|SAME AS||SAME AS S00982|
|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.|
|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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NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A1518 SPONSOR: Tedisco (MS)
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 §7-112 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 §4-116 of the Election Law to incorporate such reference in ballot publication requirements. Adds a new §6 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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STATE OF NEW YORK ________________________________________________________________________ 1518 2011-2012 Regular Sessions IN ASSEMBLY 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 § 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 § 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. LBD01483-01-1A. 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 § 3. The state finance law is amended by adding a new section 6 to 5 read as follows: 6 § 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 § 4. This act shall take effect immediately.