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Requires propositions authorizing creation of a state debt to contain an estimate of the debt service payable and publish an explanation thereof
In Senate Committee · Elections · Sponsor Hugh T. Farley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10307
Title of bill
An act to amend the election law and the state finance law, in relation to requiring proposition authorizing the creation of a state debt to contain an estimate of the debt service payable thereon and requiring publication of an explanation thereof
Purpose
This bill would provide greater accuracy and understanding for the voting public by requiring the listing of the total debt expected from a bond act in the ballot proposition, as well as in any state publication designed to promote awareness of, or explain the provisions in, such proposition.
Summary of specific provisions
Adds a new §7-112 to the Election Law to require that any ballot proposition creating a state debt shall contain an estimate of the amortization period and total expected debt service payments. Amends §4-116 of the Election Law to incorporate such refer- ence in ballot publication requirements. Adds a new §6 to the State Finance Law to require that any state publications promoting awareness of, or explaining provisions in, such a proposition shall include the amortization and total debt information.
Justification
Current law provides that ballot propositions must show the principal amount of proposed debt. This is extremely misleading, as the actual taxpayer cost of the debt must also include the interest to be paid. On long term debt, interest payments can more than double the principal amount. State publications often play an important role in educating the public about ballot issues. Accordingly, these should show the true total cost of any new debt.
History of bill
2008: A.4831; Referred to Election Law 2007: A.4831; Referred to Election Law 2006: A.1778-A; Held in Committee on Election Law 2005: A.1778; amended and recommitted to Election Law 2004: A.1299; Held for consideration in Election Law 2003: A.1299; Referred to Election Law 2002: A.3392; Held for consideration in Election Law 2001: A.3392; Referred to Election Law 2000: A.3356; Held for consideration in Election Law 1999: A.3356; Referred to Election Law 1998: A.4345; Held for consideration in Election Law 1997: A.4345; Referred to Election Law 1996: A.2681; Referred to Election Law 1995: A.2681; Held for consideration to Election Law
Fiscal impact
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.