S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10633
 
                           I N  A S S E M B L Y
 
                               June 20, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rajkumar) --
   read once and referred to the Committee on Ways and Means
 
             CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY
 
 proposing  an  amendment to section 14 of article 3 of the constitution,
   in relation to prohibiting the governor  from  issuing  a  message  of
   necessity for budget related bills; proposing an amendment to sections
   4  and 7 of article 7, in relation to a balanced budget; and proposing
   amendments to article 7, in relation to limitations on state-supported
   debt and the rainy day reserve fund
 
   Section 1. Resolved (if the Senate concur), That section 14 of article
 3 of the constitution be amended to read as follows:
   § 14. No bill shall be passed or become a law  unless  it  shall  have
 been  printed  and  upon the desks of the members, in its final form, at
 least three calendar legislative days prior to its final passage, unless
 the governor, or the acting governor, shall have certified, under his or
 her hand and the seal of the state, the facts which in his or her  opin-
 ion  necessitate an immediate vote thereon, in which case it must never-
 theless be upon the desks of the members in final form, not  necessarily
 printed,  before  its  final  passage, PROVIDED, HOWEVER, SUCH IMMEDIATE
 VOTE SHALL NOT BE PERMITTED FOR  BUDGET  BILLS  OR  APPROPRIATION  BILLS
 RELATING THERETO EXCEPT FOR EMERGENCY APPROPRIATIONS; nor shall any bill
 be  passed  or  become  a law, except by the assent of a majority of the
 members elected to each branch of the legislature;  and  upon  the  last
 reading  of a bill, no amendment thereof shall be allowed, and the ques-
 tion upon its final passage shall be taken immediately  thereafter,  and
 the ayes and nays entered on the journal.
   For purposes of this section, a bill shall be deemed to be printed and
 upon the desks of the members if: it is set forth in a legible electron-
 ic  format  by  electronic means, and it is available for review in such
 format at the desks of the members. For purposes of this section  "elec-
 tronic  means"  means  any method of transmission of information between
 computers or other machines designed for  the  purpose  of  sending  and
 receiving   such  transmissions  and  which:  allows  the  recipient  to
 reproduce  the  information  transmitted  in  a   tangible   medium   of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD89132-03-4
 A. 10633                            2
 
 expression; and does not permit additions, deletions or other changes to
 be made without leaving an adequate record thereof.
   §  2.  Resolved (if the Senate concur), That section 4 of article 7 of
 the constitution be amended to read as follows:
   § 4. The legislature may not alter an appropriation bill submitted  by
 the  governor  except  to strike out or reduce items therein, but it may
 add thereto items of appropriation  provided  that  such  additions  are
 stated separately and distinctly from the original items of the bill and
 refer  each  to  a single object or purpose.  SUCH NEW ITEMS SHALL STATE
