S T A T E O F N E W Y O R K
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7907
2011-2012 Regular Sessions
I N A S S E M B L Y
May 23, 2011
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Introduced by M. of A. FARRELL -- (at request of the State Comptroller)
-- read once and referred to the Committee on Ways and Means
CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY
proposing amendments to article 7 of the constitution, in relation to
authorization of debt in times of public emergency, a limit on the
total amount of state-funded debt, the refunding of state debts,
providing for the use of conference committees, consensus forecasting
and the submission of a capital program and financing plan
Section 1. Resolved (if the Senate concur), That section 10 of article
7 of the constitution be amended to read as follows:
S 10. In addition to the above limited power to contract debts, the
state may contract debts to repel invasion, suppress insurrection, [or]
defend the state in war, [or] to suppress forest fires OR TO RESPOND TO
ANY OTHER EMERGENCY STEMMING FROM A DISASTER INCLUDING, BUT NOT LIMITED
TO, A DISASTER CAUSED BY AN ACT OF TERRORISM; but the money arising from
the contracting of such debts shall be applied for the purpose for which
it was raised, or to repay such debts, and to no other purpose whatever.
NO DEBT SHALL BE CONTRACTED PURSUANT TO THIS SECTION WITHOUT THE CONCUR-
RENCE OF THE GOVERNOR, THE COMPTROLLER, AND A MAJORITY OF THE MEMBERS
ELECTED TO EACH BRANCH OF THE LEGISLATURE; AND THE GOVERNOR SHALL HAVE
POWER TO SUMMON THE COMPTROLLER AND CONVENE THE LEGISLATURE IN EXTRAOR-
DINARY SESSION FOR THE PURPOSE OF CONSIDERING SUCH EMERGENCY DEBT. AT
THE TIME, DATE AND PLACE APPOINTED BY THE GOVERNOR, NO OTHER SUBJECT
SHALL BE ACTED UPON UNTIL EACH, IN THE FOLLOWING ORDER, HAS GIVEN THEIR
APPROVAL OR ANY ONE THEREOF HAS GIVEN THEIR DISAPPROVAL OF THE DEBT
PROPOSED BY THE GOVERNOR TO ENABLE THE STATE TO RESPOND TO SUCH EMERGEN-
CY: THE GOVERNOR, THE COMPTROLLER, THE SENATE AND THE ASSEMBLY. THE
PROPOSAL OF SUCH EMERGENCY DEBT SHALL BE IN THE FORM OF A RESOLUTION
PREPARED AND SUBMITTED BY THE GOVERNOR TO THE COMPTROLLER, THE SENATE
AND THE ASSEMBLY, WHO SHALL APPROVE OR DISAPPROVE SUCH RESOLUTION WITH-
OUT ANY CHANGES THERETO; AND IF SUCH RESOLUTION IS APPROVED BY THE
GOVERNOR, THE COMPTROLLER, AND A MAJORITY OF THE MEMBERS ELECTED TO EACH
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD89124-02-1
A. 7907 2
BRANCH OF THE LEGISLATURE, THEN SUCH LAW OR LAWS SHALL BE ENACTED AS MAY
BE NECESSARY OR ADVISABLE TO IMPLEMENT SUCH APPROVAL.
