What's happening
This bill requires state borrowing proposals to disclose estimated repayment periods and total debt payments.
Why it matters
Statewide ballots. Propositions creating state debt would show estimated repayment years and total expected debt payments in the largest practical type.
Comptroller deadline. The state comptroller would provide estimates to the state Board of Elections and secretary of state within seven days after passage of the law authorizing the proposition.
Public explanations. The estimates would also appear in the board’s publication the week before the election and state-produced documents explaining or promoting awareness of the proposal.
Albany, before your first meeting.
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Who cares
New York voters
They would receive repayment estimates when considering statewide borrowing proposals.
State comptroller
The office would be responsible for supplying the required estimates on a seven-day deadline.
State Board of Elections
The board would include the estimates in its required pre-election publication.
State agencies and authorities
Their public documents explaining covered borrowing proposals would need to include the estimates in the largest practical type.
Headline styles
Disclose State Borrowing Costs
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to elections
- Referred to elections
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1525
2019-2020 Regular Sessions
IN SENATE
January 15, 2019
Introduced by Sen. TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Elections
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The election law is amended by adding a new section 7-112 to read as follows:
§ 7-112. Ballots; form for proposition; additional requirements. Each duly certified proposition contained on the ballot and submitted to the voters of the state which provides for the creation of a state debt shall contain an estimate of the anticipated number of years over which such debt shall be amortized and the total expected debt service payable on the principal amount of such bonds until their retirement. Such information shall be printed in the largest type which is practicable to use in the space provided for the proposition. Such information shall be provided to the state board of elections and the secretary of state by the state comptroller not later than seven days after the passage of the law authorizing such proposition.
§ 2. Subdivision 2 of section 4-116 of the election law, as amended by chapter 60 of the laws of 1993, is amended to read as follows:
2. The state board of elections shall publish once in the week preceding any election at which proposed constitutional amendments or other propositions or questions are to be submitted to the voters of the state an abstract of such amendment or question, including the estimate of the amortization period and the total anticipated debt service where the proposition authorizes the creation of a state debt, a brief statement of the law or proceedings authorizing such submission, a statement that
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05190-01-9
S. 1525 2
such submission will be made and the form in which it is to be submitted.
§ 3. The state finance law is amended by adding a new section 6 to read as follows:
§ 6. State publication concerning proposition. Any report, publication, pamphlet or other written document prepared by a state department, agency, authority or other component or division of state government, intended for distribution to the public, which is intended to promote awareness of or explain the provisions contained in, or incidental to, a duly certified proposition to be contained on the ballot and to be submitted to the voters of the state which proposition provides for the creation of a state debt shall contain therein an estimate of the anticipated number of years over which such debt shall be amortized and the total expected debt service payable on the principal amount of such bonds until their retirement. Such information shall be printed in the largest type which is practicable to use in such document.
§ 4. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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 or general idea of bill
This bill would provide greater accuracy and understanding for the voting public by requiring the listing of the total debt expected from a bond act in the ballot proposition, as well as in any state publication designed to promote awareness of, or explain the provisions in, such proposition.
Summary of specific provisions
Adds a new Section 7-112 to the Election Law to require thAt any ballot proposition creating a state debt shall contain an estimate of the amor- tization period and total expected debt service payments. Amends S4-116 of the Election Law to incorporate such reference in ballot publication requirements. Adds a new S6 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 infor- mation.
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.
Prior legislative history
01/21/15: S.2127 REFERRED TO ELECTIONS
01/06/16: S.2127 REFERRED TO ELECTIONS
02/09/17: S.4322 REFERRED TO ELECTIONS
05/22/17: S.4322 REPORTED AND COMMITTED TO FINANCE
01/03/18: S.4322 REFERRED TO ELECTIONS
06/04/18: S.4322 REPORTED AND COMMITTED TO RULES FISCAL IMPACT:
None
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.