 REVENUES SUFFICIENT TO MEET SUCH  PROPOSED  EXPENDITURES.  None  of  the
 restrictions of this section, however, shall apply to appropriations for
 the legislature or judiciary.
   Such  an  appropriation bill shall when passed by both houses be a law
 immediately without further action by the governor, except  that  appro-
 priations  for the legislature and judiciary and separate items added to
 the governor's bills by the legislature shall be subject to approval  of
 the governor as provided in section 7 of article IV.
   §  3.  Resolved (if the Senate concur), That section 7 of article 7 of
 the constitution be amended to read as follows:
   § 7. No money shall ever be paid out of the state treasury or  any  of
 its funds, or any of the funds under its management, except in pursuance
 of  an  appropriation by law; nor unless such payment be made within two
 years next after the passage of such appropriation act; and  every  such
 law  making  a  new appropriation or continuing or reviving an appropri-
 ation, shall distinctly specify the sum appropriated, and the object  or
 purpose to which it is to be applied, AND EVERY APPROPRIATION SHALL HAVE
 MONEYS  AND  REVENUES SUFFICIENT TO MEET SUCH EXPENDITURES; and it shall
 not be sufficient for such law to refer to any other  law  to  fix  such
 sum.
   §  4. Resolved (if the Senate concur), That section 10 of article 7 of
 the constitution be amended to read as follows:
   § 10. In addition to the above limited power to  contract  debts,  the
 state  may  contract  debts to repel invasion, suppress insurrection, or
 defend the state in war,  or  to  [suppress  forest  fires]  RESPOND  TO
 NATURAL  DISASTERS  OR  AN  EPIDEMIC OF A DISEASE; but the money arising
 from the contracting of such debts shall be applied for the purpose  for
 which  it  was  raised,  or to repay such debts, and to no other purpose
 whatever.
   § 5. Resolved (if the Senate concur), That article 7 of the  constitu-
 tion be amended by adding a new section 20 to read as follows:
   §  20.  LIMITATIONS  ON  THE ISSUANCE OF STATE-SUPPORTED DEBT. 1.  (A)
 STATE-SUPPORTED  DEBT  MAY  NOT  BE  CONTRACTED  FOR  UNLESS  THE  TOTAL
 OUTSTANDING  PRINCIPAL  AMOUNT  OF  SUCH DEBT, AS OF THE LAST DAY OF THE
 IMMEDIATELY PRECEDING FISCAL YEAR, IS LESS THAN THE DESIGNATED  PERCENT-
 AGE  OF  THE  TOTAL PERSONAL INCOME OF THE STATE. NOTHING SHALL PRECLUDE
 THE CONTRACTING OF STATE-SUPPORTED DEBT PRIOR TO OCTOBER THIRTY-FIRST OF
 EACH YEAR IF, AS OF THE LAST DAY OF  THE  IMMEDIATELY  PRECEDING  FISCAL
 YEAR,  THE TOTAL OUTSTANDING PRINCIPAL AMOUNT OF SUCH DEBT WAS LESS THAN
 THE DESIGNATED PERCENTAGE OF THE TOTAL PERSONAL  INCOME  OF  THE  STATE.
 SUCH DESIGNATED PERCENTAGE SHALL BE FOUR PERCENT.
   (B)  IF  STATE-SUPPORTED  DEBT IS ISSUED TO REFUND OR OTHERWISE AFFECT
 THE  REFUNDING,  RETIREMENT  OR  DEFEASANCE  OF   STATE-SUPPORTED   DEBT
 ORIGINALLY  ISSUED ON AND AFTER APRIL FIRST, TWO THOUSAND, PROVIDED SUCH
 REFUNDINGS ARE CONDUCTED IN ACCORDANCE WITH  SECTION  THIRTEEN  OF  THIS
 ARTICLE,  THE  CALCULATION  OF THE TOTAL OUTSTANDING PRINCIPAL AMOUNT OF
 DEBT SHALL EXCLUDE SUCH REFUNDING  DEBT,  AND  SHALL  ONLY  INCLUDE  THE
 A. 10633                            3
 