S 2. Resolved (if the Senate concur), That section 11 of article 7 of
the constitution be amended to read as follows:
S 11. 1. Except the debts or refunding debts specified in sections 9,
10 and 13 of this article, no debt shall be hereafter contracted by or
[in] ON behalf of the state, unless such debt shall be authorized by law
PURSUANT TO THIS SECTION, for some single work or purpose, to be
distinctly specified therein. [No such] DEBT SUBJECT TO THE PROVISIONS
OF THIS SECTION SHALL INCLUDE ANY DEBT OR OBLIGATION, OTHER THAN DEBT OR
REFUNDING DEBT INCURRED PURSUANT TO SECTIONS 9, 10 AND 13 OF THIS ARTI-
CLE, SUPPORTED IN WHOLE OR IN PART BY ANY FINANCING ARRANGEMENT WHEREBY
THE STATE AGREES, WHETHER BY LAW, CONTRACT, OR OTHERWISE, TO MAKE
PAYMENTS WHICH ARE TO BE USED, DIRECTLY OR INDIRECTLY, FOR THE PAYMENT
OF PRINCIPAL, INTEREST, OR RELATED PAYMENTS ON INDEBTEDNESS INCURRED OR
CONTRACTED BY THE STATE ITSELF FOR ANY PURPOSE, OR BY ANY STATE AGENCY,
MUNICIPALITY, INDIVIDUAL, PUBLIC AUTHORITY OR OTHER PUBLIC OR PRIVATE
CORPORATION OR ANY OTHER ENTITY FOR STATE CAPITAL OR OPERATING PURPOSES
OR TO FINANCE GRANTS, LOANS OR OTHER ASSISTANCE PAYMENTS MADE OR TO BE
MADE BY OR ON BEHALF OF THE STATE FOR ANY PURPOSE. IF THE STATE AGREES
OR HAS AGREED ON OR AFTER APRIL FIRST, NINETEEN HUNDRED NINETY-SEVEN TO
MAKE FUTURE REVENUES FROM A SPECIFIC STATE SOURCE AVAILABLE FOR THE
PURPOSE OF SUPPORTING DEBT OF ANY MUNICIPALITY, INDIVIDUAL, PUBLIC OR
PRIVATE CORPORATION OR ANY OTHER ENTITY, OR, IF ON OR AFTER SUCH DATE, A
PROGRAM OF DEBT IS AUTHORIZED TO BE ISSUED WHERE STATE AID IS INTENDED
TO BE THE SOLE SOURCE OF PAYMENT OF DEBT SERVICE, SUCH DEBT SHALL BE
CONSIDERED TO BE A DEBT FOR THE PURPOSE OF FINANCING A STATE GRANT, LOAN
OR OTHER ASSISTANCE PAYMENT AND SHALL BE SUBJECT TO THE PROVISIONS OF
THIS SECTION. THE PROVISIONS OF THIS SECTION SHALL APPLY (I) WHETHER OR
NOT THE OBLIGATION OF THE STATE TO MAKE PAYMENTS IS SUBJECT TO APPROPRI-
ATION, OR (II) WHETHER OR NOT DEBT SERVICE IS TO BE PAID FROM A REVENUE
STREAM TRANSFERRED BY THE STATE TO ANOTHER PARTY THAT IS RESPONSIBLE FOR
MAKING SUCH PAYMENTS.
2. THE LEGISLATURE MAY, BY LAW, AUTHORIZE THE STATE TO CONTRACT DEBT
SECURED BY A PLEDGE OF SPECIFIC STATE REVENUES AUTHORIZED BY SUCH LAW TO
BE DEPOSITED IN A DEDICATED TRUST FUND OR FUNDS CREATED FOR A SINGLE
CAPITAL WORK OR PURPOSE. THE LEGISLATURE SHALL, BY LAW, IDENTIFY THE
CAPITAL WORK OR PURPOSE TO BE FINANCED WITH SUCH DEBT. REVENUES IN
EXCESS OF THE REQUIRED PAYMENTS OF DEBT SERVICE AND RELATED PAYMENTS ON
SUCH DEBT SHALL BE AVAILABLE FOR OTHER PURPOSES, AS PROVIDED BY LAW.
3. EXCEPT AS PROVIDED IN SUBDIVISION 5 OF THIS SECTION, NO law AUTHOR-
IZING DEBT TO BE CREATED BY THE STATE PURSUANT TO SUBDIVISIONS 1 AND 2
OF THIS SECTION shall take effect until it shall, at a general election,
have been submitted to the people, and have received a majority of all
the votes cast for and against it at such election nor shall it be
submitted to be voted on within three months after its passage [nor at
any general election when any other law or any bill shall be submitted
to be voted for or against] BY THE LEGISLATURE.
The legislature may, at any time after the approval of such law by the
people, if no debt shall have been contracted in pursuance thereof,
repeal the same; and may at any time, by law, forbid the contracting of
any further debt or liability under such law.
4. DURING THE FISCAL YEAR BEGINNING APRIL FIRST, TWO THOUSAND TWENTY-
ONE AND IN EVERY FISCAL YEAR THEREAFTER, NO DEBT AUTHORIZED PURSUANT TO
THIS SECTION SHALL BE INCURRED UNLESS THE TOTAL PRINCIPAL AMOUNT OF DEBT
TO BE INCURRED PURSUANT TO SUCH LAW, TOGETHER WITH THE TOTAL PRINCIPAL
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AMOUNT OF DEBT ALREADY OUTSTANDING, SHALL BE EQUAL TO OR LESS THAN FIVE
PERCENT OF THE TOTAL PERSONAL INCOME OF THE STATE AS DETERMINED BY LAW.
