S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1352
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2025
                                ___________
 
 Introduced  by  Sens. CLEARE, SALAZAR -- read twice and ordered printed,
   and when printed to be committed to the Committee on Finance
 
 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 2025 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, 2025
 
   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 2025 is enacted to read
 as follows:
                   SAVE PUBLIC HOUSING BOND ACT OF 2025
 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 2025".
   §  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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04028-01-5
 S. 1352                             2
              

 
   § 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
 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, 2025, 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 2025
 known as the save public housing bond act of 2025,  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?"