Bill Text: NY A10195 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the payment of 5% of settlement funds totaling $1,000,000 or more to the principal balance of the state's general debt service fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-15 - held for consideration in ways and means [A10195 Detail]

Download: New_York-2015-A10195-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10195
                   IN ASSEMBLY
                                      May 16, 2016
                                       ___________
        Introduced  by  M. of A. OAKS -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the state finance law, in relation  to  the  payment  of
          portions  of  certain  settlement  funds  to  the state's general debt
          service fund
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  4  of section 72 of the state finance law is
     2  amended by adding a new paragraph (c) to read as follows:
     3    (c) Five percent of any settlement money, totaling one million dollars
     4  or more, paid to the state, shall be directly applied to the debt  prin-
     5  cipal in the state's general debt service fund.
     6    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15185-01-6