Bill Text: NY A04830 | 2019-2020 | General Assembly | Introduced


Bill Title: Creates the urban restoration bond act of 2019; funds capital projects to repair, rehabilitate, construct, enhance, expand, and modernize transportation systems, roads, bridges, water supply systems, drainage systems, and publicly owned storm and sanitary sewers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to cities [A04830 Detail]

Download: New_York-2019-A04830-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4830
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
          on Cities
        AN ACT in relation to authorizing the creation of a state  debt  in  the
          amount  of  two  billion  dollars,  in  relation to creating the urban
          restoration bond act of 2019  for  the  purposes  of  funding  capital
          projects to provide for improving the infrastructure of cities of this
          state; and providing for the submission to the people of a proposition
          or  question  therefor  to be voted upon at the general election to be
          held in November, 2019
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The urban restoration bond act of 2019 is enacted to read
     2  as follows:
     3                     URBAN RESTORATION BOND ACT OF 2019
     4  Section 1. Short title.
     5          2. Creation of a state debt.
     6          3. Bonds of the state.
     7          4. Use of moneys received.
     8    § 1. Short title. This act shall be known and  may  be  cited  as  the
     9  "urban restoration bond act of 2019".
    10    §  2.  Creation  of  a  state debt. The creation of a state debt in an
    11  amount  not   exceeding   in   the   aggregate   two   billion   dollars
    12  ($2,000,000,000)  is  hereby authorized to provide moneys for the single
    13  purpose of improving the infrastructure of cities of this state by fund-
    14  ing capital projects to repair, rehabilitate, construct, enhance, expand
    15  and modernize  transportation  systems,  roads,  bridges,  water  supply
    16  systems, drainage systems, and publicly owned storm and sanitary sewers.
    17  The  legislature  may,  by  appropriate  legislation and subject to such
    18  conditions as it may impose, make available out of the proceeds  of  the
    19  sale  of  bonds  authorized  in  this  act,  moneys  disbursed  or to be
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06300-01-9

        A. 4830                             2
     1  disbursed for the cost of approved capital projects undertaken by, or on
     2  behalf of, cities for such purposes.
     3    §  3.  Bonds  of the state. The state comptroller is hereby authorized
     4  and empowered to issue and sell bonds of the state up to  the  aggregate
     5  amount  of two billion dollars ($2,000,000,000) for the purposes of this
     6  act, subject to the provisions of article five of the state finance law.
     7  The aggregate principal amount  of  such  bonds  shall  not  exceed  two
     8  billion  dollars  ($2,000,000,000)  excluding  bonds issued to refund or
     9  otherwise repay bonds heretofore  issued  for  such  purpose;  provided,
    10  however,  that upon any such refunding or repayment, the total aggregate
    11  principal amount of outstanding bonds may be greater  than  two  billion
    12  dollars ($2,000,000,000) only if the present value of the aggregate debt
    13  service  of  the  refunding  or  repayment  bonds to be issued shall not
    14  exceed the present value of the aggregate debt service of the  bonds  to
    15  be refunded or repaid. The method for calculating present value shall be
    16  determined by law.
    17    § 4. Use of moneys received. The moneys received by the state from the
    18  sale  of  bonds  sold pursuant to this act shall be expended pursuant to
    19  appropriations for capital projects related to  design,  planning,  site
    20  acquisition,  demolition,  construction, reconstruction, rehabilitation,
    21  or acquisition and/or installation of equipment for the following  types
    22  of  projects:  capital  projects  related  to repairing, rehabilitating,
    23  constructing,  enhancing,  expanding  and   modernizing   transportation
    24  systems,  roads,  bridges,  water  supply systems, drainage systems, and
    25  publicly owned storm and sanitary sewers.
    26    § 2. This  act  shall  take  effect  immediately,  provided  that  the
    27  provisions  of  section one of this act shall not take effect unless and
    28  until this act shall have been submitted to the people  at  the  general
    29  election  to  be held in November 2019 and shall have been approved by a
    30  majority of all votes cast for and against it  at  such  election.  Upon
    31  approval  by the people, section one of this act shall take effect imme-
    32  diately. The ballots  to  be  furnished  for  the  use  of  voters  upon
    33  submission  of  this act shall be in the form prescribed by the election
    34  law and the proposition or question to be  submitted  shall  be  printed
    35  thereon  in substantially the following form, namely "The URBAN RESTORA-
    36  TION BOND ACT OF 2019, as set forth in  section  one  of  chapter  (here
    37  insert  the  chapter number) of the laws of 2019, authorizes the sale of
    38  state bonds of up to two billion dollars ($2,000,000,000) to provide for
    39  improving the infrastructure of cities of this state.   Shall the  URBAN
    40  RESTORATION BOND ACT OF 2019 be approved?".
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