Senate Bill S8687

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8687
 
                             I N  S E N A T E
 
                              January 7, 2026
                                ___________
 
 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  five
   billion  dollars,  in  relation  to enacting the New York state master
   plan on aging 2026 bond act and providing for the  submission  to  the
   people  of  a proposition or question therefor to be voted upon at the
   general election to be held in November, 2026
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  New York state master plan on aging 2026 bond act is
 enacted to read as follows:
             NEW YORK STATE MASTER PLAN ON AGING 2026 BOND ACT
 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 "New York state master plan on aging 2026 bond act".
   §  2.  Creation  of  a  state debt. The creation of a state debt to an
 amount  not  exceeding   in   the   aggregate   five   billion   dollars
 ($5,000,000,000)  is  hereby authorized to provide moneys for the single
 purpose of supporting the implementation of the recommendations  of  the
 New  York  State  Master  Plan  for  Aging Final Report, including the 9
 pillars of core support areas and 126 proposals contained therein.
   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 supporting the implementation of the recommendations  of  the
 New York State Master Plan for Aging Final Report.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14359-02-6
              

 S. 8687                             2
 
   §  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 five
 billion dollars ($5,000,000,000) 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 five 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 five 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 pres-
 ent 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 supporting the implementation of the recommendations
 of the New York State Master Plan for Aging Final Report, including  the
 9 pillars of core support areas and 126 proposals contained therein.
   §  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, 2026, 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  2026
 known  as  the  New York state master plan on aging 2026 bond act, which
 provides funding for the implementation of the  recommendations  of  the
 New  York  State  Master  Plan for Aging Final Report by authorizing the
 creation of state debt to provide moneys therefor in the amount of  five
 billion dollars ($5,000,000,000), be approved?"