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

                                 1475--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2015
                               ___________

Introduced by M. of A. LAVINE, KEARNS, SKOUFIS, RAIA, GUNTHER, SALADINO,
  CLARK,  MARKEY, TITUS, MOSLEY, BENEDETTO, McDONOUGH -- Multi-Sponsored
  by -- M.   of A. BRENNAN,  CAHILL,  CERETTO,  PEOPLES-STOKES,  RIVERA,
  TITONE  --  read once and referred to the Committee on Aging -- recom-
  mitted to the Committee on Aging in accordance with Assembly  Rule  3,
  sec.  2  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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 2017 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, 2017

  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 2017 is enacted to
read as follows:
                   ALZHEIMER'S RESEARCH BOND ACT OF 2017
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 2017".
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03312-03-6

              

A. 1475--A                          2

  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.
  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, 2017, 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  2017
known as the Alzheimer's research bond act of 2017, 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?"