S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2429
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced by M. of A. LAVINE, GUNTHER, BENEDETTO, GRIFFIN, McDONOUGH --
   Multi-Sponsored  by  --  M. of A. CAHILL, PEOPLES-STOKES, J. RIVERA --
   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 2022 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, 2022
 
   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 2022 is enacted to
 read as follows:
                    ALZHEIMER'S RESEARCH BOND ACT OF 2022
 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 2022".
   §  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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06613-01-1

 A. 2429                             2
 
 not-for-profit  entity,  or  higher  educational  institutions,  for the
 purpose of funding research for the causes and treatment of  Alzheimer's
 disease.
   §  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.
   §  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.
   § 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.
   § 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, 2022, 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 2022
 known as the Alzheimer's research bond act of 2022, 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?"