What's happening
This bill proposes a $2 billion state bond act to fund urban infrastructure improvements in New York cities, subject to voter approval.
Why it matters
Targets critical infrastructure needs. By focusing funds on transportation systems, roads, bridges, water supply, drainage, and public sewer systems, the act aims to address the aging and often inadequate infrastructure that impacts public health, safety, and economic growth in New York’s cities.
Potential to stimulate local economies. Large-scale capital projects funded by the bond could create jobs and attract additional investment to urban areas, potentially spurring economic revitalization, especially in communities that have suffered from underinvestment.
Requires direct voter approval. The bond act cannot take effect unless approved by a majority of voters in a statewide referendum, giving the public a direct say in whether the state should take on this significant new debt for urban infrastructure improvements.
Long-term fiscal impact on the state. Issuing $2 billion in bonds increases state debt and will require repayment with interest over time, which could affect future budgets and spending priorities, making it important for voters to weigh short-term benefits against long-term costs.
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Who cares
City governments
The bill would authorize up to $2 billion in state debt to fund approved city capital projects involving transportation, roads, bridges, water systems, drainage and publicly owned sewers.
State comptroller
The bill would authorize the comptroller to issue and sell the bonds, subject to state finance law and limits on refinancing.
Construction contractors and engineering firms
Bond proceeds could fund city infrastructure design, planning, demolition, construction, rehabilitation and equipment acquisition or installation.
New York voters
The bill would put the bond authorization before voters at the November 2017 general election and require majority approval for it to take effect.
Headline styles
Fund City Infrastructure Repairs
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to cities
- Referred to cities
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2250
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Cities
AN ACT in relation to authorizing the creation of a state debt in the amount of two billion dollars, in relation to creating the urban restoration bond act of 2017 for the purposes of funding capital projects to provide for improving the infrastructure of cities of this state; 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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The urban restoration bond act of 2017 is enacted to read as follows:
URBAN RESTORATION BOND ACT OF 2017 Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Use of moneys received.
§ 1. Short title. This act shall be known and may be cited as the "urban restoration bond act of 2017".
§ 2. Creation of a state debt. The creation of a state debt in an amount not exceeding in the aggregate two billion dollars ($2,000,000,000) is hereby authorized to provide moneys for the single purpose of improving the infrastructure of cities of this state by funding capital projects to repair, rehabilitate, construct, enhance, expand and modernize transportation systems, roads, bridges, water supply systems, drainage systems, and publicly owned storm and sanitary sewers. The legislature may, by appropriate legislation and subject to such conditions as it may impose, make available out of the proceeds of the sale of bonds authorized in this act, moneys disbursed or to be
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07727-01-7
A. 2250 2
disbursed for the cost of approved capital projects undertaken by, or on behalf of, cities for such purposes.
§ 3. Bonds of the state. The state comptroller is hereby authorized and empowered to issue and sell bonds of the state up to the aggregate amount of two billion dollars ($2,000,000,000) for the purposes of this act, subject to the provisions of article five of the state finance law. The aggregate principal amount of such bonds shall not exceed two billion dollars ($2,000,000,000) excluding bonds issued to refund or otherwise repay bonds heretofore issued for such purpose; provided, however, that upon any such refunding or repayment, the total aggregate principal amount of outstanding bonds may be greater than two billion dollars ($2,000,000,000) only if the present value of the aggregate debt service of the refunding or repayment bonds to be issued shall not exceed the present value of the aggregate debt service of the bonds to be refunded or repaid. The method for calculating present value shall be determined by law.
§ 4. Use of moneys received. The moneys received by the state from the sale of bonds sold pursuant to this act shall be expended pursuant to appropriations for capital projects related to design, planning, site acquisition, demolition, construction, reconstruction, rehabilitation, or acquisition and/or installation of equipment for the following types of projects: capital projects related to repairing, rehabilitating, constructing, enhancing, expanding and modernizing transportation systems, roads, bridges, water supply systems, drainage systems, and publicly owned storm and sanitary sewers.
§ 2. This act shall take effect immediately, provided that the provisions of section one of this act shall not take effect unless and until this act shall have been submitted to the people at the general election to be held in November 2017 and shall have been approved by a majority of all votes cast for and against it at such election. Upon approval by the people, section one of this act shall take effect immediately. The ballots to be furnished for the use of voters upon submission of this act shall be in the form prescribed by the election law and the proposition or question to be submitted shall be printed thereon in substantially the following form, namely "The URBAN RESTORA- TION BOND ACT OF 2017, as set forth in section one of chapter (here insert the chapter number) of the laws of 2017, authorizes the sale of state bonds of up to two billion dollars ($2,000,000,000) to provide for improving the infrastructure of cities of this state. Shall the URBAN RESTORATION BOND ACT OF 2017 be approved?".
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.