 AMOUNT  OF PRIOR REFUNDED DEBT, AS IF IT WERE STILL OUTSTANDING, IN EACH
 YEAR UNTIL SUCH REFUNDING DEBT IS FINALLY RETIRED.  NOTWITHSTANDING  THE
 FOREGOING,  THE  PROVISIONS OF SECTION THIRTEEN OF THIS ARTICLE RELATING
 TO THE MAINTENANCE OR MANAGEMENT OF ESCROW FUNDS AND SINKING FUNDS SHALL
 ONLY  BE  APPLICABLE  TO  STATE-SUPPORTED DEBT ISSUED BY THE STATE COMP-
 TROLLER. IF STATE-SUPPORTED DEBT IS ISSUED TO REFUND OR OTHERWISE AFFECT
 THE REFUNDING, RETIREMENT OR DEFEASANCE OF STATE-SUPPORTED  DEBT  ISSUED
 PRIOR  TO  APRIL  FIRST, TWO THOUSAND, THEN THE AMOUNT OF SUCH REFUNDING
 DEBT SHALL BE EXCLUDED FROM THE CALCULATION  OF  THE  TOTAL  OUTSTANDING
 PRINCIPAL  AMOUNT  OF  DEBT  IN  EACH  YEAR UNTIL SUCH REFUNDING DEBT IS
 FINALLY RETIRED. IN ADDITION, IF  STATE-SUPPORTED  DEBT  IS  RETIRED  OR
 DEFEASED WITH PAYMENTS IN ANY FISCAL YEAR MADE BY THE STATE THAT ARE NOT
 REQUIRED  BY  MANDATORY  PAYMENTS,  SUCH DEBT SHALL BE EXCLUDED FROM THE
 CALCULATION OF THE TOTAL OUTSTANDING PRINCIPAL AMOUNT OF DEBT, INCLUDING
 RETIREMENTS OR DEFEASANCES ACCOMPLISHED ON AN ECONOMIC BASIS.
   2. STATE-SUPPORTED DEBT MAY NOT BE CONTRACTED FOR UNLESS, AS OF  OCTO-
 BER  THIRTY-FIRST  OF  EACH YEAR, THE TOTAL AMOUNT OF INTEREST, INSTALL-
 MENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING FUNDS, AND RELATED PAYMENTS
 ON A CASH BASIS OF ACCOUNTING FOR STATE-SUPPORTED DEBT IN THE IMMEDIATE-
 LY PRECEDING FISCAL YEAR IS LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL
 GOVERNMENTAL FUNDS RECEIPTS FOR SUCH FISCAL YEAR. NOTHING SHALL PRECLUDE
 THE CONTRACTING OF STATE-SUPPORTED DEBT PRIOR TO OCTOBER THIRTY-FIRST OF
 EACH YEAR IF, IN THE IMMEDIATELY PRECEDING FISCAL YEAR, THE TOTAL AMOUNT
 OF INTEREST, INSTALLMENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING  FUNDS,
 AND  RELATED  PAYMENTS  WAS LESS THAN THE DESIGNATED PERCENTAGE OF TOTAL
 GOVERNMENTAL FUNDS RECEIPTS. THIS SHALL  INCLUDE  THE  TOTAL  AMOUNT  OF
 PAYMENTS ON SUCH DEBT ISSUED ON AND AFTER APRIL FIRST, TWO THOUSAND, BUT
 SHALL  NOT  INCLUDE  PAYMENTS  IN  ANY  FISCAL YEAR MADE BY THE STATE TO
 DEFEASE OR RETIRE DEBT NOT REQUIRED BY MANDATORY PAYMENTS  NOR  PAYMENTS
 MADE  BY  THE STATE FOR DEBT ISSUED TO REFUND DEBT THAT WAS ISSUED PRIOR
 TO APRIL FIRST, TWO THOUSAND. IN ADDITION, IF  STATE-SUPPORTED  DEBT  IS
 ISSUED TO REFUND OR OTHERWISE AFFECT THE REFUNDING, RETIREMENT OR DEFEA-
 SANCE  OF  STATE-SUPPORTED  DEBT  ORIGINALLY  ISSUED  ON AND AFTER APRIL
 FIRST, TWO THOUSAND, PROVIDED SUCH REFUNDINGS ARE CONDUCTED  IN  ACCORD-
 ANCE WITH SECTION THIRTEEN OF THIS ARTICLE, THE CALCULATION OF THE TOTAL
 AMOUNT  OF INTEREST, INSTALLMENTS OF PRINCIPAL, CONTRIBUTIONS TO SINKING
 FUNDS, AND RELATED PAYMENTS SHALL EXCLUDE PAYMENTS MADE ON SUCH  REFUND-
 ING  DEBT,  AND  SHALL  ONLY  INCLUDE THE PAYMENTS ON THE PRIOR REFUNDED
 DEBT, AS IF IT WERE STILL OUTSTANDING, IN EACH YEAR UNTIL SUCH REFUNDING
 DEBT IS FINALLY  RETIRED.  SUCH  DESIGNATED  PERCENTAGE  SHALL  BE  FIVE
 PERCENT.
   3. NO STATE-SUPPORTED DEBT SHALL BE CONTRACTED EXCEPT TO FINANCE CAPI-
 TAL WORKS OR PURPOSES.
   4.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW TO THE CONTRARY, NO
 STATE-SUPPORTED DEBT SHALL BE ISSUED WITH A FINAL MATURITY OF MORE  THAN
 THIRTY YEARS.
   5.  THE PROVISIONS OF THIS SECTION SHALL APPLY TO DEBT ISSUED PURSUANT
 TO SECTION NINE OF THIS ARTICLE ONLY  TO  THE  EXTENT  THAT  SUCH  NOTES
 REMAIN OUTSTANDING.
   6.  THE  DEBT  LIMITS  OF  THIS SECTION MAY NOT BE CHANGED BY STATUTE,
 EXCEPT AS NECESSARY TO REPEL INVASION, SUPPRESS INSURRECTION, OR  DEFEND
 THE STATE IN WAR, OR TO RESPOND TO NATURAL DISASTERS OR AN EPIDEMIC OF A
 DISEASE.
   §  6. Resolved (if the Senate concur), That article 7 of the constitu-
 tion be amended by adding a new section 21 to read as follows:
 A. 10633                            4
 
