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NY A06518

Bill

Official Source

Status

Introduced

3/6/2009

Primary Sponsor

Joseph Giglio

Click for details

Origin

Assembly

2009-2010 General Assembly

AI Summary

  • Reclassifies the debt reduction reserve fund from a capital projects fund to a debt service fund
  • Prohibits any balance in the debt reduction reserve fund from being transferred to the general fund
  • Requires five percent of any general fund cash surplus (receipts minus expenditures) to be transferred to the debt reduction reserve fund at the close of each fiscal year
  • Limits the fund's use to retiring or defeasing bonds or notes previously issued, including accrued interest, for state-supported bonding programs
  • Removes previous authorization allowing the fund to finance new capital projects, equipment acquisitions, or similar expenses

Legislative Description

Provides that at the close of each fiscal year, five percent of any cash surplus in the general fund shall be transferred to the debt reduction reserve fund.

Last Action

held for consideration in ways and means

7/1/2010

Committee Referrals

Ways and Means3/6/2009

Full Bill Text

No bill text available