New York S 8687: Relates to judicial diversion programs; repealer

Bill Text

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S08687 Summary:

BILL NOS08687 

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SAME ASSAME AS A09611

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SPONSORCLEARE

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COSPNSR

&nbsp

MLTSPNSR

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&nbsp

Authorizes the creation of state debt in the amount of 5 billion dollars in creating the New York state master plan on aging 2026 bond act; provides for submission to the people of such proposal.

Go to top S08687 Actions:

BILL NOS08687 

&nbsp

01/07/2026REFERRED TO FINANCE

Go to topS08687 Committee&nbspVotes:

Go to topS08687 Floor&nbspVotes:

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

Go to topS08687 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8687

 IN SENATE

 January 7, 2026
 ___________

 Introduced by Sen. CLEARE -- 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 five
 billion dollars, in relation to enacting the New York state master
 plan on aging 2026 bond act 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, 2026

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

 1 Section 1. The New York state master plan on aging 2026 bond act is
 2 enacted to read as follows:
 3 NEW YORK STATE MASTER PLAN ON AGING 2026 BOND ACT
 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 "New York state master plan on aging 2026 bond act".
 11 § 2. Creation of a state debt. The creation of a state debt to an
 12 amount not exceeding in the aggregate five billion dollars
 13 ($5,000,000,000) is hereby authorized to provide moneys for the single
 14 purpose of supporting the implementation of the recommendations of the
 15 New York State Master Plan for Aging Final Report, including the 9
 16 pillars of core support areas and 126 proposals contained therein.
 17 The legislature shall, by appropriate legislation and subject to such
 18 conditions as it may impose, make available out of the proceeds of the
 19 sale of bonds authorized in this act, moneys disbursed or to be
 20 disbursed for state programs or state assistance payments toward the
 21 cost of such programs undertaken by or through a state or local agency,
 22 not-for-profit entity, or higher educational institutions, for the
 23 purpose of supporting the implementation of the recommendations of the
 24 New York State Master Plan for Aging Final Report.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14359-02-6

 S. 8687 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 five
 3 billion dollars ($5,000,000,000) for the purpose of this act, subject to
 4 the provisions of article 5 of the state finance law. The aggregate
 5 principal amount of such bonds shall not exceed five billion dollars
 6 excluding bonds issued to refund or otherwise repay bonds theretofore
 7 issued for such purpose; provided, however, that upon any such refunding
 8 or repayment the total aggregate principal amount of outstanding bonds
 9 may be greater than five billion dollars only if the present value of
 10 the aggregate debt service of the refunding or repayment bonds to be
 11 issued shall not exceed the present value of the aggregate debt service
 12 of the bonds to be refunded or repaid. The method for calculating pres-
 13 ent 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.