NY A01517

Amends Article 7, Section 11 of the New York Constitution to prohibit the state from entering into financing arrangements (by statute, contract, lease, or otherwise) that effectively allow it to make payments on debt issued by state agencies, municipalities, individuals, or public/private corporations

Establishes two authorized methods for the state to contract debt: (1) debt secured by full faith and credit pledge, authorized by law for a specific capital work and approved by voter referendum; and (2) debt secured by pledge of specific state revenues, prescribed by law and approved by the legislature

Limits debt contracted under the revenue-pledge method to 35 percent of total capital works in any fiscal year, with increases to 50 percent only when total state revenues decline by 2 percent or more (excluding tax rate changes)

Restricts both debt authorization methods to financing capital works or purposes only, and allows the legislature to repeal debt authorization laws before debt is contracted

Requires the amendment be referred to the first regular legislative session following the next general assembly election and published for 3 months before that election, per Article 19 of the Constitution