DEBT SUBJECT TO THE LIMIT IMPOSED BY THIS SECTION SHALL INCLUDE ALL
DEBT, WHENEVER ISSUED, DESCRIBED IN SUBDIVISIONS 1 AND 2 OF THIS SECTION
BUT SHALL NOT INCLUDE THE DEBTS SPECIFIED IN SECTIONS 9, 10 AND 13 OF
THIS ARTICLE.
5. DURING ANY FISCAL YEAR, DEBT IN THE COMBINED AGGREGATE AMOUNT OF
TWO HUNDRED FIFTY MILLION DOLLARS MAY BE INCURRED PURSUANT TO A LAW OR
LAWS THAT ARE NOT SUBMITTED FOR APPROVAL BY THE PEOPLE. SUCH DEBT SHALL
BE INCURRED ONLY FOR CRITICAL CAPITAL NEEDS. HOWEVER, IN NO EVENT SHALL
DEBT INCURRED IN FISCAL YEARS BEGINNING IN TWO THOUSAND TWENTY-ONE AND
THEREAFTER PURSUANT TO SUCH LAW OR LAWS RESULT IN A TOTAL PRINCIPAL
AMOUNT OF DEBT IN EXCESS OF THE LIMIT DETERMINED PURSUANT TO SUBDIVISION
4 OF THIS SECTION.
6. (I) ALL DEBT SUBJECT TO THE PROVISIONS OF THIS SECTION SHALL,
EXCEPT FOR REFUNDING DEBT, BE INCURRED ONLY FOR A CAPITAL PURPOSE
AUTHORIZED BY LAW, AND (II) ALL DEBT SUBJECT TO THE PROVISIONS OF THIS
SECTION AND ALL DEBT AND REFUNDING DEBT SPECIFIED IN SECTIONS 9, 10 AND
13 OF THIS ARTICLE SHALL, IF INCURRED ON OR AFTER THE FIRST DAY OF THE
FIRST FISCAL YEAR BEGINNING AT LEAST ONE YEAR AFTER THE DATE THIS SUBDI-
VISION SHALL HAVE TAKEN EFFECT, BE IN THE FORM OF OBLIGATIONS ISSUED BY
THE COMPTROLLER.
7. NOTHING CONTAINED IN THIS SECTION SHALL INVALIDATE DEBT OBLIGATIONS
OUTSTANDING ON THE DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT THAT
WOULD BE SUBJECT TO THE PROVISIONS OF THIS SECTION IF INCURRED AFTER THE
DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT, AND THE STATE MAY CONTIN-
UE TO PROVIDE FOR PAYMENTS RELATED TO SUCH DEBT ON THE SAME TERMS UNDER
WHICH SUCH DEBT WAS INCURRED; PROVIDED, HOWEVER, THAT NO SUCH DEBT SHALL
BE REFUNDED UNLESS SUCH REFUNDING COMPLIES IN ALL RESPECTS WITH THE
REQUIREMENTS OF SECTION 13 OF THIS ARTICLE. THE PROVISIONS OF SECTION 16
OF THIS ARTICLE SHALL NOT APPLY TO STATE PAYMENTS WITH RESPECT TO ANY
SUCH OUTSTANDING OBLIGATIONS UNLESS SUCH PROVISIONS WOULD HAVE APPLIED
PRIOR TO THE DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT.
8. DEBT OBLIGATIONS ISSUED TO REFUND OUTSTANDING STATE DEBT, REGARD-
LESS OF WHETHER SUCH OUTSTANDING DEBT WAS INCURRED PRIOR TO THE DATE
THIS SUBDIVISION SHALL HAVE TAKEN EFFECT, SHALL NOT BE COUNTED FOR THE
PURPOSES OF THE LIMIT IMPOSED BY SUBDIVISION 3 OF THIS SECTION IF SUCH
REFUNDING COMPLIES IN ALL RESPECTS WITH SECTION 13 OF THIS ARTICLE. FOR
PURPOSES OF THIS SUBDIVISION AND SUBDIVISION 7 OF THIS SECTION, ANY
REFUNDING DEBT THAT DOES NOT EXTEND BEYOND THE FINAL MATURITY OF THE
DEBT BEING REFUNDED SHALL BE DEEMED TO COMPLY WITH THE PROVISIONS OF
SUBDIVISION 6 OF SECTION 13 OF THIS ARTICLE, PROVIDED THAT THERE IS AN
ACTUAL DEBT SERVICE SAVINGS IN EVERY YEAR TO MATURITY AS A RESULT OF THE
ISSUANCE OF THE REFUNDING DEBT.
