S T A T E   O F   N E W   Y O R K
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                                  3503

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2015
                               ___________

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 2015  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, 2015

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The urban restoration bond act of 2015 is enacted to read
as follows:
                   URBAN RESTORATION BOND ACT OF 2015
Section 1. Short title.
        2. Creation of a state debt.
        3. Bonds of the state.
        4. Use of moneys received.
  S 1. Short title. This act shall be known and  may  be  cited  as  the
"urban restoration bond act of 2015".
  S  2.  Creation  of  a  state debt. The creation of a state debt in an
amount  not   exceeding   in   the   aggregate   two   billion   dollars
($2,000,000,000)  is  hereby authorized to provide moneys for the single
purpose of improving the infrastructure of cities of this state by fund-
ing 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.
The  legislature  may,  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03737-01-5

              

A. 3503                             2

disbursed for the cost of approved capital projects undertaken by, or on
behalf of, cities for such purposes.
  S  3.  Bonds  of the state. The state comptroller is hereby authorized
and empowered to issue and sell bonds of the state up to  the  aggregate
amount  of two billion dollars ($2,000,000,000) for the purposes of this
act, subject to the provisions of article five of the state finance law.
The aggregate principal amount  of  such  bonds  shall  not  exceed  two
billion  dollars  ($2,000,000,000)  excluding  bonds issued to refund or
otherwise repay bonds heretofore  issued  for  such  purpose;  provided,
however,  that upon any such refunding or repayment, the total aggregate
principal amount of outstanding bonds may be greater  than  two  billion
dollars ($2,000,000,000) 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 calculating present value shall be
determined by law.
  S 4. 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 capital projects related to  design,  planning,  site
acquisition,  demolition,  construction, reconstruction, rehabilitation,
or acquisition and/or installation of equipment for the following  types
of  projects:  capital  projects  related  to repairing, rehabilitating,
constructing,  enhancing,  expanding  and   modernizing   transportation
systems,  roads,  bridges,  water  supply systems, drainage systems, and
publicly owned storm and sanitary sewers.
  S 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 2015 and shall have been approved by a
majority of all votes cast for and against it  at  such  election.  Upon
approval  by the people, section one of this act shall take effect imme-
diately. The ballots  to  be  furnished  for  the  use  of  voters  upon
submission  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 "The URBAN RESTORA-
TION BOND ACT OF 2015, as set forth in  section  one  of  chapter  (here
insert  the  chapter number) of the laws of 2015, authorizes the sale of
state bonds of up to two billion dollars ($2,000,000,000) to provide for
improving the infrastructure of cities of this state.   Shall the  URBAN
RESTORATION BOND ACT OF 2015 be approved?".