BILL NO A06174
SAME AS SAME AS S04541
SPONSOR Tedisco (MS)
COSPNSR Barclay, Raia, Fitzpatrick
MLTSPNSR Butler, 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.
BILL NUMBER:A6174
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:
2012: A.1518; held for consideration in ways and means
2012: A.1518; referred to ways and means
2011: A.1518; referred to ways and means
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.
S T A T E O F N E W Y O R K
________________________________________________________________________
6174
2013-2014 Regular Sessions
I N A S S E M B L Y
March 15, 2013
___________
Introduced by M. of A. TEDISCO, BARCLAY, RAIA, FITZPATRICK -- Multi-
Sponsored by -- M. of A. BUTLER, 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
22 of the law or proceedings authorizing such submission, a statement that
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07452-01-3
A. 6174 2
1 such submission will be made and the form in which it is to be submit-
2 ted.
3 S 3. The state finance law is amended by adding a new section 6 to
4 read as follows:
5 S 6. STATE PUBLICATION CONCERNING PROPOSITION. ANY REPORT, PUBLICA-
6 TION, PAMPHLET OR OTHER WRITTEN DOCUMENT PREPARED BY A STATE DEPARTMENT,
7 AGENCY, AUTHORITY OR OTHER COMPONENT OR DIVISION OF STATE GOVERNMENT,
8 INTENDED FOR DISTRIBUTION TO THE PUBLIC, WHICH IS INTENDED TO PROMOTE
9 AWARENESS OF OR EXPLAIN THE PROVISIONS CONTAINED IN, OR INCIDENTAL TO, A
10 DULY CERTIFIED PROPOSITION TO BE CONTAINED ON THE BALLOT AND TO BE
11 SUBMITTED TO THE VOTERS OF THE STATE WHICH PROPOSITION PROVIDES FOR THE
12 CREATION OF A STATE DEBT SHALL CONTAIN THEREIN AN ESTIMATE OF THE ANTIC-
13 IPATED NUMBER OF YEARS OVER WHICH SUCH DEBT SHALL BE AMORTIZED AND THE
14 TOTAL EXPECTED DEBT SERVICE PAYABLE ON THE PRINCIPAL AMOUNT OF SUCH
15 BONDS UNTIL THEIR RETIREMENT. SUCH INFORMATION SHALL BE PRINTED IN THE
16 LARGEST TYPE WHICH IS PRACTICABLE TO USE IN SUCH DOCUMENT.
17 S 4. This act shall take effect immediately.
