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History
- Referred to elections
- Referred to elections
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires propositions authorizing creation of a state debt to contain an estimate of the debt service payable and publish an explanation thereof
In Assembly Committee · Ways And Means · Sponsor James Tedisco
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 in the ballot proposition of the total debt expected from a bond act.
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. Amend, §4-116 of the Election Law to incorporate such reference 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
S.918/A.4831 of 2007-08 passed the Senate in 2007 and 2008. S.1851/A.1178A of 2005-06 passed the Senate in 2005 and 2006, S.965/A.1299 of 2003-04 was referred to the Committee on Elections, S.2006/A.3392 of 2001-02 passed the Senate in 2001 and 2002, S.1958/A.3356 of 1999-2000 passed the Senate in 1999 and 2000, S.2651/A.4345 of 1997-98 passed the Senate in 1997 and 1998, S.1861/ A.2681 of 1995-96 passed the Senate in 1995 and 1996, S.1617/A.2776 of 1993-94 passed the Senate in 1993 and 1994. See also S.2753/A.4272 of 1991-1992. Derived from S.2793/A.4090 and S.2791/A.4091 of 1989-1990.
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.