S T A T E   O F   N E W   Y O R K
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                                  10307

                          I N  A S S E M B L Y

                             March 17, 2010
                               ___________

Introduced by M. of A. TEDISCO, KOLB, THIELE, BARCLAY, RAIA, FITZPATRICK
  --  Multi-Sponsored  by -- M. of A. AMEDORE, BUTLER, CROUCH, McKEVITT,
  OAKS, QUINN, TOWNSEND -- read once and referred to  the  Committee  on
  Ways and Means

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:

  Section  1.  The election law is amended by adding a new section 7-112
to read as follows:
  S 7-112. BALLOTS; FORM FOR PROPOSITION; ADDITIONAL REQUIREMENTS.  EACH
DULY CERTIFIED PROPOSITION CONTAINED ON THE BALLOT AND SUBMITTED TO  THE
VOTERS  OF  THE  STATE  WHICH  PROVIDES FOR THE CREATION OF A STATE DEBT
SHALL CONTAIN AN ESTIMATE OF THE ANTICIPATED NUMBER OF YEARS OVER  WHICH
SUCH DEBT SHALL BE AMORTIZED AND THE TOTAL EXPECTED DEBT SERVICE PAYABLE
ON  THE  PRINCIPAL  AMOUNT  OF  SUCH  BONDS UNTIL THEIR RETIREMENT. SUCH
INFORMATION SHALL BE PRINTED IN THE LARGEST TYPE WHICH IS PRACTICABLE TO
USE IN THE SPACE PROVIDED FOR THE PROPOSITION. SUCH INFORMATION SHALL BE
PROVIDED TO THE STATE BOARD OF ELECTIONS AND THE SECRETARY OF  STATE  BY
THE STATE COMPTROLLER NOT LATER THAN SEVEN DAYS AFTER THE PASSAGE OF THE
LAW AUTHORIZING SUCH PROPOSITION.
  S 2. Subdivision 2 of section 4-116 of the election law, as amended by
chapter 60 of the laws of 1993, is amended to read as follows:
  2. The state board of elections shall publish once in the week preced-
ing  any  election  at which proposed constitutional amendments or other
propositions or questions are to be submitted to the voters of the state
an abstract of such amendment or question, INCLUDING THE ESTIMATE OF THE
AMORTIZATION PERIOD AND THE TOTAL ANTICIPATED  DEBT  SERVICE  WHERE  THE
PROPOSITION  AUTHORIZES  THE CREATION OF A STATE DEBT, a brief statement
of the law or proceedings authorizing such submission, a statement  that
such  submission  will be made and the form in which it is to be submit-
ted.

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

                                                           LBD04057-01-9

A. 10307                            2

  S 3. The state finance law is amended by adding a  new  section  6  to
read as follows:
  S  6.  STATE  PUBLICATION CONCERNING PROPOSITION. ANY REPORT, PUBLICA-
TION, PAMPHLET OR OTHER WRITTEN DOCUMENT PREPARED BY A STATE DEPARTMENT,
AGENCY, AUTHORITY OR OTHER COMPONENT OR DIVISION  OF  STATE  GOVERNMENT,
INTENDED  FOR  DISTRIBUTION  TO THE PUBLIC, WHICH IS INTENDED TO PROMOTE
AWARENESS OF OR EXPLAIN THE PROVISIONS CONTAINED IN, OR INCIDENTAL TO, A
DULY CERTIFIED PROPOSITION TO BE CONTAINED  ON  THE  BALLOT  AND  TO  BE
SUBMITTED  TO THE VOTERS OF THE STATE WHICH PROPOSITION PROVIDES FOR THE
CREATION OF A STATE DEBT SHALL CONTAIN THEREIN AN ESTIMATE OF THE ANTIC-
IPATED NUMBER OF YEARS OVER WHICH SUCH DEBT SHALL BE AMORTIZED  AND  THE
TOTAL  EXPECTED  DEBT  SERVICE  PAYABLE  ON THE PRINCIPAL AMOUNT OF SUCH
BONDS UNTIL THEIR RETIREMENT. SUCH INFORMATION SHALL BE PRINTED  IN  THE
LARGEST TYPE WHICH IS PRACTICABLE TO USE IN SUCH DOCUMENT.
  S 4. This act shall take effect immediately.