BILL NUMBER: S1565
SPONSOR: TEDISCO
 
TITLE OF BILL:
An act to amend the election law and the state finance law, in relation
to requiring proposition authorizing the creation of a state debt to
contain an estimate of the debt service payable thereon and requiring
publication of an explanation thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would provide greater accuracy and understanding for the
voting public by requiring the listing of the total debt expected from a
bond act in the ballot proposition, as well as in any state publication
designed to promote awareness of, or explain the provisions in, such
proposition.
 
SUMMARY OF SPECIFIC PROVISIONS:
Adds a new Section 7-112 to the Election Law to require that any ballot
proposition creating a state debt shall contain an estimate of the amor-
tization period and total expected debt service payments. Amends S4-116
as amended by chapter 60 of the laws of 1993 of the Election Law to
incorporate such reference in ballot publication requirements. Adds a
new S6 to the State Finance Law to require that any state publications
promoting awareness of, or explaining provisions in, such a proposition
shall include the amortization and total debt information.
 
JUSTIFICATION:
Current law provides that ballot propositions must show the principal
amount of proposed debt. This is extremely misleading, as the actual
taxpayer cost of the debt must also include the interest to be paid. On
long-term debt, interest payments can more than double the principal
amount. State publications often play an important role in educating the
public about ballot issues. Accordingly, these should show the true
total cost of any new debt.
 
PRIOR LEGISLATIVE HISTORY:
01/21/15:S.2127 REFERRED TO ELECTIONS
01/06/16:S2127 REFERRED TO ELECTIONS
02/09/17:S.4322 REFERRED TO ELECTIONS
05/22/17:S.4322 REPORTED AND COMMITTED TO FINANCE
01/03/18:S.4322 REFERRED TO ELECTIONS
06/04/18:S.4322 REPORTED AND COMMITTED TO RULES
01/15/19:S.1525 REFERRED TO ELECTIONS
01/08/20:S.1525 REFERRED TO ELECTIONS
01/12/21:S.1529 REFERRED TO ELECTIONS
01/05/22:S.1529 REFERRED TO ELECTIONS
01/09/23:S.908 REFERRED TO ELECTIONS
01/03/24:S.908 REFERRED TO ELECTIONS
 
FISCAL IMPACT:
None
 
EFFECTIVE DATE:
This act shall take effect immediately

Statutes affected:
S1565: 4-116 election law, 4-116(2) election law