S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1529
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Elections
 
 AN ACT to amend the election law and the state finance law, in  relation
   to  requiring  proposition authorizing the creation of a state debt to
   contain an estimate of the debt service payable thereon and  requiring
   publication of an explanation thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The election law is amended by adding a new  section  7-112
 to read as follows:
   § 7-112. BALLOTS; FORM FOR PROPOSITION; ADDITIONAL REQUIREMENTS.  EACH
 DULY  CERTIFIED PROPOSITION CONTAINED ON THE BALLOT AND SUBMITTED TO THE
 VOTERS OF THE STATE WHICH PROVIDES FOR THE  CREATION  OF  A  STATE  DEBT
 SHALL  CONTAIN AN ESTIMATE OF THE ANTICIPATED NUMBER OF YEARS OVER WHICH
 SUCH DEBT SHALL BE AMORTIZED AND THE TOTAL EXPECTED DEBT SERVICE PAYABLE
 ON THE PRINCIPAL AMOUNT OF  SUCH  BONDS  UNTIL  THEIR  RETIREMENT.  SUCH
 INFORMATION SHALL BE PRINTED IN THE LARGEST TYPE WHICH IS PRACTICABLE TO
 USE IN THE SPACE PROVIDED FOR THE PROPOSITION. SUCH INFORMATION SHALL BE
 PROVIDED  TO  THE STATE BOARD OF ELECTIONS AND THE SECRETARY OF STATE BY
 THE STATE COMPTROLLER NOT LATER THAN SEVEN DAYS AFTER THE PASSAGE OF THE
 LAW AUTHORIZING SUCH PROPOSITION.
   § 2. Subdivision 2 of section 4-116 of the election law, as amended by
 chapter 60 of the laws of 1993, is amended to read as follows:
   2. The state board of elections shall publish once in the week preced-
 ing any election at which proposed constitutional  amendments  or  other
 propositions or questions are to be submitted to the voters of the state
 an abstract of such amendment or question, INCLUDING THE ESTIMATE OF THE
 AMORTIZATION  PERIOD  AND  THE  TOTAL ANTICIPATED DEBT SERVICE WHERE THE
 PROPOSITION AUTHORIZES THE CREATION OF A STATE DEBT, a  brief  statement
 of  the law or proceedings authorizing such submission, a statement that
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03832-01-1
              

 S. 1529                             2
 
 such submission will be made and the form in which it is to  be  submit-
 ted.
   §  3.  The  state  finance law is amended by adding a new section 6 to
 read as follows:
   § 6. STATE PUBLICATION CONCERNING PROPOSITION.  ANY  REPORT,  PUBLICA-
 TION, PAMPHLET OR OTHER WRITTEN DOCUMENT PREPARED BY A STATE DEPARTMENT,
 AGENCY,  AUTHORITY  OR  OTHER COMPONENT OR DIVISION OF STATE GOVERNMENT,
 INTENDED FOR DISTRIBUTION TO THE PUBLIC, WHICH IS  INTENDED  TO  PROMOTE
 AWARENESS OF OR EXPLAIN THE PROVISIONS CONTAINED IN, OR INCIDENTAL TO, A
 DULY  CERTIFIED  PROPOSITION  TO  BE  CONTAINED  ON THE BALLOT AND TO BE
 SUBMITTED TO THE VOTERS OF THE STATE WHICH PROPOSITION PROVIDES FOR  THE
 CREATION OF A STATE DEBT SHALL CONTAIN THEREIN AN ESTIMATE OF THE ANTIC-
 IPATED  NUMBER  OF YEARS OVER WHICH SUCH DEBT SHALL BE AMORTIZED AND THE
 TOTAL EXPECTED DEBT SERVICE PAYABLE ON  THE  PRINCIPAL  AMOUNT  OF  SUCH
 BONDS  UNTIL  THEIR RETIREMENT. SUCH INFORMATION SHALL BE PRINTED IN THE
 LARGEST TYPE WHICH IS PRACTICABLE TO USE IN SUCH DOCUMENT.
   § 4. This act shall take effect immediately.