Bill Text: NY A05467 | 2017-2018 | General Assembly | Amended
Bill Title: Enacts the "clean water bond act of 2018" to authorize the creation of a five billion dollar state debt for water improvement, subject to the approval of the electorate.
Sponsorship: Partisan Bill (Democrat 38-1)
Status: (Introduced - Dead) 2018-01-03 - referred to environmental conservation [A05467 Detail]
Download: New_York-2017-A05467-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5467--A 2017-2018 Regular Sessions IN ASSEMBLY February 9, 2017 ___________ Introduced by M. of A. ENGLEBRIGHT, GOTTFRIED, GALEF, THIELE, LAVINE, HOOPER, BRAUNSTEIN, GUNTHER, MOSLEY, JAFFEE, HEVESI, LIFTON, D'URSO, NIOU, PEOPLES-STOKES, ZEBROWSKI, COOK, HUNTER, ABINANTI, SIMON, GJONAJ, HYNDMAN, JONES, BLAKE, RIVERA, GLICK, ORTIZ, JEAN-PIERRE, HARRIS, STECK, JENNE, SANTABARBARA, AUBRY, SKARTADOS, RAIA -- Multi- Sponsored by -- M. of A. CARROLL, LENTOL, NOLAN -- read once and referred to the Committee on Environmental Conservation -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to authorize the creation of a state debt in the amount of five billion dollars, in relation to creating the "clean water bond act of 2018" to provide moneys for the preservation, enhancement, restoration and improvement of the quality of the state's water through the fund- ing of certain projects and activities; 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, two thou- sand eighteen The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The clean water bond act of 2018 is enacted to read as 2 follows: 3 CLEAN WATER BOND ACT OF 2018 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 "clean water bond act of 2018". EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09318-07-7A. 5467--A 2 1 § 2. Creation of a state debt. The creation of a state debt to an 2 amount not exceeding in the aggregate five billion dollars 3 ($5,000,000,000), is hereby authorized to provide moneys for the single 4 purpose of preserving, enhancing, restoring and improving the quality of 5 the state's water by the accomplishment of projects and the funding of 6 activities by state agencies, public authorities and public benefit 7 corporations, municipalities, and other governmental entities and not- 8 for-profit corporations for and related to protecting, improving and 9 enhancing the quality of drinking water and enhancement of water bodies; 10 by providing funds for water quality related research and development; 11 for repairing, replacing and updating municipal wastewater, stormwater 12 and drinking water infrastructure; and for restoring and improving 13 contaminated areas and returning those to productive use; for improving 14 environmental health. 15 The legislature may, by appropriate legislation and subject to such 16 conditions as it may impose, make available out of the proceeds of the 17 sale of bonds authorized in section three of this act, moneys disbursed 18 or to be disbursed for state programs or state assistance payments 19 toward the cost of such programs undertaken by or through a state or 20 local public authority or public benefit corporation, not-for-profit 21 corporation, county, city, town, village, school district, supervisory 22 district, district corporation, improvement district within a county, 23 city, town, village, or Indian tribe residing in whole or in part within 24 the state, or any combination thereof, for the purpose of preserving, 25 enhancing, restoring and improving the quality of the state's environ- 26 ment and natural resources. Provided however, that funds expended from 27 moneys derived from the sale of bonds authorized in section three of 28 this act that are later recovered under a state or federal superfund or 29 through other means from polluters shall be repaid to satisfy any state 30 debt created pursuant to this act. 31 § 3. Bonds of the state. The state comptroller is hereby authorized 32 and empowered to issue and sell bonds of the state to the amount of five 33 billion dollars ($5,000,000,000), for the purpose of this act, subject 34 to the provisions of article 5 of the state finance law. 35 The aggregate principal amount of such bonds shall not exceed five 36 billion dollars ($5,000,000,000), excluding bonds issued to refund or 37 otherwise repay bonds theretofore issued for such purpose; provided, 38 however, that upon any such refunding or repayment the total aggregate 39 principal amount of outstanding bonds may be greater than five billion 40 dollars ($5,000,000,000), only if the present value of the aggregate 41 debt service of the refunding or repayment bonds to be issued shall not 42 exceed the present value of the aggregate debt service of the bonds to 43 be refunded or repaid. The method for calculating present value shall be 44 determined by law. Any funds expended from moneys derived from the sale 45 of bonds pursuant to this section that are subsequently recovered under 46 state or federal superfund or other methods from polluters shall be used 47 to repay the bonds. 48 § 4. Use of moneys received. The moneys received by the state from the 49 sale of bonds sold pursuant to this act shall be expended pursuant to 50 appropriations to further fund the clean water infrastructure act of 51 2017 including, but not limited to, funds for the water infrastructure 52 improvement act of 2017, water quality improvement projects, source 53 water protection, septic system replacement and mitigation of water 54 systems to reduce exposure to emerging contaminants. 55 § 2. This act shall not take effect unless and until it shall have 56 been submitted to the people at the general election to be held inA. 5467--A 3 1 November, and shall have received a majority of all votes cast for and 2 against it at such election. Upon approval by the people, this act shall 3 take effect immediately. 4 The ballots to be furnished for the use of voters upon submission of 5 this act shall be in the form prescribed by the election law and the 6 proposition or question to be submitted shall be printed thereon in 7 substantially the following form, namely, "Shall chapter (here insert 8 the number of the chapter) of the laws of 2018, known as the clean water 9 bond act of 2018, authorizing the creation of a state debt in the amount 10 of five billion dollars ($5,000,000,000), to provide moneys for the 11 enhancing of drinking water quality, and the preservation and restora- 12 tion of the state's water resources be approved?".
