Enacts the "community preservation bond act of 2018" in the amount of $5,000,000,000 to preserve the quality of life in the state's communities and neighborhoods by the accomplishment of projects and funding of activities by state agencies, public authorities and public benefit corporations, municipalities, and other government entities and not-for-profit corporations for and related to community preservation including water quality infrastructure improvements and the acquisition of interests in land for open space preservation, farmland preservation, historic preservation, and park and recreation purposes.
STATE OF NEW YORK
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4018--A
2017-2018 Regular Sessions
IN SENATE
February 1, 2017
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Introduced by Sen. LAVALLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance -- recommitted to
the Committee on Finance in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT authorizing the creation of state debt to the amount of five
billion dollars; in relation to creating the community preservation
bond act of 2018, to provide moneys for the water quality infrastruc-
ture improvements and to provide for state assistance payments for
such purpose, and to provide moneys for the acquisition of interests
in land for open space preservation, farmland preservation, historic
preservation, and parks and recreation purposes; and providing for the
submission to the people of a proposition or question therefor to be
voted upon at the general election in November 2018
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "community preservation bond act of 2018".
3 § 2. Creation of state debt. a. The creation of a state debt to an
4 amount not exceeding in the aggregate five billion dollars
5 ($5,000,000,000) is hereby authorized to provide moneys for the single
6 purpose of preserving the quality of life in the state's communities and
7 neighborhoods by the accomplishment of projects and funding of activ-
8 ities by state agencies, public authorities and public benefit corpo-
9 rations, municipalities, and other public authorities and public benefit
10 corporations, municipalities, and other government entities and not-for-
11 profit corporations for and related to community preservation including
12 water quality infrastructure improvements and the acquisition of inter-
13 ests in land for open space preservation, farmland preservation, histor-
14 ic preservation, and park and recreation purposes.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06760-02-8
S. 4018--A 2
1 b. The legislature may, by appropriate legislation and subject to such
2 conditions as it may impose, make available out of the proceeds of the
3 sale of bonds authorized in this section, moneys disbursed or to be
4 disbursed for state programs or state assistance payments toward the
5 cost of such programs undertaken by or through a state or local public
6 authority or public benefit corporation, not-for-profit corporation,
7 county, city, town, village, school district, supervisory district,
8 district corporation, improvement district within a county, city, town,
9 village, or Indian tribe residing in whole or in part within New York
10 state, or any combination thereof, for the purpose of community preser-
11 vation.
12 § 3. Bonds of the state. The state comptroller is hereby authorized
13 and empowered to issue and sell bonds of the state to the amount of five
14 billion dollars ($5,000,000,000) for the purpose of this act, subject to
15 the provisions of article 5 of the state finance law. The aggregate
16 principal amount of such bonds shall not exceed five billion dollars
17 excluding bonds issued to refund or otherwise repay bonds theretofore
18 issued for such purpose; provided however, that upon any such refunding
19 or repayment the total aggregate principal amount of outstanding bonds
20 may be greater than five billion dollars only if the present value of
21 the aggregate debt service of the refunding or repayment bonds to be
22 issued shall not exceed the present amount of the aggregate debt service
23 of the bonds to be refunded or repaid. The method for calculating pres-
24 ent value shall be determined by law.
25 § 4. Use of moneys received. The moneys received by the state from the
26 sale of bonds sold pursuant to this act shall be expended pursuant to
27 appropriations in the following amount:
28 a. For water quality improvement projects, four billions dollars.
29 b. For open space, farmland, park and recreation, and historic preser-
30 vation projects, one billion dollars.
31 § 5. This act shall take effect immediately, provided that the
32 provisions of section two of this act shall not take effect unless and
33 until this act shall have been submitted to the people at the general
34 election to be held in November 2018, and shall have been approved by a
35 majority of all votes cast for and against it at such election. Upon
36 approval by the people, section two of this act shall take effect imme-
37 diately. The ballots to be furnished for the use of voters upon
38 submission of this act shall be in the form prescribed by the election
39 law and the proposition or question to be submitted shall be printed
40 thereon in substantially the following form, namely "Shall chapter
41 (insert number of chapter) of the laws of 2018 known as the community
42 preservation bond act of 2018, authorizing the creation of state debt to
43 provide moneys for the preservation of communities through the
44 construction of water quality improvement projects and acquisition of
45 interests in land for open space preservation, farmland preservation,
46 historic preservation, and park and recreation purposes in the amount of
47 five billion dollars ($5,000,000,000) be approved?"
