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History
- Substituted by A4002
- Ordered to third reading cal.230
- Referred to finance
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.
DEBT SERVICE FUND-GENERAL DEBT SERVICE FUND
Signed by Governor
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2802
Title of bill
An act making appropriations for the legal requirements of the state debt service and lease purchase payments and other special contractual obligations
Summary: This bill would make appropriations for the legal requirements (payments of principle, interest, related expenses and interest rate exchange and similar agreements) of the state debt service for general obligation bonds, lease purchase payments and other special contractual obligations.
Justification: Annually the State legislature considers a bill of appropriations for debt service so that the State may meet its obligations to make payments on outstanding bonds and new State-supported bond issuances. The State's good faith debt payments have garnered favorable credit ratings by Standard & Poor's (AA), Fitch (PA) and Moody's (Aa2) for the State's general obligation debt. Favorable ratings are determined by on-time and consistent debt service payments, revenues that are pledged to support payments and, inter alia, the State's fiscal stability. For SFY 2011-12, the State plans to make $5.143 billion in state-supported debt service payments and an additional $586,301 million in other state debt obligations for a total of $6.623 billion in state-related debt service payments. New State-supported debt is subject to the statutory debt limitations of the Debt Reform Act of 2000.
Fiscal impact: This bill would authorize a maximum of $8.879 billion in debt service appropriations, which includes $1.5 billion in appropriations for market fluctuations in variable rate debt and interest rate exchange and similar agreements and $250 million for the Debt Reduction Reserve Fund.
Effective Date: Effective April 1st, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.