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SECTION 22-C
Capital program and financing plan
State Finance (STF) CHAPTER 56, ARTICLE 3
§ 22-c. Capital program and financing plan. The governor shall
annually submit to the legislature a capital program and financing plan
concurrent with the executive budget, in addition to the information
required by section twenty-two of this article. The plan shall contain a
comprehensive assessment of the capital assets and program needs of all
state agencies, a review and analysis of how such requirements would be
financed, an analysis of the affordability of state-supported debt, and
an analysis of all costs related to the financing of such plan.

1. When used in this section, the following terms shall have the
following meanings:

(a) "Comprehensive construction program" shall mean the categories or
groups of one or more capital appropriations which have a common
objective within a capital program.

(b) "Director" shall mean the director of the division of the budget
of the state of New York.

(c) "Pay-as-you-go" financing shall mean transfers from the general
fund to capital projects funds, and any taxes, user fees, repayment of
advances, or miscellaneous receipts from non-bond proceeds deposited to
capital projects funds.

(d) "Plan" shall mean the capital program and financing plan required
by this section.

(e) "State agency" shall mean any state department or agency,
including any public benefit corporation, except a public benefit
corporation whose members are appointed by the governing board or an
officer of a county, city, town or village, or other instrumentality of
the state.

(f) "State-supported debt" shall mean any bonds or notes issued by the
state or a state public corporation for which the state is
constitutionally obligated to pay debt service or is contractually
obligated to pay debt service subject to an appropriation, except where
the state has a contingent contractual obligation.

2. The governor and/or his or her designee shall conduct hearings
annually on the capital needs of the state at which state agencies shall
present an assessment of the needs of their capital programs. Such
hearings shall be open to the public who shall be afforded the
opportunity to comment.

3. The capital program and financing plan shall contain the following
information:

(a) A summary which shall include an overview of the major capital
programs, an explanation of the major sources of financing for such
plan, and an assessment of the fiscal impact of the plan's financing
methods on the financial plan of the state.

(b) For each major capital program which may include, but need not be
limited to, transportation, mental hygiene, public protection,
environment and recreation, education, housing and economic development,
and general government, the plan shall include the following:

(i) an overview of the capital program's goals and objectives, agency
responsibilities, prior capital program activities, accomplishments
during the prior fiscal year and an explanation of any significant
delays in achieving the prior fiscal year's plans, an explanation of how
any proposed capital funding will address continuing capital
requirements and new program initiatives, and an explanation of the
impact of the capital plan on the current and future operations of state
agencies and their ability to deliver services or accomplish their
missions;

(ii) a summary of the capital program's remaining existing
appropriations and anticipated future appropriations by each
comprehensive construction program and fund for the current fiscal year
and each of the next five fiscal years;

(iii) a summary of the capital program's projected capital
construction contract commitments for the current fiscal year and each
of the next five fiscal years and a comparison with previous commitment
plans;

(iv) a summary of the capital program's estimated disbursements from
existing appropriations and from anticipated future appropriations by
each comprehensive construction program and fund for at least the prior
fiscal year, the current fiscal year and each of the next five fiscal
years, and a summary of how these estimated disbursements are
anticipated to be financed;

(v) a summary of maintenance activities which are anticipated to be
undertaken or continued in the next five fiscal years for the state's
capital programs and a summary of the scheduled maintenance requirements
developed pursuant to section twenty-six of this article; and

(vi) a summary schedule showing the age, condition and estimated
remaining useful life as of September thirtieth of each year for all
existing capital assets or capital asset types with a replacement cost
of not less than five million dollars, under the jurisdiction of all
state agencies subject to the provisions of this section.

