NY State Senate Bill 2015-S5237A

Senate Bill S5237A

2015-2016 Legislative Session

Authorizes the creation of state debt in creating the Alzheimer's research bond act of 2017 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 14, 2016	print number 5237a
Jan 14, 2016	amend (t) and recommit to finance
Jan 06, 2016	referred to finance
May 08, 2015	referred to finance

Bill Amendments

Original

A (Active)

co-Sponsors

2015-S5237 - Details

See Assembly Version of this Bill:: A1475
Current Committee:: Senate Finance
Law Section:: Bonds and Notes
Versions Introduced in Other Legislative Sessions:: 2013-2014: S6284, A8140
2017-2018: A2807
2019-2020: A2512
2021-2022: A2429

2015-S5237 - Summary

Authorizes the creation of state debt in the amount of 1 billion dollars in creating the Alzheimer's research bond act of 2017 and provides for submission to the people of such proposal.

2015-S5237 - Sponsor Memo

                                BILL NUMBER:S5237

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 2016 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, 2016

PURPOSE OF BILL:  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 longterm 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:  S.6284 of 2014 - Referred to Finance.

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.

2015-S5237 - Bill Text download pdf

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

                                  5237

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 8, 2015
                               ___________

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 2016 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, 2016

  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 2016 is enacted to
read as follows:
                   ALZHEIMER'S RESEARCH BOND ACT OF 2016
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 2016".
  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.
                                                           LBD03312-01-5

S. 5237                             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, 2016, 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 2016
known as the Alzheimer's research bond act of 2016, 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?"

co-Sponsors

2015-S5237A (ACTIVE) - Details

See Assembly Version of this Bill:: A1475
Current Committee:: Senate Finance
Law Section:: Bonds and Notes
Versions Introduced in Other Legislative Sessions:: 2013-2014: S6284, A8140
2017-2018: A2807
2019-2020: A2512
2021-2022: A2429

2015-S5237A (ACTIVE) - Summary

Authorizes the creation of state debt in the amount of 1 billion dollars in creating the Alzheimer's research bond act of 2017 and provides for submission to the people of such proposal.

2015-S5237A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5237A

 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 2017 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, 2017

 PURPOSE OF BILL :

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 2017".

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
longterm 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 :

S.6284 of 2014 - Referred to Finance.

 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.

2015-S5237A (ACTIVE) - Bill Text download pdf

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

                                 5237--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 8, 2015
                               ___________

Introduced  by Sens. CARLUCCI, COMRIE, LATIMER -- read twice and ordered
  printed, and when printed to be committed to the Committee on  Finance
  --  recommitted  to the Committee on Finance in accordance with Senate
  Rule  6,  sec.  8  --  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.
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03312-02-6

S. 5237--A                          2

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?"

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Senate Bill S5237A

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Sponsored By

David Carlucci

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

co-Sponsors

Leroy Comrie

George Latimer

2015-S5237 - Details

2015-S5237 - Summary

2015-S5237 - Sponsor Memo

2015-S5237 - Bill Text download pdf

co-Sponsors

Leroy Comrie

George Latimer

2015-S5237A (ACTIVE) - Details

2015-S5237A (ACTIVE) - Summary

2015-S5237A (ACTIVE) - Sponsor Memo

2015-S5237A (ACTIVE) - Bill Text download pdf

Comments