9. AFTER THE DATE THIS SECTION SHALL HAVE TAKEN EFFECT, THE STATE
SHALL NOT, EXCEPT AS SPECIFICALLY AUTHORIZED IN ANOTHER SECTION OF THIS
CONSTITUTION, AGREE TO MAKE PAYMENTS, DIRECTLY OR INDIRECTLY, WHETHER OR
NOT SUBJECT TO APPROPRIATION, THAT ARE TO BE AVAILABLE TO PAY DEBT
SERVICE ON ANY DEBT INCURRED BY A MUNICIPALITY, INDIVIDUAL, PUBLIC
AUTHORITY OR OTHER PUBLIC OR PRIVATE CORPORATION OR ANY OTHER ENTITY,
FOR ANY PURPOSE, IF SUCH PAYMENTS ARE EXPECTED TO BE USED TO PAY DEBT
SERVICE ONLY IF OTHER SOURCES AVAILABLE FOR THE PAYMENT OF DEBT SERVICE
ARE INADEQUATE. ANY PROVISION REQUIRING THE STATE TO REPLACE MONIES USED
TO PAY DEBT SERVICE SHALL BE INCLUDED IN THE PROHIBITION SET FORTH IN
THIS SUBDIVISION. OUTSTANDING DEBT THAT WOULD BE PROHIBITED BY THIS
SUBDIVISION IF SUCH DEBT HAD BEEN INCURRED AFTER THE DATE THIS SUBDIVI-
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SION SHALL HAVE TAKEN EFFECT MAY BE REFUNDED BY THE ENTITY THAT INCURRED
THE OUTSTANDING DEBT PROVIDED THAT THE PROVISIONS OF SUBDIVISIONS 7 AND
8 OF THIS SECTION ARE COMPLIED WITH EXCEPT THE REQUIREMENT THAT SUCH
REFUNDING DEBT OBLIGATIONS BE ISSUED BY THE COMPTROLLER.
10. THE LEGISLATURE MAY, AT ANY TIME AFTER THE ENACTMENT OR APPROVAL
OF LAW AUTHORIZING THE STATE TO CONTRACT DEBT PURSUANT TO THIS SECTION,
IF NO DEBT SHALL HAVE BEEN CONTRACTED IN PURSUANCE THEREOF, REPEAL THE
SAME; AND MAY AT ANY TIME, BY LAW, FORBID THE CONTRACTING OF ANY FURTHER
DEBT OR LIABILITY UNDER SUCH LAW.
S 3. Resolved (if the Senate concur), That section 16 of article 7 of
the constitution be amended to read as follows:
S 16. The legislature shall annually provide by appropriation for the
payment of the interest upon and installments of principal of all debts
or refunding debts created on behalf of the state except those
contracted under section 9 of this article, as the same shall fall due,
and for the contribution to all of the sinking funds created by law, of
the amounts annually to be contributed under the provisions of section
12, 13 or 15 of this article. [If] WITH RESPECT TO DEBT CONTRACTED OTHER
THAN PURSUANT TO SUBDIVISION 2 OF SECTION 11 OF THIS ARTICLE, IF at any
time the legislature shall fail to make any such appropriation, the
comptroller shall set apart from the first revenues thereafter received,
applicable to the general fund of the state, a sum sufficient to pay
such interest, installments of principal, or contributions to such sink-
ing fund, as the case may be, and shall so apply the moneys thus set
apart. IF AT ANY TIME THE LEGISLATURE SHALL FAIL TO MAKE AN APPROPRI-
ATION FOR THE PAYMENT OF INTEREST OR INSTALLMENTS OF PRINCIPAL OR SINK-
ING FUND PAYMENTS OR RELATED PAYMENTS ON ANY DEBT CONTRACTED PURSUANT TO
SUBDIVISION 2 OF SECTION 11 OF THIS ARTICLE, THE COMPTROLLER SHALL SET
APART FROM THE FIRST REVENUES RECEIVED AND PLEDGED TO SUCH PAYMENTS, A
SUM SUFFICIENT TO PAY SUCH INTEREST OR INSTALLMENT OF PRINCIPAL OR
CONTRIBUTIONS TO SUCH SINKING FUND PAYMENTS OR RELATED PAYMENTS, AND
SHALL SO APPLY THE MONEYS THUS SET APART, PROVIDED HOWEVER THAT SUCH
REVENUES MUST BE SET ASIDE AND APPLIED IN A MANNER WHICH ENSURES THAT
PLEDGED REVENUES ARE APPLIED ONLY TO PAYMENTS ON DEBT FOR WHICH SUCH
REVENUES WERE PLEDGED PURSUANT TO SUBDIVISION 2 OF SECTION 11 OF THIS
ARTICLE. The comptroller may be required to set aside and apply such
revenues as aforesaid, at the suit of any holder of such bonds.
