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NY S00043
Bill
Status
1/4/2023
Primary Sponsor
James Tedisco
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AI Summary
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Requires ballot propositions authorizing state debt creation to include the estimated amortization period and total expected debt service payable on bonds, printed in the largest practicable type on ballots.
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Mandates state government publications promoting awareness of debt-creating propositions include debt service and amortization estimates in the largest practicable type.
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Increases the tax stabilization reserve fund cap from 2 percent to 5 percent of the general fund norm and increases annual deposits from 0.2 percent to 0.5 percent of the norm.
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Requires at least 10 percent of any cash surplus remaining in the general fund after tax stabilization transfers be deposited into the debt reduction reserve fund for retiring state-funded debt.
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Restricts the debt reduction reserve fund to use only for retiring or defeasing previously issued bonds and notes, eliminating prior authorization for capital project funding and lease payments.
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 ELECTIONS
1/3/2024