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NY S00034
Bill
Status
1/8/2025
Primary Sponsor
James Tedisco
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AI Summary
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Ballot propositions authorizing state debt must include an estimate of the amortization period (years to pay off) and total expected debt service payments until bond retirement, printed in the largest practicable type
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State Comptroller must provide debt service estimates to the Board of Elections and Secretary of State within 7 days of passage of any law authorizing such a proposition
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Any state government publication promoting or explaining a debt-creating proposition must also include the amortization period and total debt service estimates in the largest practicable type
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Increases the tax stabilization reserve fund contribution from 0.2% to 0.5% of the general fund norm annually, and raises the fund's cap from 2% to 5% of the norm
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Requires at least 10% of any remaining general fund surplus after tax stabilization transfers to be deposited into the debt reduction reserve fund, which can only be used to retire or defease existing 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 ELECTIONS
1/7/2026