What's happening
This bill authorizes New York State to issue up to $1 billion in bonds to fund Alzheimer's disease research and treatment initiatives.
Why it matters
Significant Investment in Research. The bill directs a substantial infusion of funds—up to $1 billion—exclusively toward research on Alzheimer’s disease, which could accelerate scientific understanding, discovery of causes, and development of new treatments or medications.
Broad Collaboration and Grant Opportunities. Money raised would be available not just to state agencies, but also to local governments, not-for-profit organizations, and higher education institutions, encouraging partnerships and maximizing the impact through diverse research initiatives and collaborations.
Voter Involvement and Accountability. The act requires approval by New York voters in a general election before any bonds can be issued, ensuring public oversight and consent for taking on new state debt for this purpose.
Tax-Exempt Bonds to Maximize Funds. The legislation stipulates that bonds will be structured to qualify for federal tax-exempt status, potentially lowering borrowing costs for the state and ensuring that more resources are directed to Alzheimer’s research rather than debt service.
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Who cares
Headline styles
Fund Alzheimer's Research Bonds
Plain English, a few words. Used as the page title.
Sponsors
7 Co-sponsors
3 Multi-sponsors
History
- Referred to aging
- Referred to aging
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2512
2019-2020 Regular Sessions
IN ASSEMBLY
January 23, 2019
Introduced by M. of A. LAVINE, GUNTHER, TITUS, MOSLEY, RAIA, BENEDETTO, McDONOUGH -- Multi-Sponsored by -- M. of A. CAHILL, PEOPLES-STOKES, RIVERA -- read once and referred to the Committee on Aging
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 2020 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, 2020
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The Alzheimer's research bond act of 2020 is enacted to read as follows:
ALZHEIMER'S RESEARCH BOND ACT OF 2020 Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Consistency with federal tax law.
5. Use of moneys received.
Section 1. Short title. This act shall be known and may be cited as the "Alzheimer's research bond act of 2020".
§ 2. Creation of a state debt. The creation of a state debt to an amount not exceeding in the aggregate one billion dollars ($1,000,000,000) is hereby authorized to provide moneys for the single purpose of funding research grants and financing collaborations related to scientific research of Alzheimer's disease including causes, treatment and clinical trials of medications.
The legislature shall, 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 disbursed for state programs or state assistance payments toward the cost of such programs undertaken by or through a state or local agency,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04579-01-9
A. 2512 2
not-for-profit entity, or higher educational institutions, for the purpose of funding research for the causes and treatment of Alzheimer's disease.
§ 3. Bonds of the state. The state comptroller is hereby authorized and empowered to issue and sell bonds of the state in the amount of one billion dollars ($1,000,000,000) for the purpose of this act, subject to the provisions of article 5 of the state finance law. The aggregate principal amount of such bonds shall not exceed one billion dollars excluding bonds issued to refund or otherwise repay bonds theretofore 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 one billion dollars 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. Consistency with federal tax law. Bonds issued pursuant to this act shall be issued as tax-exempt bonds for purposes of the federal internal revenue code and regulations thereunder. All actions taken pursuant to this act shall be reviewed for consistency with provisions of the federal internal revenue code and regulations thereunder, in accordance with procedures established in connection with the issuance of any bonds pursuant to this act which are intended to be federally tax exempt to preserve the federal tax exempt status of such bonds.
§ 5. 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 funding research grants and financing collaborations related to scientific research of Alzheimer's disease including causes, treatment and clinical trials of medications.
§ 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, 2020, and shall have received 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 the voters upon the submission of section one 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, "Shall section one of chapter (here insert the number of the chapter) of the laws of 2020 known as the Alzheimer's research bond act of 2020, which provides funding for critical research into the causes and treatment of Alzheimer's disease by authorizing the creation of state debt to provide moneys therefor in the amount of one billion dollars ($1,000,000,000), 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.