New York A 2155: Prohibits certain borrowing arrangements

Bill Text

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A02155 Summary:

BILL NOA02155 

&nbsp

SAME ASSAME AS S01569

&nbsp

SPONSORRa (MS)

&nbsp

COSPNSRBarclay, Blankenbush, Brabenec, Hawley

&nbsp

MLTSPNSRMcDonough

&nbsp

Amd Art 7 §11, Constn

&nbsp

Prohibits certain borrowing arrangements; relates to the authorization for the contracting of debt; relates to the manner by which payments are appropriated and paid.

Go to top A02155 Actions:

BILL NOA02155 

&nbsp

01/15/2025referred to ways and means

01/17/2025to attorney-general for opinion

02/05/2025opinion referred to judiciary

01/07/2026referred to ways and means

01/08/2026to attorney-general for opinion

01/30/2026opinion referred to judiciary

Go to topA02155 Committee&nbspVotes:

Go to topA02155 Floor&nbspVotes:

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

Go to topA02155 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2155

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 15, 2025
 ___________

 Introduced by M. of A. RA, BARCLAY, BLANKENBUSH, BRABENEC, HAWLEY --
 Multi-Sponsored by -- M. of A. McDONOUGH -- read once and referred to
 the Committee on Ways and Means

 CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY

 proposing amendments to article 7 of the constitution, in relation to
 the prohibition of certain borrowing arrangements and the authori-
 zation for the contracting of debt

 1 Section 1. Resolved (if the Senate concur), That section 11 of article
 2 7 of the constitution be amended to read as follows:
 3 § 11. 1. Except the debts or refunding debts specified in sections 9,
 4 10 and 13 of this article, [no debt shall be hereafter contracted by or
 5 in behalf of the state, unless] as authorized in subdivision 2 or 3 of
 6 this section, or as expressly provided for elsewhere in this constitu-
 7 tion, the state shall not enter into any financing or other similar
 8 arrangement, whether by statute, contract, lease, or otherwise, whereby
 9 the state agrees to make payments which will be used directly or indi-
 10 rectly, for the payment of interest, installments of principal, contrib-
 11 utions to sinking funds, or related payments on indebtedness issued or
 12 contracted by any state agency, municipality, individual, or public or
 13 private corporation for state purposes or to finance grants or loans
 14 made or to be made by or on behalf of the state for any purpose. The
 15 restrictions in this subdivision shall apply whether or not the obli-
 16 gation of the state to make such payments is subject to appropriation or
 17 is otherwise contingent.
 18 2. The state may contract debt which is secured by a pledge of the
 19 full faith and credit of the state if such debt shall be authorized by
 20 law, for some single capital work or purpose, to be distinctly specified
 21 therein[. No]; provided that no such law shall take effect until it
 22 shall, at a general election, have been submitted to the people, and
 23 have received a majority of all the votes cast for and against it at
 24 such election nor shall it be submitted to be voted on within three

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD89043-01-5

 A. 2155 2

 1 months after its passage nor at any general election when any other law
 2 or any bill shall be submitted to be voted for or against.
 3 3. The state may also contract debt, in a manner prescribed by law,
 4 which shall be secured by a pledge of specific revenues of the state.
 5 The legislature shall, by law, identify the capital works or purpose to
 6 be financed with such debt. Revenues in excess of the required payments
 7 of interest and installment payments of principal, contributions to
 8 sinking funds, and other payments relating to such debt shall be made
 9 available for such other purposes, as provided by law.
 10 4. The state may not contract debt pursuant to subdivision 3 of this
 11 section during any single fiscal year in excess of thirty-five percent
 12 of the total amount of capital works in such fiscal year, provided that
 13 the limit may be increased to fifty percent for any year in which total
 14 state revenues decline, excluding declines caused by a change in the
 15 rate of taxation, by two percent or more. The limit shall be reduced to
 16 fort