   § 21. RAINY DAY RESERVE FUND. 1. THERE SHALL BE IN THE STATE  TREASURY
 A  FUND  TO  BE  KNOWN AS THE "RAINY DAY RESERVE FUND".  SUCH FUND SHALL
 CONSIST OF MONEYS DEPOSITED THEREIN AND MONEYS SHALL BE  WITHDRAWN  FROM
 SUCH FUND ONLY FOR THE PURPOSES AS PROVIDED THEREIN.
   2.  SUCH  FUND  SHALL  HAVE A MAXIMUM BALANCE NOT TO EXCEED THIRTY PER
 CENTUM OF THE AGGREGATE AMOUNT PROJECTED TO BE DISBURSED FROM THE GENER-
 AL FUND DURING THE THEN-CURRENT FISCAL  YEAR.  AT  THE  REQUEST  OF  THE
 DIRECTOR  OF  THE BUDGET, THE STATE COMPTROLLER SHALL TRANSFER MONEYS TO
 THE RAINY DAY RESERVE FUND UP TO AND INCLUDING AN AMOUNT  EQUIVALENT  TO
 TWENTY PER CENTUM OF THE AGGREGATE AMOUNT PROJECTED TO BE DISBURSED FROM
 THE GENERAL FUND DURING THE THEN-CURRENT FISCAL YEAR, UNLESS SUCH TRANS-
 FER  WOULD INCREASE THE RAINY DAY RESERVE FUND TO AN AMOUNT IN EXCESS OF
 THIRTY PER CENTUM OF THE AGGREGATE AMOUNT PROJECTED TO BE DISBURSED FROM
 THE GENERAL FUND DURING THE THEN-CURRENT FISCAL  YEAR,  IN  WHICH  EVENT
 SUCH TRANSFER SHALL BE LIMITED TO SUCH AMOUNT AS WILL INCREASE THE RAINY
 DAY RESERVE FUND TO SUCH THIRTY PER CENTUM LIMITATION.
   3.  A.  THE AMOUNTS AVAILABLE IN SUCH RESERVE MAY BE USED IN THE EVENT
 OF AN ECONOMIC DOWNTURN, AS DETERMINED BY THE COMMISSIONER OF LABOR,  OR
 AS  NECESSARY  TO  REPEL  INVASION, SUPPRESS INSURRECTION, OR DEFEND THE
 STATE IN WAR, OR TO RESPOND TO NATURAL DISASTERS OR  AN  EPIDEMIC  OF  A
 DISEASE.
   B.  PRIOR  TO AUTHORIZING ANY TRANSFER FROM THE RAINY DAY RESERVE FUND
 PURSUANT TO THE PROVISIONS OF THIS SECTION, THE DIRECTOR OF  THE  BUDGET
 SHALL NOTIFY THE SPEAKER OF THE ASSEMBLY, THE TEMPORARY PRESIDENT OF THE
 SENATE,  AND  THE MINORITY LEADERS OF THE ASSEMBLY AND THE SENATE.  SUCH
 LETTER SHALL SPECIFY THE REASONS FOR THE TRANSFER AND THE AMOUNT  THERE-
 OF.  ANY  AMOUNTS  TRANSFERRED  FROM  THE  RAINY DAY RESERVE FUND TO THE
 GENERAL FUND SHALL BE SUBJECT TO ALL THE REPAYMENT  PROVISIONS  OF  THIS
 SECTION.
   4.  ANY TRANSFER AUTHORIZED IN SUBDIVISION THREE OF THIS SECTION SHALL
 BE REPAID IN CASH WITHIN A PERIOD OF THREE YEARS  AFTER  THE  DATE  THAT
 SUCH  AUTHORITY  TO TRANSFER FUNDS UNDER THE PROVISIONS OF THIS SUBDIVI-
 SION LAPSES, PROVIDED HOWEVER THAT ANY TRANSFER AUTHORIZED AS  A  RESULT
 OF  A  CATASTROPHIC EVENT SHALL BE SUBJECT TO REPAYMENT PROVISIONS TO BE
 PROPOSED BY THE GOVERNOR AND IMPLEMENTED BY APPROPRIATION OR TRANSFER OF
 FUNDS.
   5. MONEYS IN THE RAINY DAY RESERVE FUND MAY BE TEMPORARILY  LOANED  TO
 THE  GENERAL  FUND DURING ANY FISCAL YEAR IN ANTICIPATION OF THE RECEIPT
 OF REVENUES FROM TAXES, FEES AND OTHER SOURCES REQUIRED TO BE PAID  INTO
 THE  GENERAL  FUND DURING SUCH FISCAL YEAR. MONEYS SO TEMPORARILY LOANED
 SHALL BE REPAID IN CASH DURING THE SAME FISCAL YEAR.
   § 7. Resolved (if the Senate concur), That the foregoing amendment  be
 referred  to  the  first regular legislative session convening after the
 next succeeding general election of members of  the  assembly,  and,  in
 conformity  with  section  1  of  article  19  of  the  constitution, be
 published for 3 months previous to the time of such election.