Assembly Bill A6588

2013-2014 Legislative Session

Prohibits certain borrowing arrangements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A6588 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Constitution, Concurrent Resolutions to Amend
Laws Affected:
Amd Art 7 ยง11, Constn
Versions Introduced in Other Legislative Sessions:
2009-2010: A4133
2011-2012: A1517
2015-2016: A3758
2017-2018: A6844

2013-A6588 (ACTIVE) - Summary

Prohibits certain borrowing arrangements; relates to the authorization for the contracting of debt; relates to the manner by which payments are appropriated and paid; establishes a fund to reduce debt.

2013-A6588 (ACTIVE) - Bill Text download pdf

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

                                  6588

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 10, 2013
                               ___________

Introduced by M. of A. TEDISCO, KOLB, CROUCH -- Multi-Sponsored by -- M.
  of  A.  THIELE  -- 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
  the  prohibition  of  certain  borrowing arrangements and the authori-
  zation for the contracting of debt

  Section 1. 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 behalf of the state, unless] AS AUTHORIZED IN SUBDIVISION 2 OR  3  OF
THIS  SECTION,  OR AS EXPRESSLY PROVIDED FOR ELSEWHERE IN THIS CONSTITU-
TION, THE STATE SHALL NOT ENTER INTO  ANY  FINANCING  OR  OTHER  SIMILAR
ARRANGEMENT,  WHETHER BY STATUTE, CONTRACT, LEASE, OR OTHERWISE, WHEREBY
THE STATE AGREES TO MAKE PAYMENTS WHICH WILL BE USED DIRECTLY  OR  INDI-
RECTLY, FOR THE PAYMENT OF INTEREST, INSTALLMENTS OF PRINCIPAL, CONTRIB-
UTIONS  TO  SINKING FUNDS, OR RELATED PAYMENTS ON INDEBTEDNESS ISSUED OR
CONTRACTED BY ANY STATE AGENCY, MUNICIPALITY, INDIVIDUAL, OR  PUBLIC  OR
PRIVATE  CORPORATION  FOR  STATE  PURPOSES OR TO FINANCE GRANTS OR LOANS
MADE OR TO BE MADE BY OR ON BEHALF OF THE STATE  FOR  ANY  PURPOSE.  THE
RESTRICTIONS  IN  THIS  SUBDIVISION SHALL APPLY WHETHER OR NOT THE OBLI-
GATION OF THE STATE TO MAKE SUCH PAYMENTS IS SUBJECT TO APPROPRIATION OR
IS OTHERWISE CONTINGENT.
  2. THE STATE MAY CONTRACT DEBT WHICH IS SECURED BY  A  PLEDGE  OF  THE
FULL  FAITH  AND CREDIT OF THE STATE IF such debt shall be authorized by
law, for some single CAPITAL work or purpose, to be distinctly specified
therein[. No]; PROVIDED THAT NO such law  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD89089-01-3
              

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