New York S 1352: Authorizes the creation of state debt in creating the save public housing bond act of 2025 and provides for submission to the people of such proposal

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S01352 Summary:

BILL NOS01352 

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SAME ASNo Same As

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SPONSORCLEARE

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COSPNSRSALAZAR

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MLTSPNSR

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Authorizes the creation of state debt in the amount of 20 billion dollars in relation to enacting the save public housing bond act of 2025; provides for submission to the people of such proposal.

Go to top S01352 Actions:

BILL NOS01352 

&nbsp

01/09/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS01352 Committee&nbspVotes:

Go to topS01352 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01352 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1352

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sens. CLEARE, SALAZAR -- read twice and ordered printed,
 and when printed to be committed to the Committee on Finance

 AN ACT authorizing the creation of a state debt in the amount of twenty
 billion dollars, in relation to enacting the save public housing bond
 act of 2025 and providing for the submission to the people of a propo-
 sition or question therefor to be voted upon at the general election
 to be held in November, 2025

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The save public housing bond act of 2025 is enacted to read
 2 as follows:
 3 SAVE PUBLIC HOUSING BOND ACT OF 2025
 4 Section 1. Short title.
 5 2. Creation of a state debt.
 6 3. Bonds of the state.
 7 4. Consistency with federal tax law.
 8 5. Use of moneys received.
 9 Section 1. Short title. This act shall be known and may be cited as
 10 the "save public housing bond act of 2025".
 11 § 2. Creation of a state debt. The creation of a state debt to an
 12 amount not exceeding in the aggregate twenty billion dollars
 13 ($20,000,000,000) is hereby authorized to provide moneys for the single
 14 purpose of the capital needs of public housing statewide.
 15 The legislature shall, by appropriate legislation and subject to such
 16 conditions as it may impose, make available out of the proceeds of the
 17 sale of bonds authorized in this act, moneys disbursed or to be
 18 disbursed for state programs or state assistance payments toward the
 19 cost of such programs undertaken by or through a state or local agency,
 20 not-for-profit entity, or higher educational institutions, for the
 21 purpose of providing for the capital needs of public housing statewide.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04028-01-5

 S. 1352 2

 1 § 3. Bonds of the state. The state comptroller is hereby authorized
 2 and empowered to issue and sell bonds of the state in the amount of
 3 twenty billion dollars ($20,000,000,000) for the purpose of this act,
 4 subject to the provisions of article 5 of the state finance law. The
 5 aggregate principal amount of such bonds shall not exceed twenty billion
 6 dollars excluding bonds issued to refund or otherwise repay bonds there-
 7 tofore issued for such purpose; provided, however, that upon any such
 8 refunding or repayment the total aggregate principal amount of outstand-
 9 ing bonds may be greater than twenty billion dollars only if the present
 10 value of the aggregate debt service of the refunding or repayment bonds
 11 to be issued shall not exceed the present value of the aggregate debt
 12 service of the bonds to be refunded or repaid. The method for calculat-
 13 ing present value shall be determined by law.
 14 § 4. Consistency with federal tax law. Bonds issued pursuant to this
 15 act shall be issued as tax-exempt bonds for purposes of the federal
 16 internal revenue code and regulations thereunder. All actions taken
 17 pursuant to this act shall be reviewed for consistency with provisions
 18 of the federal internal revenue code and regulations thereunder, in
 19 accordance with procedures established in connection with the issuance
 20 of any bonds pursuant to this act which are intended to be federally tax
 21 exempt to preserve the federal tax exempt status of such bonds.
 22 § 5. Use of moneys received. The moneys received by the state from the
 23 sale of bonds sold pursuant to this act shall be expended pursuant to
 24 appropriations f