NY A00036

Amends the state constitution to authorize creation of state debt for payment of bonuses to armed forces members who served during the Korean War period from June 27, 1950 to January 31, 1955.

Establishes maximum bonus amounts of $400 for members with overseas service and $300 for members with stateside service.

Allows eligible deceased service members' bonuses to be paid to legatees or distributees according to valid wills or intestate succession laws.

Increases the aggregate debt authorization limit from $400 million to $600 million to cover both World War II and Korean War bonuses.

Requires the amendment to be referred to the first regular legislative session after the next general election and published for three months prior to that election.