Bill Text: NY A03681 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 3681 (Prior Session Legislation)

Introduced

Bill Title: Provides that at the close of each fiscal year, five percent of any cash surplus in the general fund shall be transferred to the debt reduction reserve fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A03681 Detail]

Download: New_York-2011-A03681-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3681
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 26, 2011
                                      ___________
       Introduced by M. of A. GIGLIO -- read once and referred to the Committee
         on Ways and Means
       AN ACT to amend the state finance law, in relation to the debt reduction
         reserve fund
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 97-rrr of the state  finance  law,  as  amended  by
    2  section  45  of  part H of chapter 56 of the laws of 2000, is amended to
    3  read as follows:
    4    S 97-rrr. Debt reduction reserve fund. 1. There is hereby  established
    5  in the joint custody of the comptroller and the commissioner of taxation
    6  and  finance a fund to be known as the debt reduction reserve fund. Such
    7  fund shall be established as a [capital  projects]  DEBT  SERVICE  fund,
    8  PROVIDED,  HOWEVER,  ANY  BALANCE  OF  MONEYS  IN SUCH FUND SHALL NOT BE
    9  TRANSFERRED TO THE GENERAL FUND PURSUANT TO SUBDIVISION FOUR OF  SECTION
   10  SEVENTY-TWO OF THIS ARTICLE.
   11    2.  [Such  fund  shall  consist  of all monies credited or transferred
   12  thereto from the general fund or from any other fund or sources pursuant
   13  to law.] AT THE CLOSE OF EACH FISCAL YEAR, A PORTION OF ANY CASH SURPLUS
   14  REMAINING IN THE GENERAL FUND AFTER THE  TRANSFER  PURSUANT  TO  SECTION
   15  NINETY-TWO OF THIS ARTICLE SHALL BE TRANSFERRED FROM OR RETAINED IN SUCH
   16  FUND  AS  PROVIDED IN THIS SUBDIVISION. THE PORTION TO BE TRANSFERRED TO
   17  THE DEBT REDUCTION RESERVE FUND SHALL BE EQUAL TO FIVE PERCENT  OF  SUCH
   18  SURPLUS  FOR  SUCH  FISCAL YEAR.   FOR THE PURPOSES OF THIS SUBDIVISION,
   19  CASH SURPLUS SHALL BE DEFINED  AS  THE  AMOUNT  BY  WHICH  GENERAL  FUND
   20  RECEIPTS  IN  A  FISCAL  YEAR  EXCEED  GENERAL FUND EXPENDITURES IN SUCH
   21  FISCAL YEAR.
   22    3. The monies in such fund, following appropriation by the legislature
   23  and allocation by the director of the budget, shall be available for the
   24  [following purposes:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06927-01-1
       A. 3681                             2
    1    (a) for the payment of principal, interest, and  related  expenses  on
    2  general obligation bonds, lease purchase payments, or special contractu-
    3  al  obligation  payments,  or for the] purposes of retiring or defeasing
    4  bonds OR NOTES previously issued, including any accrued interest  there-
    5  on, for any state-supported bonding program or programs[, and;
    6    (b)  for  the  funding of capital projects, equipment acquisitions, or
    7  similar expenses which have  been  authorized  by  law  to  be  financed
    8  through the issuance of bonds, notes, or other obligations].
    9    S 2. This act shall take effect immediately.