NY S00219

Requires ballot propositions authorizing state debt to include an estimate of the amortization period and total expected debt service payable until bond retirement, printed in the largest practicable type.

Mandates state publications explaining debt-related propositions include the same amortization period and debt service estimates in the largest practicable type.

Increases the tax stabilization reserve fund cap from 2 percent to 5 percent of the fiscal year norm and raises the annual transfer threshold from 0.2 percent to 0.5 percent of the norm.

Establishes a mandatory transfer of at least 10 percent of any year-end general fund surplus to the debt reduction reserve fund for retiring or defeasing state-funded bonds and notes.

Renames the debt reduction reserve fund from section 97-rrr to section 97-ccc and limits its use exclusively to retiring or defeasing state-funded debt rather than funding capital projects; extends spending growth calculation exclusion to June 30, 2021.