Authorizes the creation of state debt in the amount of 1 billion dollars in creating the Alzheimer's research bond act of 2023; provides for submission to the people of such proposal.
STATE OF NEW YORK
________________________________________________________________________
709
2023-2024 Regular Sessions
IN SENATE
January 6, 2023
___________
Introduced by Sen. CLEARE -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance
AN ACT authorizing the creation of a state debt in the amount of one
billion dollars, in relation to enacting the Alzheimer's research bond
act of 2023 and providing for the submission to the people of a propo-
sition or question therefor to be voted upon at the general election
to be held in November, 2023
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The Alzheimer's research bond act of 2023 is enacted to
2 read as follows:
3 ALZHEIMER'S RESEARCH BOND ACT OF 2023
4 Section 1. Short title.
5 2. Creation of a state debt.
6 3. Bonds of the state.
7 4. Consistency with federal tax law.
8 5. Use of moneys received.
9 Section 1. Short title. This act shall be known and may be cited as
10 the "Alzheimer's research bond act of 2023".
11 § 2. Creation of a state debt. The creation of a state debt to an
12 amount not exceeding in the aggregate one billion dollars
13 ($1,000,000,000) is hereby authorized to provide moneys for the single
14 purpose of funding research grants and financing collaborations related
15 to scientific research of Alzheimer's disease including causes, treat-
16 ment and clinical trials of medications.
17 The legislature shall, by appropriate legislation and subject to such
18 conditions as it may impose, make available out of the proceeds of the
19 sale of bonds authorized in this act, moneys disbursed or to be
20 disbursed for state programs or state assistance payments toward the
21 cost of such programs undertaken by or through a state or local agency,
22 not-for-profit entity, or higher educational institutions, for the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02709-01-3
S. 709 2
1 purpose of funding research for the causes and treatment of Alzheimer's
2 disease.
3 § 3. Bonds of the state. The state comptroller is hereby authorized
4 and empowered to issue and sell bonds of the state in the amount of one
5 billion dollars ($1,000,000,000) for the purpose of this act, subject to
6 the provisions of article 5 of the state finance law. The aggregate
7 principal amount of such bonds shall not exceed one billion dollars
8 excluding bonds issued to refund or otherwise repay bonds theretofore
9 issued for such purpose; provided, however, that upon any such refunding
10 or repayment the total aggregate principal amount of outstanding bonds
11 may be greater than one billion dollars only if the present value of the
12 aggregate debt service of the refunding or repayment bonds to be issued
13 shall not exceed the present value of the aggregate debt service of the
14 bonds to be refunded or repaid. The method for calculating present value
15 shall be determined by law.
16 § 4. Consistency with federal tax law. Bonds issued pursuant to this
17 act shall be issued as tax-exempt bonds for purposes of the federal
18 internal revenue code and regulations thereunder. All actions taken
19 pursuant to this act shall be reviewed for consistency with provisions
20 of the federal internal revenue code and regulations thereunder, in
21 accordance with procedures established in connection with the issuance
22 of any bonds pursuant to this act which are intended to be federally tax
23 exempt to preserve the federal tax exempt status of such bonds.
24 § 5. Use of moneys received. The moneys received by the state from the
25 sale of bonds sold pursuant to this act shall be expended pursuant to
26 appropriations for funding research grants and financing collaborations
27 related to scientific research of Alzheimer's disease including causes,
28 treatment and clinical trials of medications.
29 § 2. This act shall take effect immediately, provided that the
30 provisions of section one of this act shall not take effect unless and
31 until this act shall have been submitted to the people at the general
32 election to be held in November, 2023, and shall have received a majori-
33 ty of all votes cast for and against it at such election. Upon approval
34 by the people section one of this act shall take effect immediately. The
35 ballots to be furnished for the use of the voters upon the submission of
36 section one of this act shall be in the form prescribed by the election
37 law, and the proposition or question to be submitted shall be printed
38 thereon in substantially the following form, namely, "Shall section one
39 of chapter (here insert the number of the chapter) of the laws of 2023
40 known as the Alzheimer's research bond act of 2023, which provides fund-
41 ing for critical research into the causes and treatment of Alzheimer's
42 disease by authorizing the creation of state debt to provide moneys
43 therefor in the amount of one billion dollars ($1,000,000,000), be
44 approved?"
