Loading chat...
NY A02231
Bill
Status
1/15/2025
Primary Sponsor
Edward Ra
Click for details
AI Summary
-
Requires ballot propositions authorizing state debt to include estimates of the amortization period (years to repay) and total debt service costs, printed in the largest practicable type
-
Mandates the State Comptroller provide debt service estimates to the Board of Elections and Secretary of State within 7 days of passage of the authorizing law
-
Requires all state publications explaining debt-related ballot propositions to include the amortization period and total debt service estimates
-
Increases tax stabilization reserve fund caps from 2% to 5% of the general fund norm, and increases annual transfers from 0.2% to 0.5% of the norm
-
Requires at least 10% of any remaining general fund surplus (after tax stabilization transfers) be deposited into the debt reduction reserve fund to retire outstanding 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
1/7/2026