Bill Text: NY A05904 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the payment of 5% of settlement funds totaling $1,000,000 or more to the principal balance of the state's general debt service fund.

Spectrum: Partisan Bill (Republican 13-0)

Status: (Introduced - Dead) 2020-07-17 - held for consideration in ways and means [A05904 Detail]

Download: New_York-2019-A05904-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5904
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 20, 2019
                                       ___________
        Introduced  by  M.  of  A.  BARCLAY, GIGLIO, TAGUE, BRABENEC, MORINELLO,
          MANKTELOW, HAWLEY, BYRNE -- Multi-Sponsored by -- M. of  A.  SALKA  --
          read once and referred to the Committee on Ways and Means
        AN  ACT  to  amend  the state finance law, in relation to the payment of
          portions of certain settlement  funds  to  the  state's  general  debt
          service fund
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 4 of section 72 of the  state  finance  law  is
     2  amended by adding a new paragraph (c) to read as follows:
     3    (c) Five percent of any settlement money, totaling one million dollars
     4  or  more, paid to the state, shall be directly applied to the debt prin-
     5  cipal in the state's general debt service fund.
     6    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09386-01-9