A01518 Summary:

BILL NO    A01518 

SAME AS    SAME AS S00982

SPONSOR    Tedisco (MS)

COSPNSR    Kolb, Barclay, Raia, Fitzpatrick

MLTSPNSR   Amedore, Butler, Crouch, McKevitt, Oaks, Thiele

Add S7-112, amd S4-116, El L; add S6, St Fin L

Requires that any ballot proposition creating a state debt shall contain an
estimate of the amortization period and the total expected debt service payable
thereon until the bonds issued pursuant to such proposition are retired.
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A01518 Actions:

BILL NO    A01518 

01/10/2011 referred to ways and means
01/04/2012 referred to ways and means
06/19/2012 held for consideration in ways and means
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A01518 Votes:

There are no votes for this bill in this legislative session.
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A01518 Memo:

BILL NUMBER:A1518

TITLE OF BILL:
An act
to amend the election law and the state finance law, in relation to
requiring proposition authorizing the creation of a state debt to
contain an estimate of the debt service payable thereon and
requiring publication of an
explanation thereof

PURPOSE: This bill would provide greater accuracy and
understanding
for the voting public by requiring the listing of the total debt
expected from a bond act in the ballot proposition, as well as in any
state publication designed to promote awareness of, or explain the
provisions in, such proposition.

SUMMARY OF SPECIFIC PROVISIONS: Adds a new S7-112 to
the Election Law
to require that any ballot proposition creating a state debt shall
contain an estimate of the amortization period and total expected
debt service payments. Amends S4-116 of the Election Law to
incorporate such reference in ballot publication requirements. Adds a
new S6 to the State Finance Law to require that any state
publications promoting awareness of, or explaining provisions in,
such a proposition shall include the amortization and total debt
information.

JUSTIFICATION: Current law provides that ballot
propositions must show
the principal amount of proposed debt. This is extremely misleading,
as the actual taxpayer cost of the debt must also include the
interest to be paid. On long term debt, interest payments can more
than double the principal amount. State publications often play an
important role in educating the public about ballot issues.
Accordingly, these should show the true total cost of any new debt.

HISTORY OF BILL:
2010: A.10307; Referred to Rules Committee
2008: A.4831; Referred to Election Law
2007: A.4831; Referred to Election Law
2006: A.1778-A; Held in Committee on Election Law
2005: A.1778; amended and recommitted to Election Law
2004: A.1299; Held for consideration in Election Law
2003: A.1299; Referred to Election Law
2002: A.3392; Held for consideration in Election Law
2001: A.3392; Referred to Election Law
2000: A.3356; Held for consideration in Election Law
1999: A.3356; Referred to Election Law
1998: A.4345; Held for consideration in Election Law
1997: A.4345; Referred to Election Law

1996: A.2681; Referred to Election Law
1995: A.2681; Held for consideration to Election Law

FISCAL IMPACT: None.

EFFECTIVE DATE: Immediate.
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A01518 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         1518

                              2011-2012 Regular Sessions

                                 I N  A S S E M B L Y

                                   January 10, 2011
                                      ___________

       Introduced  by  M.  of  A.  TEDISCO, KOLB, BARCLAY, RAIA, FITZPATRICK --
         Multi-Sponsored by -- M. of  A.  AMEDORE,  BUTLER,  CROUCH,  McKEVITT,
         OAKS,  THIELE  --  read once and referred to the Committee on Ways and
         Means

       AN ACT to amend the election law and the state finance law, in  relation
         to  requiring  proposition authorizing the creation of a state debt to
         contain an estimate of the debt service payable thereon and  requiring
         publication of an explanation thereof

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. The election law is amended by adding a new  section  7-112
    2  to read as follows:
    3    S 7-112. BALLOTS; FORM FOR PROPOSITION; ADDITIONAL REQUIREMENTS.  EACH
    4  DULY  CERTIFIED PROPOSITION CONTAINED ON THE BALLOT AND SUBMITTED TO THE
    5  VOTERS OF THE STATE WHICH PROVIDES FOR THE  CREATION  OF  A  STATE  DEBT
    6  SHALL  CONTAIN AN ESTIMATE OF THE ANTICIPATED NUMBER OF YEARS OVER WHICH
    7  SUCH DEBT SHALL BE AMORTIZED AND THE TOTAL EXPECTED DEBT SERVICE PAYABLE
    8  ON THE PRINCIPAL AMOUNT OF  SUCH  BONDS  UNTIL  THEIR  RETIREMENT.  SUCH
    9  INFORMATION SHALL BE PRINTED IN THE LARGEST TYPE WHICH IS PRACTICABLE TO
   10  USE IN THE SPACE PROVIDED FOR THE PROPOSITION. SUCH INFORMATION SHALL BE
   11  PROVIDED  TO  THE STATE BOARD OF ELECTIONS AND THE SECRETARY OF STATE BY
   12  THE STATE COMPTROLLER NOT LATER THAN SEVEN DAYS AFTER THE PASSAGE OF THE
   13  LAW AUTHORIZING SUCH PROPOSITION.
   14    S 2. Subdivision 2 of section 4-116 of the election law, as amended by
   15  chapter 60 of the laws of 1993, is amended to read as follows:
   16    2. The state board of elections shall publish once in the week preced-
   17  ing any election at which proposed constitutional  amendments  or  other
   18  propositions or questions are to be submitted to the voters of the state
   19  an abstract of such amendment or question, INCLUDING THE ESTIMATE OF THE
   20  AMORTIZATION  PERIOD  AND  THE  TOTAL ANTICIPATED DEBT SERVICE WHERE THE
   21  PROPOSITION AUTHORIZES THE CREATION OF A STATE DEBT, a  brief  statement

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01483-01-1
       A. 1518                             2

    1  of  the law or proceedings authorizing such submission, a statement that
    2  such submission will be made and the form in which it is to  be  submit-
    3  ted.
    4    S  3.  The  state  finance law is amended by adding a new section 6 to
    5  read as follows:
    6    S 6. STATE PUBLICATION CONCERNING PROPOSITION.  ANY  REPORT,  PUBLICA-
    7  TION, PAMPHLET OR OTHER WRITTEN DOCUMENT PREPARED BY A STATE DEPARTMENT,
    8  AGENCY,  AUTHORITY  OR  OTHER COMPONENT OR DIVISION OF STATE GOVERNMENT,
    9  INTENDED FOR DISTRIBUTION TO THE PUBLIC, WHICH IS  INTENDED  TO  PROMOTE
   10  AWARENESS OF OR EXPLAIN THE PROVISIONS CONTAINED IN, OR INCIDENTAL TO, A
   11  DULY  CERTIFIED  PROPOSITION  TO  BE  CONTAINED  ON THE BALLOT AND TO BE
   12  SUBMITTED TO THE VOTERS OF THE STATE WHICH PROPOSITION PROVIDES FOR  THE
   13  CREATION OF A STATE DEBT SHALL CONTAIN THEREIN AN ESTIMATE OF THE ANTIC-
   14  IPATED  NUMBER  OF YEARS OVER WHICH SUCH DEBT SHALL BE AMORTIZED AND THE
   15  TOTAL EXPECTED DEBT SERVICE PAYABLE ON  THE  PRINCIPAL  AMOUNT  OF  SUCH
   16  BONDS  UNTIL  THEIR RETIREMENT. SUCH INFORMATION SHALL BE PRINTED IN THE
   17  LARGEST TYPE WHICH IS PRACTICABLE TO USE IN SUCH DOCUMENT.
   18    S 4. This act shall take effect immediately.
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