Notwithstanding the foregoing provisions of this section, the comp-
troller may covenant with the purchasers of any state obligations that
they shall have no further rights against the state for payment of such
obligations or any interest thereon after an amount or amounts deter-
mined in accordance with the provisions of such covenant is deposited in
a described fund or with a named or described agency or trustee. In such
case, this section shall have no further application with respect to
payment of such obligations or any interest thereon after the comp-
troller has complied with the prescribed conditions of such covenant.
S 4. Resolved (if the Senate concur), That article 7 of the constitu-
tion be amended by adding a new section 1-a to read as follows:
S 1-A. WITHIN TEN DAYS FOLLOWING THE SUBMISSION OF THE BUDGET BY THE
GOVERNOR PURSUANT TO THIS ARTICLE, SUCH BILLS SHALL BE REFERRED TO A
JOINT BUDGET CONFERENCE COMMITTEE TO CONSIDER AND RECONCILE SUCH BUDGET
RESOLUTION OR BUDGET BILLS AS MAY BE PASSED BY EACH HOUSE. THE TEMPORARY
PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY SHALL JOINTLY
CONVENE SUCH JOINT BUDGET CONFERENCE COMMITTEE. SUCH CONFERENCE COMMIT-
TEE MEETINGS SHALL BE REQUIRED TO MEET AND SHALL BE OPEN TO THE PUBLIC.
A. 7907 5
S 5. Resolved (if the Senate concur), That article 7 of the constitu-
tion be amended by adding a new section 1-b to read as follows:
S 1-B. 1. BY THE END OF FEBRUARY IN EACH YEAR, PRIOR TO THE REPORT
REQUIRED BY SUBDIVISION 2 OF THIS SECTION, THE CHAIRPERSON AND RANKING
MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE, THE CHAIRPERSON AND
RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND THE
DIRECTOR OF THE BUDGET SHALL JOINTLY CONVENE A CONSENSUS ECONOMIC AND
REVENUE FORECASTING CONFERENCE IN THE FORM OF A JOINT LEGISLATIVE-EXECU-
TIVE HEARING, FOR THE PURPOSE OF ASSISTING THE GOVERNOR AND THE LEGISLA-
TURE IN REACHING THE CONSENSUS REVENUE FORECAST REQUIRED BY SUBDIVISION
2 OF THIS SECTION. THE CONVENERS OF THE CONFERENCE SHALL INVITE THE
STATE COMPTROLLER AND SUCH OTHER PARTICIPANTS TO THE CONFERENCE AS
SHALL, IN THEIR JUDGMENT, PROVIDE GUIDANCE ON THE CURRENT CONDITIONS IN,
AND PROBABLE OUTLOOK FOR THE PERFORMANCE OF, THE ECONOMY OF THE STATE,
AS WELL AS THE EFFECT OF SUCH CONDITIONS AND SUCH PERFORMANCE ON STATE
RECEIPTS.
2. ON OR BEFORE MARCH FIRST IN EACH YEAR, THE DIRECTOR OF THE BUDGET
AND THE SECRETARY OF THE SENATE FINANCE COMMITTEE AND THE SECRETARY OF
THE ASSEMBLY WAYS AND MEANS COMMITTEE SHALL ISSUE A JOINT REPORT
CONTAINING A CONSENSUS FORECAST OF THE ECONOMY AND SPECIFIC BINDING
ESTIMATES OF RECEIPTS AND ANY AND ALL OTHER AVAILABLE RESOURCES USED TO
SUPPORT DISBURSEMENT FOR THE CURRENT AND THE ENSUING STATE FISCAL YEAR.
