Authorizes the creation of state debt in the amount of 5 billion dollars in creating the New York state master plan on aging 2026 bond act; provides for submission to the people of such proposal.
STATE OF NEW YORK
________________________________________________________________________
8687
IN SENATE
January 7, 2026
___________
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 five
billion dollars, in relation to enacting the New York state master
plan on aging 2026 bond act and providing for the submission to the
people of a proposition or question therefor to be voted upon at the
general election to be held in November, 2026
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The New York state master plan on aging 2026 bond act is
2 enacted to read as follows:
3 NEW YORK STATE MASTER PLAN ON AGING 2026 BOND ACT
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 "New York state master plan on aging 2026 bond act".
11 § 2. Creation of a state debt. The creation of a state debt to an
12 amount not exceeding in the aggregate five billion dollars
13 ($5,000,000,000) is hereby authorized to provide moneys for the single
14 purpose of supporting the implementation of the recommendations of the
15 New York State Master Plan for Aging Final Report, including the 9
16 pillars of core support areas and 126 proposals contained therein.
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
23 purpose of supporting the implementation of the recommendations of the
24 New York State Master Plan for Aging Final Report.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14359-02-6
S. 8687 2
1 § 3. Bonds of the state. The state comptroller is hereby authorized
2 and empowered to issue and sell bonds of the state in the amount of five
3 billion dollars ($5,000,000,000) for the purpose of this act, subject to
4 the provisions of article 5 of the state finance law. The aggregate
5 principal amount of such bonds shall not exceed five billion dollars
6 excluding bonds issued to refund or otherwise repay bonds theretofore
7 issued for such purpose; provided, however, that upon any such refunding
8 or repayment the total aggregate principal amount of outstanding bonds
9 may be greater than five billion dollars only if the present value of
10 the aggregate debt service of the refunding or repayment bonds to be
11 issued shall not exceed the present value of the aggregate debt service
12 of the bonds to be refunded or repaid. The method for calculating pres-
13 ent value shall be determined by law.
14 § 4. Consistency with federal tax law. Bonds issued pursuant to this
15 act shall be issued as tax-exempt bonds for purposes of the federal
16 internal revenue code and regulations thereunder. All actions taken
17 pursuant to this act shall be reviewed for consistency with provisions
18 of the federal internal revenue code and regulations thereunder, in
19 accordance with procedures established in connection with the issuance
20 of any bonds pursuant to this act which are intended to be federally tax
21 exempt to preserve the federal tax exempt status of such bonds.
22 § 5. Use of moneys received. The moneys received by the state from the
23 sale of bonds sold pursuant to this act shall be expended pursuant to
24 appropriations for supporting the implementation of the recommendations
25 of the New York State Master Plan for Aging Final Report, including the
26 9 pillars of core support areas and 126 proposals contained therein.
27 § 2. This act shall take effect immediately, provided that the
28 provisions of section one of this act shall not take effect unless and
29 until this act shall have been submitted to the people at the general
30 election to be held in November, 2026, and shall have received a majori-
31 ty of all votes cast for and against it at such election. Upon approval
32 by the people section one of this act shall take effect immediately. The
33 ballots to be furnished for the use of the voters upon the submission of
34 section one of this act shall be in the form prescribed by the election
35 law, and the proposition or question to be submitted shall be printed
36 thereon in substantially the following form, namely, "Shall section one
37 of chapter (here insert the number of the chapter) of the laws of 2026
38 known as the New York state master plan on aging 2026 bond act, which
39 provides funding for the implementation of the recommendations of the
40 New York State Master Plan for Aging Final Report by authorizing the
41 creation of state debt to provide moneys therefor in the amount of five
42 billion dollars ($5,000,000,000), be approved?"
