Bill Text: NY A05430 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 5430 (Prior Session Legislation)

Introduced

Bill Title: Provides that at the close of each fiscal year, five percent of any cash surplus in the general fund shall be transferred to the debt reduction reserve fund.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05430 Detail]

Download: New_York-2015-A05430-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5430
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 23, 2015
                                      ___________
       Introduced  by  M.  of  A. GIGLIO, RAIA -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the state finance law, in relation to the debt reduction
         reserve fund
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  97-rrr  of  the state finance law, as amended by
    2  section 45 of part H of chapter 56 of the laws of 2000,  is  amended  to
    3  read as follows:
    4    S  97-rrr. Debt reduction reserve fund. 1. There is hereby established
    5  in the joint custody of the comptroller and the commissioner of taxation
    6  and finance a fund to be known as the debt reduction reserve fund.  Such
    7  fund  shall  be  established  as a [capital projects] DEBT SERVICE fund,
    8  PROVIDED, HOWEVER, ANY BALANCE OF MONEYS  IN  SUCH  FUND  SHALL  NOT  BE
    9  TRANSFERRED  TO THE GENERAL FUND PURSUANT TO SUBDIVISION FOUR OF SECTION
   10  SEVENTY-TWO OF THIS ARTICLE.
   11    2. [Such fund shall consist of  all  monies  credited  or  transferred
   12  thereto from the general fund or from any other fund or sources pursuant
   13  to law.] AT THE CLOSE OF EACH FISCAL YEAR, A PORTION OF ANY CASH SURPLUS
   14  REMAINING  IN  THE  GENERAL  FUND AFTER THE TRANSFER PURSUANT TO SECTION
   15  NINETY-TWO OF THIS ARTICLE SHALL BE TRANSFERRED FROM OR RETAINED IN SUCH
   16  FUND AS PROVIDED IN THIS SUBDIVISION. THE PORTION TO BE  TRANSFERRED  TO
   17  THE  DEBT  REDUCTION RESERVE FUND SHALL BE EQUAL TO FIVE PERCENT OF SUCH
   18  SURPLUS FOR SUCH FISCAL YEAR.   FOR THE PURPOSES  OF  THIS  SUBDIVISION,
   19  CASH  SURPLUS  SHALL  BE  DEFINED  AS  THE  AMOUNT BY WHICH GENERAL FUND
   20  RECEIPTS IN A FISCAL YEAR  EXCEED  GENERAL  FUND  EXPENDITURES  IN  SUCH
   21  FISCAL YEAR.
   22    3. The monies in such fund, following appropriation by the legislature
   23  and allocation by the director of the budget, shall be available for the
   24  [following purposes:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07078-01-5
       A. 5430                             2
    1    (a)  for  the  payment of principal, interest, and related expenses on
    2  general obligation bonds, lease purchase payments, or special contractu-
    3  al obligation payments, or for the] purposes of  retiring  or  defeasing
    4  bonds  OR NOTES previously issued, including any accrued interest there-
    5  on, for any state-supported bonding program or programs[, and;
    6    (b)  for  the  funding of capital projects, equipment acquisitions, or
    7  similar expenses which have  been  authorized  by  law  to  be  financed
    8  through the issuance of bonds, notes, or other obligations].
    9    S 2. This act shall take effect immediately.