Authorizes the creation of state debt in the amount of 20 billion dollars in relation to enacting the save public housing bond act of 2025; provides for submission to the people of such proposal.
STATE OF NEW YORK
________________________________________________________________________
1352
2025-2026 Regular Sessions
IN SENATE
January 9, 2025
___________
Introduced by Sens. CLEARE, SALAZAR -- 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 twenty
billion dollars, in relation to enacting the save public housing bond
act of 2025 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, 2025
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The save public housing bond act of 2025 is enacted to read
2 as follows:
3 SAVE PUBLIC HOUSING BOND ACT OF 2025
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 "save public housing bond act of 2025".
11 § 2. Creation of a state debt. The creation of a state debt to an
12 amount not exceeding in the aggregate twenty billion dollars
13 ($20,000,000,000) is hereby authorized to provide moneys for the single
14 purpose of the capital needs of public housing statewide.
15 The legislature shall, by appropriate legislation and subject to such
16 conditions as it may impose, make available out of the proceeds of the
17 sale of bonds authorized in this act, moneys disbursed or to be
18 disbursed for state programs or state assistance payments toward the
19 cost of such programs undertaken by or through a state or local agency,
20 not-for-profit entity, or higher educational institutions, for the
21 purpose of providing for the capital needs of public housing statewide.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04028-01-5
S. 1352 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
3 twenty billion dollars ($20,000,000,000) for the purpose of this act,
4 subject to the provisions of article 5 of the state finance law. The
5 aggregate principal amount of such bonds shall not exceed twenty billion
6 dollars excluding bonds issued to refund or otherwise repay bonds there-
7 tofore issued for such purpose; provided, however, that upon any such
8 refunding or repayment the total aggregate principal amount of outstand-
9 ing bonds may be greater than twenty billion dollars only if the present
10 value of the aggregate debt service of the refunding or repayment bonds
11 to be issued shall not exceed the present value of the aggregate debt
12 service of the bonds to be refunded or repaid. The method for calculat-
13 ing present 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 the capital needs of public housing statewide.
25 § 2. This act shall take effect immediately, provided that the
26 provisions of section one of this act shall not take effect unless and
27 until this act shall have been submitted to the people at the general
28 election to be held in November, 2025, and shall have received a majori-
29 ty of all votes cast for and against it at such election. Upon approval
30 by the people section one of this act shall take effect immediately. The
31 ballots to be furnished for the use of the voters upon the submission of
32 section one of this act shall be in the form prescribed by the election
33 law, and the proposition or question to be submitted shall be printed
34 thereon in substantially the following form, namely, "Shall section one
35 of chapter (here insert the number of the chapter) of the laws of 2025
36 known as the save public housing bond act of 2025, which provides for
37 the capital needs of public housing statewide by authorizing the
38 creation of state debt to provide moneys therefor in the amount of twen-
39 ty billion dollars ($20,000,000,000), be approved?"
