Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 22, 2025 |
referred to ways and means |
Assembly Bill A2700
2025-2026 Legislative Session
Sponsored By
RA
Current Bill Status - In Assembly 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
Actions
2025-A2700 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- State Finance Law
- Laws Affected:
- Amd §67-b, St Fin L
2025-A2700 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2700 2025-2026 Regular Sessions I N A S S E M B L Y January 22, 2025 ___________ Introduced by M. of A. RA -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law, in relation to requiring the legislature to approve the suspension of the debt cap for debt issu- ances during times of emergency THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 67-b of the state finance law is amended by adding a new paragraph (c) to read as follows: (C) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION, ANY STATE-SUPPORTED DEBT ISSUED DURING A DECLARED STATE OF EMERGENCY SHALL BE SUBJECT TO LEGISLATIVE OVERSIGHT AS FOLLOWS: (I) THE LEGISLATURE SHALL, BY RESOLUTION, VOTE TO APPROVE WHETHER SUCH STATE-SUPPORTED DEBT ISSUED DURING THE DECLARED EMERGENCY SHALL BE SUBJECT TO THE DEBT CAP LIMITATIONS OUTLINED IN PARAGRAPH (A) OF THIS SUBDIVISION. (II) THE RESOLUTION SHALL SPECIFY THE: (A) TOTAL AMOUNT OF STATE-SUPPORTED DEBT TO BE EXEMPTED FROM THE DEBT CAP; (B) PURPOSE FOR WHICH THE DEBT IS TO BE ISSUED; AND (C) DURATION OF THE EXEMPTION, NOT TO EXCEED THE DURATION OF THE DECLARED EMERGENCY. (III) A TWO-THIRDS VOTE IN BOTH HOUSES OF THE LEGISLATURE SHALL BE REQUIRED FOR APPROVAL OF THE RESOLUTION. (IV) IF THE RESOLUTION IS NOT APPROVED, THE STATE-SUPPORTED DEBT ISSUED DURING THE DECLARED EMERGENCY SHALL REMAIN SUBJECT TO THE DEBT CAP LIMITATIONS SET FORTH IN PARAGRAPH (A) OF THIS SUBDIVISION. (V) THE LEGISLATURE MAY, BY SUBSEQUENT RESOLUTION APPROVED IN THE SAME MANNER AS SET FORTH IN THE PARAGRAPH, MODIFY OR RESCIND ANY PREVIOUSLY APPROVED EXEMPTION TO THE DEBT CAP FOR EMERGENCY-RELATED DEBT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05919-01-5 A. 2700 2
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