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:

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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A01518 Text:



 
                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.
                                                                   LBD01483-01-1

        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    §  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.
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