N.Y. NNY Law § 649-1992 — New York Code / Act NNY / Section -CH649-1992
New, New York Bond Act 649/92
Status: in_force

Section 1. The jobs for the new, New York bond act is enacted to read\nas follows:\n                  * JOBS FOR THE NEW, NEW YORK BOND ACT\nSection 1. Short title.\n        2. Creation of a state debt.\n        3. Bonds of the state.\n        4. Consistency with federal tax law.\n  Section 1. Short title. This act shall be known and may be cited as\nthe "jobs for the new, New York bond act."\n  § 2. Creation of a state debt. The creation of a state debt to an\namount not exceeding in the aggregate eight hundred million dollars\n($800,000,000) is hereby authorized to provide moneys for the single\npurpose of funding infrastructure projects to promote the creation or\nretention of permanent private sector jobs.\n  A well-developed and maintained infrastructure is necessary to the\ncreation, preservation and enhancement of an environment to which\nbusinesses can be attracted, and in which they can be retained and\nnurtured, thereby creating or retaining private sector employment and\nreducing the state's unemployment, both of which are critical to the\neconomic and social well-being of the state.\n  The legislature may, by appropriate legislation and subject to such\nconditions as it may impose, make available out of the proceeds of the\nsale of bonds authorized in this act, moneys for state programs or for\npayments of the state share of the cost of programs undertaken by or\nthrough a state agency or state or local public benefit corporation,\nindustrial development agency, county, city, town, village, Indian\nnation or government or any combination thereof, for the purpose of\nfunding infrastructure projects undertaken by or through such entities\nand to match federal or other funds which may from time to time be made\navailable by congress or from other sources to such entities for such\npurpose.\n  § 3. Bonds of the state. The state comptroller is hereby authorized\nand empowered to issue and sell bonds of the state to the amount of\neight hundred million dollars ($800,000,000) for the purpose of this\nact, subject to the provisions of article 5 of the state finance law.\nThe aggregate principal amount of such bonds shall not exceed eight\nhundred million dollars ($800,000,000) excluding bonds issued to refund\nor otherwise repay bonds theretofore issued for such purpose; provided,\nhowever, that upon any such refunding or repayment the total aggregate\nprincipal amount of outstanding bonds may be greater than eight hundred\nmillion dollars ($800,000,000) only if the present value of the\naggregate debt service of the refunding or repayment bonds to be issued\nshall not exceed the present value of the aggregate debt service of the\nbonds to be refunded or repaid.\n  § 4. Consistency with federal tax law. Bonds issued pursuant to this\nact may be issued as taxable or tax-exempt bonds for purposes of the\nfederal internal revenue code and regulations thereunder. All actions\ntaken pursuant to this act shall be reviewed for consistency with\nprovisions of the federal internal revenue code and regulations\nthereunder, in accordance with procedures established in connection with\nthe issuance of any bonds pursuant to this act which are intended to be\nfederally tax exempt to preserve the federal tax exempt status of such\nbonds. Any bonds issued pursuant to this act together with the income\ntherefrom shall be exempt from state and local taxation except for\ntransfer and estate taxes. The state covenants with the purchasers and\nwith all subsequent holders and transferees of bonds issued pursuant to\nthis act, in consideration of the acceptance of and payment for the\nbonds, that the bonds issued pursuant to this act and the income\ntherefrom shall be free from such taxation, as aforestated herein.\n  § 2. This act shall not take effect unless and until it shall have\nbeen submitted to the people at the general election to be held in\nNovember 1992, and shall have received a majority of all votes cast for\nand against it at such election. Upon approval by the people this act\nshall take effect immediately. The ballots to be furnished for the use\nof the voters upon the submission of this act shall be in the form\nprescribed by the election law, and the proposition or question to be\nsubmitted shall be printed thereon in substantially the following form,\nnamely, "Shall chapter (here insert the number of the chapter) of the\nlaws of 1992 known as the jobs for the new, New York bond act, which\npromotes the creation or retention of permanent private sector jobs, by\nauthorizing the creation of state debt to provide moneys for\ninfrastructure projects in the amount of eight hundred million dollars\n($800,000,000), be approved?"\n  * NB Effective upon approval at general election in November, 1992\n