Authorizes the creation of state debt in creating the Alzheimer's research bond act of 2017 and provides for submission to the people of such proposal

2 Co-sponsors

• Leroy Comrie
• George Latimer

Title of bill

An act authorizing the creation of a state debt in the amount of one billion dollars, in relation to enacting the Alzheimer's research bond act of 2017 and providing for the submission to the people of a proposition or question therefor to be voted upon at the general election to be held in November, 2017

Purpose of bill

To create a taxpayer approved initiative that will issue bonds to aid in the funding of Alzheimer's research in the State of New York.

Summary of provisions

This bill authorizes the State, upon approval by voters in the next general election, to issue $1 billion in general obligation bonds. The proceeds will be used for funding research grants and financial collaborations related to the scientific research of Alzheimer's disease.

Section 1 enacts the Alzheimer's Research Bond Act of 2014. Title 1 of Section 1 sets forth the short title of "Alzheimer's Research Bond Act of 2017".

Title 2 of Section 1 authorizes the creation of a $1 billion state debt to fund the scientific research of Alzheimer's disease, including causes, treatment and clinical trials of medications.

Title 3 of Section 1 authorizes the state comptroller to issue $1 billion in bonds for this purpose.

Title 4 of Section 1 requires the bonds to be issued as tax-exempt consistent with the federal internal revenue code.

Title 5 of Section 1 specifies that the money received from these bonds be used in order to fund scientific research of Alzheimer's disease.

Section 2 sets an immediate effective date, subject to a voter approved referendum at the next general election

Justification

The cost of treating Alzheimer's in the U.S. is expected to increase from $203 billion in 2013 to $1 2 trillion by 2050. Exploring treatments and cures for the disease poses unique challenges, especially because the latest research indicates that the onset of Alzheimer's disease comes long before a formal diagnosis. Because longterm studies may be necessary to find effective treatments, pharmaceutical companies and research institutions must bear huge costs up-front before seeing the results of their investments bear fruit. Federal investments in researching the disease are currently at an all-time low.

This legislation will provide for the creation of a $1 billion voter approved general obligation State debt for the purpose of funding Alzheimer's research in the State of New York. By issuing taxpayer approved bonds for Alzheimer's research, the State of New York can utilize an innovative approach to find and leverage new revenues, This funding can be used to provide research grants and other financing to collaborations of New York institutions and researchers while creating jobs and funding essential research and clinical trials, which will

result in New York being at the very forefront of discovering a cure for this dread disease.

Legislative history

S.6284 of 2014 - Referred to Finance.

Fiscal implications

Upon approval of the voters, this legislation authorizes the creation of a $1 billion bond issue for Alzheimer's research purposes.

Effective date

This act shall take effect immediately, provided however that $1 billion in State debt shall not be created unless and until the voters approve such referendum at the general election next conducted following enactment.