NY State Senate Bill 2013-S6284

Senate Bill S6284

2013-2014 Legislative Session

Authorizes the creation of state debt in creating the Alzheimer's research bond act of 2014 and provides for submission to the people of such proposal

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Archive: Last Bill Status - In Senate Committee Finance 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 09, 2014	referred to finance

co-Sponsors

2013-S6284 (ACTIVE) - Details

See Assembly Version of this Bill:: A8140
Current Committee:: Senate Finance
Law Section:: Bonds and Notes
Versions Introduced in Other Legislative Sessions:: 2015-2016: S5237, A1475
2017-2018: A2807
2019-2020: A2512
2021-2022: A2429

2013-S6284 (ACTIVE) - Summary

Authorizes the creation of state debt in the amount of 1 billion dollars in creating the Alzheimer's research bond act of 2014 and provides for submission to the people of such proposal.

2013-S6284 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S6284

TITLE OF BILL:  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 proposition or question therefor to be voted upon at the
general election to be held in November, 2014

PURPOSE:  To create a taxpayer approved initiative that will issue
bonds to aid in the funding of Alzheimer's research in the State of
New York.

SUMMARY OF PROVISIONS:  This bill authorizes the State, upon approval
by voters in the next general election, to issue $1 billion in general
obligation bonds.  The proceeds will be used for funding research
grants and financial collaborations related to the scientific research
of Alzheimer's disease.

Section 1 enacts the Alzheimer's Research Bond Act of 2014.

Title 1 of Section 1 sets forth the short title of "Alzheimer's
Research Bond Act of 2014".

Title 2 of Section 1 authorizes the creation of a $1 billion state
debt to fund the scientific research of Alzheimer's disease, including
causes, treatment and clinical trials of medications.

Title 3 of Section 1 authorizes the state comptroller to issue $1
billion in bonds for this purpose.

Title 4 of Section 1 requires the bonds to be issued as tax-exempt
consistent with the federal internal revenue code.

Title 5 of Section 1 specifies that the money received from these
bonds be used in order to fund scientific research of Alzheimer's
disease.

Section 2 sets an immediate effective date, subject to a voter
approved referendum at the next general election.

JUSTIFICATION:  The cost of treating Alzheimer's in the U.S is
expected to increase from $203 billion in 2013 to $1.2 trillion by
2050. Exploring treatments and cures for the disease poses unique
challenges, especially because the latest research indicates that the
onset of Alzheimer's disease comes long before a formal diagnosis.
Because long term studies may be necessary to find effective
treatments, pharmaceutical companies and research institutions must
bear huge costs up-front before seeing the results of their
investments bear fruit. Federal investments in researching the disease
are currently at an all-time low.

This legislation will provide for the creation of a $1 billion voter
approved general obligation State debt for the purpose of funding
Alzheimer's research in the State of New York. By issuing taxpayer
approved bonds for Alzheimer's research, the State of New York can
utilize an innovative approach to find and leverage new revenues.
This funding can be used to provide research grants and other


financing to collaborations of New York institutions and researchers
while creating jobs and funding essential research and clinical
trials, which will result in New York being at the very forefront of
discovering a cure for this dread disease

LEGISLATIVE HISTORY: This is a new bill,

FISCAL IMPLICATIONS:  Upon approval of the voters, this legislation
authorizes the creation of a $1 billion bond issue for Alzheimer's
research purposes.

EFFECTIVE DATE:  This act shall take effect immediately, provided
however that $1 billion in State debt shall not be created unless and
until the voters approve such referendum at the general election next
conducted following enactment.

2013-S6284 (ACTIVE) - Bill Text download pdf

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

                                  6284

                            I N  S E N A T E

                             January 9, 2014
                               ___________

Introduced  by Sen. CARLUCCI -- 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  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
purpose of funding research for the causes and treatment of  Alzheimer's
disease.

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

S. 6284                             2

  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?"

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Senate Bill S6284

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Sponsored By

David Carlucci