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NY A07455
Bill
Status
5/10/2021
Primary Sponsor
Edward Ra
Click for details
AI Summary
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Requires all ballot propositions authorizing state debt to display estimates of the anticipated amortization period and total expected debt service in the largest practicable type on the ballot.
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Mandates that state agencies include debt service estimates in any published materials promoting or explaining propositions that authorize state debt creation.
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Increases the tax stabilization reserve fund cap from 2% to 5% of the annual norm and increases the annual transfer threshold from 0.2% to 0.5% of such norm.
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Requires at least 10% of any remaining cash surplus in the general fund after tax stabilization transfers to be directed to the debt reduction reserve fund for retiring or defeasing previously issued state-funded bonds and notes.
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Limits the debt reduction reserve fund to be used exclusively for retiring or defeasing state-funded debt, eliminating previous uses for general obligation bond payments and capital project financing.
Legislative Description
Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service payable thereon until the bonds issued pursuant to such proposition are retired; relates to deposits to the tax stabilization reserve fund; provides that at least 10% of any surplus shall be used to pay down state debt.
Last Action
held for consideration in election law
5/10/2022