2023 New York Laws › NNY - New, New York Bond Act 649/92

Section  1. The jobs for the new, New York bond act is enacted to read
  as follows:
* JOBS FOR THE NEW, NEW YORK BOND ACT
 
  Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Consistency with federal tax law.
Section 1. Short title. This act shall be known and may  be  cited  as
  the "jobs for the new, New York bond act."
§  2.  Creation  of  a  state debt. The creation of a state debt to an
  amount not exceeding in the  aggregate  eight  hundred  million  dollars
  ($800,000,000)  is  hereby  authorized  to provide moneys for the single
  purpose of funding infrastructure projects to promote  the  creation  or
  retention of permanent private sector jobs.
A  well-developed  and  maintained  infrastructure is necessary to the
  creation, preservation  and  enhancement  of  an  environment  to  which
  businesses  can  be  attracted,  and  in  which they can be retained and
  nurtured, thereby creating or retaining private  sector  employment  and
  reducing  the  state's  unemployment,  both of which are critical to the
  economic and social well-being of the state.
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 for state programs  or  for
  payments  of  the  state  share of the cost of programs undertaken by or
  through a state agency or state or  local  public  benefit  corporation,
  industrial  development  agency,  county,  city,  town,  village, Indian
  nation or government or any combination  thereof,  for  the  purpose  of
  funding  infrastructure  projects undertaken by or through such entities
  and to match federal or other funds which may from time to time be  made
  available  by  congress  or from other sources to such entities for such
  purpose.
§ 3. Bonds of the state. The state comptroller  is  hereby  authorized
  and  empowered  to  issue  and  sell bonds of the state to the amount of
  eight hundred million dollars ($800,000,000) for  the  purpose  of  this
  act,  subject  to  the provisions of article 5 of the state finance law.
  The aggregate principal amount of such  bonds  shall  not  exceed  eight
  hundred  million dollars ($800,000,000) excluding bonds issued to refund
  or otherwise repay bonds theretofore 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 eight  hundred
  million  dollars  ($800,000,000)  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.
§ 4. Consistency with federal tax law. Bonds issued pursuant  to  this
  act  may  be  issued  as taxable or tax-exempt bonds for purposes of the
  federal internal revenue code and regulations  thereunder.  All  actions
  taken  pursuant  to  this  act  shall  be  reviewed for consistency with
  provisions  of  the  federal  internal  revenue  code  and   regulations
  thereunder, in accordance with procedures established in connection with
  the  issuance of any bonds pursuant to this act which are intended to be
  federally tax exempt to preserve the federal tax exempt status  of  such
  bonds.  Any  bonds  issued pursuant to this act together with the income
  therefrom shall be exempt from  state  and  local  taxation  except  for
  transfer  and  estate taxes. The state covenants with the purchasers and
  with all subsequent holders and transferees of bonds issued pursuant  to

  this  act,  in  consideration  of  the acceptance of and payment for the
  bonds, that the bonds  issued  pursuant  to  this  act  and  the  income
  therefrom shall be free from such taxation, as aforestated herein.
§  2.  This  act  shall not take effect unless and until it shall have
  been submitted to the people at the  general  election  to  be  held  in
  November  1992, and shall have received a majority of all votes cast for
  and against it at such election. Upon approval by the  people  this  act
  shall  take  effect immediately. The ballots to be furnished for the use
  of the voters upon the 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,  "Shall  chapter  (here insert the number of the chapter) of the
  laws of 1992 known as the jobs for the new, New  York  bond  act,  which
  promotes  the creation or retention of permanent private sector jobs, by
  authorizing  the  creation  of  state  debt  to   provide   moneys   for
  infrastructure  projects  in the amount of eight hundred million dollars
  ($800,000,000), be approved?"
* NB Effective upon approval at general election in November, 1992