(c) A statement of the mix of financing sources for the plan which
shall include, for the current fiscal year and each of the next five
fiscal years, the following:

(i) the annual total of pay-as-you-go financed capital disbursements
proposed for each capital program, by agency, and the annual total of
pay-as-you-go financed capital disbursements as a percentage of the
annual total of capital projects disbursements;

(ii) the annual total of bond-financed capital disbursements proposed
for each capital program, by agency, identified separately for general
obligation bonds and revenue bonds of the state, and any other bonds,
and the annual total of bond-financed capital disbursements as a
percentage of the annual total of capital projects disbursements;

(iii) the annual total of federal-grant-financed capital disbursements
for each capital program, by agency, and the annual total of
federal-grant-financed capital disbursements as a percentage of the
annual total of capital projects disbursements;

(iv) schedules of the projected annual state-supported bond issuances,
proposed for each capital program, by agency, by issuer, and an analysis
of existing debt authorizations and the need for any additional
authorizations;

(v) schedules of projected outstanding bonds, including retirements by
year identified separately for state-supported bond issuances by issuer,
and by capital program by agency, where practicable;

(vi) schedules of the projected personal income of the state and the
projected ratio of outstanding state-supported bonds to personal income;

(vii) schedules of projected state-supported debt service costs by
issuer, and by capital program by agency, where practicable; and

(viii) an analysis of trends in municipal bond interest rates and an
explanation of the interest rate assumptions, timing of principal and
interest payments, and the timing and size of projected state-supported
bond sales used in the debt service projections.

(d) The capital program and financing plan, which is current, accurate
and reflective of all previous legislative enactments and of the
governor's plan, shall also include the following: A detailed schedule,
by state agency and for each state agency by fund, of all capital
projects which the governor recommends or anticipates be undertaken or
continued by any state agency in the next five fiscal years, which shall
provide the following information for each such capital projects:

(i) a capital plan project reference number which shall be
consistently assigned each year solely to such project,

(ii) a description of the project in less than thirty words,

(iii) an indication of the category into which the project has been
classified in the capital plan,

(iv) the estimated total cost of the project,

(v) the total of all disbursements for the project made prior to the
then current fiscal year,

(vi) the total amount of disbursements for the project estimated to be
made during the current fiscal year and during each of the next ensuing
five fiscal years, provided however, that (A) the information required
by this subparagraph may be provided for groupings of projects in those
cases where the governor determines it cannot be provided on a project
by project basis, and (B) the total of all disbursements estimated in
accordance with the requirements of this subparagraph to be made for all
capital projects during the current fiscal year and during each of the
next ensuing five fiscal years, excluding those disbursements which are
estimated in accordance with the requirements of this subparagraph to be
made by public benefit corporations and which are not subject to
appropriations, shall be equal, respectively, to the total of all
disbursements estimated, in the financial projections required by
subdivisions one and four of section twenty-two of this article, to be
made for all capital projects during the then current fiscal year and
during each of the next ensuing five fiscal years,

(vii) the estimated date of project completion,

(viii) the amount of the project cost for which the state or state
agency will be contractually obligated as of the close of the then
current fiscal year, and

(ix) subtotals of the information required by subparagraphs four,
five, six and eight of this paragraph by agency and within each agency
for each of the categories into which the individual capital projects
appropriations are classified in the appropriations bill involved.

(e) A comprehensive financial report and plan for the dedicated
highway and bridge trust fund established by section eighty-nine-b of
this chapter, which shall be submitted to the comptroller at the same
time as the plan is submitted to the legislature, and which shall
include the following information pertaining to the dedicated highway
and bridge trust fund separately stated for the last completed fiscal
year, the current fiscal year and the next five fiscal years:

(i) a detailed description of all actual and projected revenues of the
dedicated highway and bridge trust fund, separately stating the amount
received or expected to be received from bond proceeds, and the amounts,
separately identified, received or expected to be received from taxes,
fees, transfers, or other sources;

(ii) a detailed description of actual or planned disbursements and
transfers from the dedicated highway and bridge trust fund, separately
stating in the aggregate the amounts disbursed or transferred or planned
to be disbursed or transferred for (A) debt service costs, (B) capital
project costs, (C) state operations costs, (D) costs of contracts for
engineering and similar or related services related to capital project
costs and state operations, and (E) the costs of state employees to
provide similar services on projects for which service contracts are not
expected to be used, and further separately stating the amounts of such
capital project and state operations costs disbursed or planned to be
disbursed for personal service and non-personal service costs

(f) For the preceding four fiscal years and the current fiscal year,
the bond coverage ratio on an annual basis, including the formula used
to compute such ratio and the source of that formula.

