A01518 Summary:

BILL NOA01518
 
SAME ASSAME AS S00982
 
SPONSORTedisco (MS)
 
COSPNSRKolb, Barclay, Raia, Fitzpatrick
 
MLTSPNSRAmedore, 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 NOA01518
 
01/10/2011referred to ways and means
01/04/2012referred to ways and means
06/19/2012held for consideration in ways and means
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A01518 Floor Votes:

There are no votes for this bill in this legislative session.
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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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