SUCH ESTIMATES SHALL INCLUDE, BUT NOT BE LIMITED TO: EXPECTED TAX
RECEIPTS ON AN ALL-FUNDS BASIS, PROJECTED LOTTERY RECEIPTS, ANTICIPATED
MISCELLANEOUS RECEIPTS AND OTHER FINANCING SOURCES INCLUDING, BUT NOT
LIMITED TO, RE-ESTIMATES THAT WOULD LOWER CURRENT PROJECTED DISBURSE-
MENTS AS WELL AS OTHER RESOURCES THAT WOULD BE USED TO SUPPORT DISBURSE-
MENTS. THE ESTIMATE OF RECEIPTS FOR THE ENSUING FISCAL YEAR CONTAINED IN
THE REPORT SHALL BE ALL RECEIPTS FROM SUCH SOURCES DESCRIBED IN THIS
SUBDIVISION AVAILABLE TO MAKE DISBURSEMENTS AUTHORIZED BY THE THE APPRO-
PRIATION BILLS SUBMITTED BY THE GOVERNOR PURSUANT TO SECTION 3 OF THIS
ARTICLE FOR THE ENSUING FISCAL YEAR. THE COMPTROLLER SHALL COMMENT ON
THE REASONABLENESS AND RELIABILITY OF THE CONSENSUS FORECAST.
3. ON A FAILURE OF THE DIRECTOR OF THE BUDGET, THE SECRETARY OF THE
SENATE FINANCE COMMITTEE AND THE SECRETARY OF THE ASSEMBLY WAYS AND
MEANS COMMITTEE TO ISSUE A JOINT REPORT CONTAINING A CONSENSUS FORECAST
AS PROVIDED IN SUBDIVISION 2 OF THIS SECTION, OR IF THE STATE COMP-
TROLLER REJECTS SUCH FORECAST, THE STATE COMPTROLLER SHALL, ON OR BEFORE
MARCH FIFTH, PROVIDE BINDING ESTIMATES OF RECEIPTS AND OTHER RESOURCES
FOR THE CURRENT AND THE ENSUING STATE FISCAL YEAR. SUCH ESTIMATES SHALL
INCLUDE, BUT NOT BE LIMITED TO, EXPECTED TAX RECEIPTS ON AN ALL-FUNDS
BASIS, PROJECTED LOTTERY RECEIPTS, MISCELLANEOUS RECEIPTS, ANTICIPATED
MISCELLANEOUS RECEIPTS AND OTHER FINANCING SOURCES INCLUDING RE-ESTI-
MATES THAT WOULD LOWER CURRENT PROJECTED DISBURSEMENTS AS WELL AS OTHER
RESOURCES THAT WOULD BE USED TO SUPPORT DISBURSEMENTS. IN RENDERING HIS
OR HER ESTIMATE, AS REQUIRED IN THIS SUBDIVISION, THE COMPTROLLER SHALL
GIVE DUE CONSIDERATION TO THE INHERENT RISKS IN ECONOMIC AND REVENUE
FORECASTING AND THE INTEREST OF THE STATE TO MAINTAIN BUDGET BALANCE
THROUGHOUT THE FISCAL YEAR. THE ESTIMATE OF RECEIPTS FOR THE ENSUING
FISCAL YEAR PROVIDED BY THE STATE COMPTROLLER SHALL BE ALL RECEIPTS AND
OTHER RESOURCES FROM SUCH SOURCES AVAILABLE TO MAKE DISBURSEMENTS
AUTHORIZED BY THE APPROPRIATION BILLS SUBMITTED BY THE GOVERNOR PURSUANT
TO SECTION 3 OF THIS ARTICLE FOR THE ENSUING FISCAL YEAR.
S 6. Resolved (if the Senate concur), That section 2 of article 7 of
the constitution be amended to read as follows:
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S 2. Annually, on or before the first day of February in each year
following the year fixed by the constitution for the election of gover-
nor and lieutenant governor, and on or before the second Tuesday follow-
ing the first day of the annual meeting of the legislature, in all other
years, the governor shall submit to the legislature a budget containing
a complete plan of expenditures proposed to be made before the close of
the ensuing fiscal year and all moneys and revenues estimated to be
available therefor, together with an explanation of the basis of such
estimates and recommendations as to proposed legislation, if any, which
the governor may deem necessary to provide moneys and revenues suffi-
cient to meet such proposed expenditures. It shall also contain such
other recommendations and information as the governor may deem proper
and such additional information as may be required by law.
ANNUALLY, AS PROVIDED BY LAW, THE GOVERNOR SHALL SUBMIT TO THE LEGIS-
LATURE A DETAILED LONG-TERM CAPITAL PROGRAM AND FINANCING PLAN CONCUR-
RENT WITH THE EXECUTIVE BUDGET.
S 7. Resolved (if the Senate concur), That the foregoing amendments be
referred to the first regular legislative session convening after the
next succeeding general election of members of the assembly, and, in
conformity with section 1 of article 19 of the constitution, be
published for 3 months previous to the time of such election.