New York S 1565: Requires propositions authorizing creation of a state debt to contain an estimate of the debt service payable and publish an explanation thereof

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S01565 Summary:

BILL NOS01565 

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SAME ASNo Same As

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SPONSORTEDISCO

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COSPNSR

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MLTSPNSR

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Add §7-112, amd §4-116, El L; add §6, St Fin L

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Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service payable thereon until the bonds issued pursuant to such proposition are retired.

Go to top S01565 Actions:

BILL NOS01565 

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01/10/2025REFERRED TO ELECTIONS

01/07/2026REFERRED TO ELECTIONS

Go to topS01565 Committee&nbspVotes:

Go to topS01565 Floor&nbspVotes:

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

Go to topS01565 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1565

 2025-2026 Regular Sessions

 IN SENATE

 January 10, 2025
 ___________

 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 Assem-
 bly, do enact as follows:

 1 Section 1. The election law is amended by adding a new section 7-112
 2 to read as follows:
 3 § 7-112. Ballots; form for proposition; additional requirements. Each
 4 duly certified proposition contained on the ballot and submitted to the
 5 voters of the state which provides for the creation of a state debt
 6 shall contain an estimate of the anticipated number of years over which
 7 such debt shall be amortized and the total expected debt service payable
 8 on the principal amount of such bonds until their retirement. Such
 9 information shall be printed in the largest type which is practicable to
 10 use in the space provided for the proposition. Such information shall be
 11 provided to the state board of elections and the secretary of state by
 12 the state comptroller not later than seven days after the passage of the
 13 law authorizing such proposition.
 14 § 2. Subdivision 2 of section 4-116 of the election law, as amended by
 15 chapter 60 of the laws of 1993, is amended to read as follows:
 16 2. The state board of elections shall publish once in the week preced-
 17 ing any election at which proposed constitutional amendments or other
 18 propositions or questions are to be submitted to the voters of the state
 19 an abstract of such amendment or question, including the estimate of the
 20 amortization period and the total anticipated debt service where the
 21 proposition authorizes the creation of a state debt, a brief statement
 22 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.
 LBD03570-01-5

 S. 1565 2

 1 such submission will be made and the form in which it is to be submit-
 2 ted.
 3 § 3. The state finance law is amended by adding a new section 6 to
 4 read as follows:
 5 § 6. State publication concerning proposition. Any report, publica-
 6 tion, pamphlet or other written document prepared by a state department,
 7 agency, authority or other component or division of state government,
 8 intended for distribution to the public, which is intended to promote
 9 awareness of or explain the provisions contained in, or incidental to, a
 10 duly certified proposition to be contained on the ballot and to be
 11 submitted to the voters of the state which proposition provides for the
 12 creation of a state debt shall contain therein an estimate of the antic-
 13 ipated number of years over which such debt shall be amortized and the
 14 total expected debt service payable on the principal amount of such
 15 bonds until their retirement. Such information shall be printed in the
 16 largest type which is practicable to use in such document.
 17 § 4. This act shall take effect immediately.

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