Bill Text: NY S01352 | 2025-2026 | General Assembly | Introduced
Bill Title: Authorizes the creation of state debt in the amount of 20 billion dollars in relation to enacting the save public housing bond act of 2025; provides for submission to the people of such proposal.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2025-01-09 - REFERRED TO FINANCE [S01352 Detail]
Download: New_York-2025-S01352-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1352 2025-2026 Regular Sessions IN SENATE 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: 1 Section 1. The save public housing bond act of 2025 is enacted to read 2 as follows: 3 SAVE PUBLIC HOUSING BOND ACT OF 2025 4 Section 1. Short title. 5 2. Creation of a state debt. 6 3. Bonds of the state. 7 4. Consistency with federal tax law. 8 5. Use of moneys received. 9 Section 1. Short title. This act shall be known and may be cited as 10 the "save public housing bond act of 2025". 11 § 2. Creation of a state debt. The creation of a state debt to an 12 amount not exceeding in the aggregate twenty billion dollars 13 ($20,000,000,000) is hereby authorized to provide moneys for the single 14 purpose of the capital needs of public housing statewide. 15 The legislature shall, 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 this act, moneys disbursed or to be 18 disbursed for state programs or state assistance payments toward the 19 cost of such programs undertaken by or through a state or local agency, 20 not-for-profit entity, or higher educational institutions, for the 21 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. LBD04028-01-5S. 1352 2 1 § 3. Bonds of the state. The state comptroller is hereby authorized 2 and empowered to issue and sell bonds of the state in the amount of 3 twenty billion dollars ($20,000,000,000) for the purpose of this act, 4 subject to the provisions of article 5 of the state finance law. The 5 aggregate principal amount of such bonds shall not exceed twenty billion 6 dollars excluding bonds issued to refund or otherwise repay bonds there- 7 tofore issued for such purpose; provided, however, that upon any such 8 refunding or repayment the total aggregate principal amount of outstand- 9 ing bonds may be greater than twenty billion dollars only if the present 10 value of the aggregate debt service of the refunding or repayment bonds 11 to be issued shall not exceed the present value of the aggregate debt 12 service of the bonds to be refunded or repaid. The method for calculat- 13 ing present value shall be determined by law. 14 § 4. Consistency with federal tax law. Bonds issued pursuant to this 15 act shall be issued as tax-exempt bonds for purposes of the federal 16 internal revenue code and regulations thereunder. All actions taken 17 pursuant to this act shall be reviewed for consistency with provisions 18 of the federal internal revenue code and regulations thereunder, in 19 accordance with procedures established in connection with the issuance 20 of any bonds pursuant to this act which are intended to be federally tax 21 exempt to preserve the federal tax exempt status of such bonds. 22 § 5. Use of moneys received. The moneys received by the state from the 23 sale of bonds sold pursuant to this act shall be expended pursuant to 24 appropriations for the capital needs of public housing statewide. 25 § 2. This act shall take effect immediately, provided that the 26 provisions of section one of this act shall not take effect unless and 27 until this act shall have been submitted to the people at the general 28 election to be held in November, 2025, and shall have received a majori- 29 ty of all votes cast for and against it at such election. Upon approval 30 by the people section one of this act shall take effect immediately. The 31 ballots to be furnished for the use of the voters upon the submission of 32 section one of this act shall be in the form prescribed by the election 33 law, and the proposition or question to be submitted shall be printed 34 thereon in substantially the following form, namely, "Shall section one 35 of chapter (here insert the number of the chapter) of the laws of 2025 36 known as the save public housing bond act of 2025, which provides for 37 the capital needs of public housing statewide by authorizing the 38 creation of state debt to provide moneys therefor in the amount of twen- 39 ty billion dollars ($20,000,000,000), be approved?"
