Bill Text: NY S09164 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes the creation of state debt in the amount of 20 billion dollars in relation to enacting the save public housing bond act of 2024; provides for submission to the people of such proposal.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-05-02 - REFERRED TO FINANCE [S09164 Detail]

Download: New_York-2023-S09164-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9164

                    IN SENATE

                                       May 2, 2024
                                       ___________

        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  twenty
          billion  dollars, in relation to enacting the save public housing bond
          act of 2024 and providing for the submission to the people of a propo-
          sition or question therefor to be voted upon at the  general  election
          to be held in November, 2024

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

     1    Section 1. The save public housing bond act of 2024 is enacted to read
     2  as follows:
     3                    SAVE PUBLIC HOUSING BOND ACT OF 2024
     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 "save public housing bond act of 2024".
    11    §  2.  Creation  of  a  state debt. The creation of a state debt to an
    12  amount  not  exceeding  in  the   aggregate   twenty   billion   dollars
    13  ($20,000,000,000)  is hereby authorized to provide moneys for the single
    14  purpose of the capital needs of public housing statewide.
    15    The legislature shall, by appropriate legislation and subject to  such
    16  conditions  as  it may impose, make available out of the proceeds of the
    17  sale of bonds  authorized  in  this  act,  moneys  disbursed  or  to  be
    18  disbursed  for  state  programs  or state assistance payments toward the
    19  cost of such programs undertaken by or through a state or local  agency,
    20  not-for-profit  entity,  or  higher  educational  institutions,  for the
    21  purpose of providing for the capital needs of public housing statewide.
    22    § 3. Bonds of the state. The state comptroller  is  hereby  authorized
    23  and  empowered  to  issue  and  sell bonds of the state in the amount of
    24  twenty billion dollars ($20,000,000,000) for the purpose  of  this  act,
    25  subject  to  the  provisions  of article 5 of the state finance law. The

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15376-01-4
        S. 9164                             2

     1  aggregate principal amount of such bonds shall not exceed twenty billion
     2  dollars excluding bonds issued to refund or otherwise repay bonds there-
     3  tofore issued for such purpose; provided, however, that  upon  any  such
     4  refunding or repayment the total aggregate principal amount of outstand-
     5  ing bonds may be greater than twenty billion dollars only if the present
     6  value  of the aggregate debt service of the refunding or repayment bonds
     7  to be issued shall not exceed the present value of  the  aggregate  debt
     8  service  of the bonds to be refunded or repaid. The method for calculat-
     9  ing present value shall be determined by law.
    10    § 4. Consistency with federal tax law. Bonds issued pursuant  to  this
    11  act  shall  be  issued  as  tax-exempt bonds for purposes of the federal
    12  internal revenue code and  regulations  thereunder.  All  actions  taken
    13  pursuant  to  this act shall be reviewed for consistency with provisions
    14  of the federal internal revenue  code  and  regulations  thereunder,  in
    15  accordance  with  procedures established in connection with the issuance
    16  of any bonds pursuant to this act which are intended to be federally tax
    17  exempt to preserve the federal tax exempt status of such bonds.
    18    § 5. Use of moneys received. The moneys received by the state from the
    19  sale of bonds sold pursuant to this act shall be  expended  pursuant  to
    20  appropriations for the capital needs of public housing statewide.
    21    §  2.  This  act  shall  take  effect  immediately,  provided that the
    22  provisions of section one of this act shall not take effect  unless  and
    23  until  this  act  shall have been submitted to the people at the general
    24  election to be held in November, 2024, and shall have received a majori-
    25  ty of all votes cast for and against it at such election. Upon  approval
    26  by the people section one of this act shall take effect immediately. The
    27  ballots to be furnished for the use of the voters upon the submission of
    28  section  one of this act shall be in the form prescribed by the election
    29  law, and the proposition or question to be submitted  shall  be  printed
    30  thereon  in substantially the following form, namely, "Shall section one
    31  of chapter (here insert the number of the chapter) of the laws  of  2024
    32  known  as  the  save public housing bond act of 2024, which provides for
    33  the capital  needs  of  public  housing  statewide  by  authorizing  the
    34  creation of state debt to provide moneys therefor in the amount of twen-
    35  ty billion dollars ($20,000,000,000), be approved?"