________________________________________________________________________
2155
2025-2026 Regular Sessions
I N A S S E M B L Y
January 15, 2025
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Introduced by M. of A. RA, BARCLAY, BLANKENBUSH, BRABENEC, HAWLEY --
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.
LBD89043-01-5
A. 2155 2
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.
3. THE STATE MAY ALSO CONTRACT DEBT, IN A MANNER PRESCRIBED BY LAW,
WHICH SHALL BE SECURED BY A PLEDGE OF SPECIFIC REVENUES OF THE STATE.
THE LEGISLATURE SHALL, BY LAW, IDENTIFY THE CAPITAL WORKS OR PURPOSE TO
BE FINANCED WITH SUCH DEBT. REVENUES IN EXCESS OF THE REQUIRED PAYMENTS
OF INTEREST AND INSTALLMENT PAYMENTS OF PRINCIPAL, CONTRIBUTIONS TO
SINKING FUNDS, AND OTHER PAYMENTS RELATING TO SUCH DEBT SHALL BE MADE
AVAILABLE FOR SUCH OTHER PURPOSES, AS PROVIDED BY LAW.
4. THE STATE MAY NOT CONTRACT DEBT PURSUANT TO SUBDIVISION 3 OF THIS
SECTION DURING ANY SINGLE FISCAL YEAR IN EXCESS OF THIRTY-FIVE PERCENT
OF THE TOTAL AMOUNT OF CAPITAL WORKS IN SUCH FISCAL YEAR, PROVIDED THAT
THE LIMIT MAY BE INCREASED TO FIFTY PERCENT FOR ANY YEAR IN WHICH TOTAL
STATE REVENUES DECLINE, EXCLUDING DECLINES CAUSED BY A CHANGE IN THE
RATE OF TAXATION, BY TWO PERCENT OR MORE. THE LIMIT SHALL BE REDUCED TO
FORTY-FIVE PERCENT OF THE TOTAL AMOUNT OF CAPITAL WORKS IN THE FIRST
YEAR SUCCEEDING A YEAR WHEN REVENUES DECLINE BY TWO PERCENT OR MORE, AND
TO FORTY PERCENT IN THE SECOND YEAR SUCCEEDING A YEAR WHEN REVENUES
DECLINE BY TWO PERCENT OR MORE. THE LIMIT SHALL RETURN TO THIRTY-FIVE
PERCENT OF THE TOTAL AMOUNT OF CAPITAL WORKS FOR ALL OTHER SUCCEEDING
YEARS.
5. The legislature may, at any time [after the approval of such law by
the people], if no debt shall have been contracted in pursuance [there-
of], OF A PARTICULAR LAW AUTHORIZED UNDER SUBDIVISION 2 OR 3 OF THIS
SECTION repeal [the same] SUCH LAW AUTHORIZING THE ISSUANCE OF SUCH
DEBT; and may at any time, by law, forbid the contracting of any further
debt or liability under such law.
6. NO DEBT MAY BE CONTRACTED PURSUANT TO SUBDIVISION 2 OR 3 OF THIS
SECTION, EXCEPT TO FINANCE CAPITAL WORKS OR PURPOSES.
7. THE STATE MAY CONTRACT DEBT TO REFUND DEBT CONTRACTED PURSUANT TO
SUBDIVISION 2 OR 3 OF THIS SECTION PROVIDED SUCH REFUNDINGS ARE
CONDUCTED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 13 OF THIS ARTI-
CLE.
8. THE PROVISIONS OF SUBDIVISION 1 OF THIS SECTION SHALL NOT PROHIBIT
THE STATE FROM PROVIDING MONIES FOR ANY OF THE OBLIGATIONS HEREAFTER
PROHIBITED BY SAID SUBDIVISION 1, INCLUDING PAYMENT OF INTEREST,
INSTALLMENT PAYMENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING FUNDS, OR
RELATED PAYMENTS OR OBLIGATIONS TO THE EXTENT SUCH OBLIGATIONS WERE
CONTRACTED FOR OR OTHERWISE INCURRED PRIOR TO THE EFFECTIVE DATE OF SUCH
SUBDIVISION OR ON OBLIGATIONS ISSUED TO REFUND SUCH OBLIGATIONS,
PROVIDED SUCH REFUNDINGS ARE CONDUCTED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 13 OF THIS ARTICLE.
§ 2. Resolved (if the Senate concur), That the foregoing amendment be
referred to the first regular legislative session convening after the
next succeeding general election of members of the assembly, and, in
conformity with section 1 of article 19 of the constitution, be
published for 3 months previous to the time of such election.