S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10393
 
                           I N  A S S E M B L Y
 
                               May 21, 2024
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Epstein) --
   read once and referred to the Committee on Housing
 
 AN ACT authorizing the creation of a state debt in the amount of  twenty
   billion  dollars, in relation to enacting the save public housing bond
   act of 2024 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, 2024
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The save public housing bond act of 2024 is enacted to read
 as follows:
                   SAVE PUBLIC HOUSING BOND ACT OF 2024
 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 "save public housing bond act of 2024".
   §  2.  Creation  of  a  state debt. The creation of a state debt to an
 amount  not  exceeding  in  the   aggregate   twenty   billion   dollars
 ($20,000,000,000)  is hereby authorized to provide moneys for the single
 purpose of the capital needs of public housing statewide.
   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 providing for the capital needs of public housing statewide.
   § 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
 twenty billion dollars ($20,000,000,000) for the purpose  of  this  act,
 subject  to  the  provisions  of article 5 of the state finance law. The

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

                                                            LBD15376-01-4
 A. 10393                            2
 
 aggregate principal amount of such bonds shall not exceed twenty billion
 dollars excluding bonds issued to refund or otherwise repay bonds there-
 tofore issued for such purpose; provided, however, that  upon  any  such
 refunding or repayment the total aggregate principal amount of outstand-
 ing bonds may be greater than twenty 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 calculat-
 ing 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 the capital needs of public housing statewide.
   §  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, 2024, 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  2024
 known  as  the  save public housing bond act of 2024, which provides for
 the capital  needs  of  public  housing  statewide  by  authorizing  the
 creation of state debt to provide moneys therefor in the amount of twen-
 ty billion dollars ($20,000,000,000), be approved?"