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NY A06023
Bill
Status
Introduced
3/13/2013
Primary Sponsor
Joseph Giglio
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AI Summary
- Reclassifies the debt reduction reserve fund as a debt service fund rather than a capital projects fund
- Requires transfer of five percent of any general fund cash surplus to the debt reduction reserve fund at the close of each fiscal year, after transfers under Section 92
- Defines cash surplus as the amount by which general fund receipts exceed general fund expenditures in a fiscal year
- Limits use of the debt reduction reserve fund to retiring or defeasing bonds or notes previously issued, including accrued interest, for state-supported bonding programs
- Removes the previous authorization to use the fund for funding capital projects, equipment acquisitions, or similar expenses financed through bond issuance
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
6/17/2014
Committee Referrals
Ways and Means3/13/2013
Full Bill Text
No bill text available