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Assembly Bill A2700

2025-2026 Legislative Session

Establishes oversight of debts issued during a state of emergency

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Current Bill Status - In Assembly Committee

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2025-A2700 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §67-b, St Fin L

2025-A2700 (ACTIVE) - Summary

Establishes oversight of debts issued during a state of emergency; establishes the procedure of how the legislature may oversee such debts issued during a state of emergency.

2025-A2700 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2700
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2025
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the state finance law,  in  relation  to  requiring  the
   legislature  to  approve the suspension of the debt cap for debt issu-
   ances during times of emergency
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 1 of section 67-b of the state finance law is
 amended by adding a new paragraph (c) to read as follows:
   (C) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPHS (A) AND (B)  OF  THIS
 SUBDIVISION,  ANY STATE-SUPPORTED DEBT ISSUED DURING A DECLARED STATE OF
 EMERGENCY SHALL BE SUBJECT TO LEGISLATIVE OVERSIGHT AS FOLLOWS:
   (I) THE LEGISLATURE SHALL, BY RESOLUTION, VOTE TO APPROVE WHETHER SUCH
 STATE-SUPPORTED DEBT ISSUED  DURING  THE  DECLARED  EMERGENCY  SHALL  BE
 SUBJECT  TO  THE  DEBT CAP LIMITATIONS OUTLINED IN PARAGRAPH (A) OF THIS
 SUBDIVISION.
   (II) THE RESOLUTION SHALL SPECIFY THE:
   (A) TOTAL AMOUNT OF STATE-SUPPORTED DEBT TO BE EXEMPTED FROM THE  DEBT
 CAP;
   (B) PURPOSE FOR WHICH THE DEBT IS TO BE ISSUED; AND
   (C)  DURATION  OF  THE  EXEMPTION,  NOT  TO EXCEED THE DURATION OF THE
 DECLARED EMERGENCY.
   (III) A TWO-THIRDS VOTE IN BOTH HOUSES OF  THE  LEGISLATURE  SHALL  BE
 REQUIRED FOR APPROVAL OF THE RESOLUTION.
   (IV)  IF  THE  RESOLUTION  IS  NOT  APPROVED, THE STATE-SUPPORTED DEBT
 ISSUED DURING THE DECLARED EMERGENCY SHALL REMAIN SUBJECT  TO  THE  DEBT
 CAP LIMITATIONS SET FORTH IN PARAGRAPH (A) OF THIS SUBDIVISION.
   (V) THE LEGISLATURE MAY, BY SUBSEQUENT RESOLUTION APPROVED IN THE SAME
 MANNER  AS  SET FORTH IN THE PARAGRAPH, MODIFY OR RESCIND ANY PREVIOUSLY
 APPROVED EXEMPTION TO THE DEBT CAP FOR EMERGENCY-RELATED DEBT.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05919-01-5
 A. 2700                             2

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