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

                                  8140

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             August 30, 2013
                               ___________

Introduced by M. of A. LAVINE -- read once and referred to the Committee
  on Aging

AN  ACT  authorizing  the  creation of a state debt in the amount of one
  billion dollars, in relation to enacting the Alzheimer's research bond
  act of 2014 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, 2014

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The Alzheimer's research bond act of  2014  is  enacted  to
read as follows:
                   ALZHEIMER'S RESEARCH BOND ACT OF 2014
Section 1. Short title.
        2. Creation of a state debt.
        3. Bonds of the state.
        4. Consistency with federal tax law.
        5. Use of moneys received.
  Section  1.  Short  title. This act shall be known and may be cited as
the "Alzheimer's research bond act of 2014".
  S 2. Creation of a state debt. The creation of  a  state  debt  to  an
amount   not   exceeding   in   the   aggregate   one   billion  dollars
($1,000,000,000) is hereby authorized to provide moneys for  the  single
purpose  of funding research grants and financing collaborations related
to scientific research of Alzheimer's disease including  causes,  treat-
ment and clinical trials of medications.
  The  legislature shall, by appropriate legislation and subject to such
conditions as it may impose, make available out of the proceeds  of  the
sale  of  bonds  authorized  in  this  act,  moneys  disbursed  or to be
disbursed for state programs or state  assistance  payments  toward  the
cost  of such programs undertaken by or through a state or local agency,
not-for-profit entity,  or  higher  educational  institutions,  for  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11647-01-3
              

A. 8140                             2

purpose  of funding research for the causes and treatment of Alzheimer's
disease.
  S  3.  Bonds  of the state. The state comptroller is hereby authorized
and empowered to issue and sell bonds of the state in the amount of  one
billion dollars ($1,000,000,000) for the purpose of this act, subject to
the  provisions  of  article  5  of the state finance law. The aggregate
principal amount of such bonds shall  not  exceed  one  billion  dollars
excluding  bonds  issued  to refund or otherwise repay bonds theretofore
issued for such purpose; provided, however, that upon any such refunding
or repayment the total aggregate principal amount of  outstanding  bonds
may be greater than one billion dollars only if the present value of the
aggregate  debt service of the refunding or repayment bonds to be issued
shall not exceed the present value of the aggregate debt service of  the
bonds to be refunded or repaid. The method for calculating present value
shall be determined by law.
  S  4.  Consistency with federal tax law. Bonds issued pursuant to this
act shall be issued as tax-exempt bonds  for  purposes  of  the  federal
internal  revenue  code  and  regulations  thereunder. All actions taken
pursuant to this act shall be reviewed for consistency  with  provisions
of  the  federal  internal  revenue  code and regulations thereunder, in
accordance with procedures established in connection with  the  issuance
of any bonds pursuant to this act which are intended to be federally tax
exempt to preserve the federal tax exempt status of such bonds.
  S 5. Use of moneys received. The moneys received by the state from the
sale  of  bonds  sold pursuant to this act shall be expended pursuant to
appropriations for funding research grants and financing  collaborations
related  to scientific research of Alzheimer's disease including causes,
treatment and clinical trials of medications.
  S 2. This  act  shall  take  effect  immediately,  provided  that  the
provisions  of  section one of this act shall not take effect unless and
until this act shall have been submitted to the people  at  the  general
election to be held in November, 2014, and shall have received a majori-
ty  of all votes cast for and against it at such election. Upon approval
by the people section one of this act shall take effect immediately. The
ballots to be furnished for the use of the voters upon the submission of
section one of this act shall be in the form prescribed by the  election
law,  and  the  proposition or question to be submitted shall be printed
thereon in substantially the following form, namely, "Shall section  one
of  chapter  (here insert the number of the chapter) of the laws of 2014
known as the Alzheimer's research bond act of 2014, which provides fund-
ing for critical research into the causes and treatment  of  Alzheimer's
disease  by  authorizing  the  creation  of state debt to provide moneys
therefor in the amount  of  one  billion  dollars  ($1,000,000,000),  be
approved?"