Bill Text: NY A02250 | 2017-2018 | General Assembly | Introduced
Bill Title: Creates the urban restoration bond act of 2017; funds capital projects to repair, rehabilitate, construct, enhance, expand, and modernize transportation systems, roads, bridges, water supply systems, drainage systems, and publicly owned storm and sanitary sewers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - referred to cities [A02250 Detail]
Download: New_York-2017-A02250-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2250 2017-2018 Regular Sessions IN ASSEMBLY January 17, 2017 ___________ Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Cities AN ACT in relation to authorizing the creation of a state debt in the amount of two billion dollars, in relation to creating the urban restoration bond act of 2017 for the purposes of funding capital projects to provide for improving the infrastructure of cities of this state; 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, 2017 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The urban restoration bond act of 2017 is enacted to read 2 as follows: 3 URBAN RESTORATION BOND ACT OF 2017 4 Section 1. Short title. 5 2. Creation of a state debt. 6 3. Bonds of the state. 7 4. Use of moneys received. 8 § 1. Short title. This act shall be known and may be cited as the 9 "urban restoration bond act of 2017". 10 § 2. Creation of a state debt. The creation of a state debt in an 11 amount not exceeding in the aggregate two billion dollars 12 ($2,000,000,000) is hereby authorized to provide moneys for the single 13 purpose of improving the infrastructure of cities of this state by fund- 14 ing capital projects to repair, rehabilitate, construct, enhance, expand 15 and modernize transportation systems, roads, bridges, water supply 16 systems, drainage systems, and publicly owned storm and sanitary sewers. 17 The legislature may, 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07727-01-7A. 2250 2 1 disbursed for the cost of approved capital projects undertaken by, or on 2 behalf of, cities for such purposes. 3 § 3. Bonds of the state. The state comptroller is hereby authorized 4 and empowered to issue and sell bonds of the state up to the aggregate 5 amount of two billion dollars ($2,000,000,000) for the purposes of this 6 act, subject to the provisions of article five of the state finance law. 7 The aggregate principal amount of such bonds shall not exceed two 8 billion dollars ($2,000,000,000) excluding bonds issued to refund or 9 otherwise repay bonds heretofore issued for such purpose; provided, 10 however, that upon any such refunding or repayment, the total aggregate 11 principal amount of outstanding bonds may be greater than two billion 12 dollars ($2,000,000,000) only if the present value of the aggregate debt 13 service of the refunding or repayment bonds to be issued shall not 14 exceed the present value of the aggregate debt service of the bonds to 15 be refunded or repaid. The method for calculating present value shall be 16 determined by law. 17 § 4. Use of moneys received. The moneys received by the state from the 18 sale of bonds sold pursuant to this act shall be expended pursuant to 19 appropriations for capital projects related to design, planning, site 20 acquisition, demolition, construction, reconstruction, rehabilitation, 21 or acquisition and/or installation of equipment for the following types 22 of projects: capital projects related to repairing, rehabilitating, 23 constructing, enhancing, expanding and modernizing transportation 24 systems, roads, bridges, water supply systems, drainage systems, and 25 publicly owned storm and sanitary sewers. 26 § 2. This act shall take effect immediately, provided that the 27 provisions of section one of this act shall not take effect unless and 28 until this act shall have been submitted to the people at the general 29 election to be held in November 2017 and shall have been approved by a 30 majority of all votes cast for and against it at such election. Upon 31 approval by the people, section one of this act shall take effect imme- 32 diately. The ballots to be furnished for the use of voters upon 33 submission of this act shall be in the form prescribed by the election 34 law and the proposition or question to be submitted shall be printed 35 thereon in substantially the following form, namely "The URBAN RESTORA- 36 TION BOND ACT OF 2017, as set forth in section one of chapter (here 37 insert the chapter number) of the laws of 2017, authorizes the sale of 38 state bonds of up to two billion dollars ($2,000,000,000) to provide for 39 improving the infrastructure of cities of this state. Shall the URBAN 40 RESTORATION BOND ACT OF 2017 be approved?".