(g) An explanation of any deficit projected for the end of any fiscal
year covered by the plan stating whether the projected deficit is
expected to be caused by an imbalance between projected revenues and
projected expenditures, or by the timing of payments within a fiscal
year, or by other causes.

(h) A detailed description of actual or proposed appropriations and
reappropriations from the dedicated highway and bridge trust fund, and
the actual or planned disbursements pursuant to such appropriations and
reappropriations.

(i) An explanation of any actions proposed to be taken to achieve
increased opportunity for meaningful participation in the performance of
state contracts by minority and women-owned business enterprises in
accordance with article fifteen-A of the executive law, including a
compliance report to be submitted by July first of each year commencing
with the two thousand five--two thousand six fiscal year and for each
subsequent year thereafter that includes: all the items of information
required in accordance with regulations promulgated by the director of
the division of minority and women's business development in the
department of economic development under article fifteen-A of the
executive law; goals for participation by certified minority or
women-owned business enterprises for such fiscal year; and a description
of the types of expenditures, projects or contracts.

(j) Such other information as shall be necessary to present a full and
accurate description of the financial position of the dedicated highway
and bridge trust fund.

For the purposes of this subdivision, capital projects of less than
fifty thousand dollars may be grouped into appropriate categories.

4. (a) For the purposes of subdivision three of this section, the term
"state agency" shall mean any state department or agency, including any
public benefit corporation, except a public benefit corporation whose
members are appointed by the governing board or an officer of a county,
city, town or village, or other instrumentality of the state.

(b) For the purposes of subdivision three of this section, the term
"capital project" as defined in a subdivision two-a of section two of
this chapter shall include any project which is being, has been or is
proposed to be:

(i) financed by the issuance of bonds, notes or other evidences of
indebtedness of the state or any public benefit corporation thereof,
except a public benefit corporation whose members are appointed by the
governing board or an officer of a county, city, town or village;

(ii) funded by an appropriation from any fund of the state classified
by the comptroller, in accordance with section seventy of this chapter,
as a capital project fund; or

(iii) funded by an appropriation from any fund of the state, other
than a fund classified as a capital projects fund, where the specific
expenditure involved is declared by law to be for a capital project or
is determined to be for a capital project under standards as they may be
prescribed from time to time by the director with the concurrence of the
comptroller; provided further that

(iv) the governor may exempt from the requirements of subdivision
three of this section any project financed by public benefit corporation
programs which are used as sources of capital for private clients
provided that neither the state nor the public benefit corporation
involved are in any way liable for the debt of such projects, and he may
also exempt debt issued by the job development authority pursuant to
title eight of article eight of the public authorities law, and provided
further that any such exemptions shall not impair the effectiveness of
the capital plan being prepared and submitted pursuant to this
subdivision.

5. Within forty days following the submission of the budget submitted
annually by the governor to the legislature, in accordance with article
seven of the constitution, the director of the budget shall submit to
the chairs of the senate finance committee and the assembly ways and
means committee a listing of any changes to the capital program and
financing plan submitted originally with the executive budget. At the
same time, the director of the budget shall also submit to the
comptroller a copy of the portion of such listing showing any changes to
the comprehensive financial plan required by paragraph (e) of
subdivision three of this section.

6. By the later of July thirtieth or ninety days after the enactment
of all bills that constitute the budget by the legislature, the governor
shall submit to the legislature an update to the capital program and
financing plan, which shall contain such updated information in the same
form as prescribed in subdivision three of this section, and an
explanation of any changes from the previously submitted capital program
and financing plan. At the same time, the governor shall also submit to
the comptroller a copy of the portion of such update containing updated
information in the same form as prescribed by paragraph (e) of
subdivision three of this section, and an explanation of any changes to
the comprehensive financial plan required by paragraph (e) of
subdivision three of this section.