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NY A03082
Bill
Status
2/2/2023
Primary Sponsor
Edward Ra
Click for details
AI Summary
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Requires all state debt propositions on ballots to include an estimate of the amortization period and total expected debt service payable on the bonds, printed in the largest practicable type.
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Mandates the State Comptroller provide debt service estimates to the State Board of Elections and Secretary of State within seven days of proposition authorization.
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Requires state agencies to include debt service estimates in all publications explaining state debt propositions distributed to the public.
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Increases the tax stabilization reserve fund cap from 2% to 5% of the general fund norm and increases annual deposits from 0.2% to 0.5% of surplus moneys.
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Establishes a debt reduction reserve fund that must receive at least 10% of any annual general fund surplus after tax stabilization transfers, to be used exclusively for retiring or defeasing previously issued state-funded debt.
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
referred to election law
1/3/2024