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NY S08687
Bill
Status
1/7/2026
Primary Sponsor
Cordell Cleare
Click for details
AI Summary
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Authorizes the creation of $5 billion in state debt to fund implementation of the New York State Master Plan for Aging Final Report, including its 9 pillars of core support areas and 126 proposals
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Empowers the State Comptroller to issue and sell bonds up to $5 billion, subject to state finance law provisions, with allowances for refunding bonds under certain conditions
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Requires bonds to be issued as federally tax-exempt and mandates compliance with federal Internal Revenue Code regulations
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Allocates bond proceeds to state programs, assistance payments, state/local agencies, not-for-profit entities, and higher educational institutions supporting the aging plan
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Requires voter approval at the November 2026 general election before the bond act takes effect
Legislative Description
Authorizes the creation of state debt in the amount of 5 billion dollars in creating the New York state master plan on aging 2026 bond act; provides for submission to the people of such proposal.
Last Action
REFERRED TO FINANCE
1/7/2026