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IT IS HEREBY CERTIFIED, that the attached

copy

of Concurrent Resolution No. 1 (Bill No. 7486) of the Senate and Assembly proposing an amendment to article 6 of the constitution, in relation to temporary assignments which was passed by the Senate on April 29, 1992 and passed by the Assembly on June 22, 1992 and received and filed by the Secretary of State on June 25, 1992 is a true copy of the original thereof filed in the Office of the Secretary of State.

WITNESS my hand and the official seal of the Department of State at the City of Albany, this second day of July one thousand nine hundred and ninety-two.

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GAIL S. SHAFFER,
Secretary of State

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Senate 7580

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CONCURRENT RESOLUTION of the Senate and Assembly proposing an amendment

to section 2 of article 8 of the constitution, in relation to the manner of contracting, paying and refunding local debts

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Section 1. Resolved (if the Assembly concur), That the opening paragraph of section 2 of article 8 of the constitution be amended to read as follows:

No county, city, town, village or school district shall contract any indebtedness except for county, city, town, village or school district purposes, respectively. No indebtedness shall be contracted for longer than the period of probable usefulness of the object or purpose for which such indebtedness is to be contracted, or, in the alternative, the weighted average period of probable usefulness of the several objects or purposes for which such indebtedness is to be contracted, to be determined by (or] the governing body of the county, city, town, village or school district contracting such indebtedness pursuant to general or special laws of the state legislature, which determination shall be conclusive, and

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event for longer than forty years. [No indebtedness hereafter contracted] Indebtedness or any portion thereof (shall) may be refunded [beyond] within either such period of probable usefulness, or average period of probable usefulness, as may be determined by such governing body computed from the date such indebtedness contracted. [Indebtedness heretofore contracted may be refunded only with the approval of and terms and conditions prescribed by the state comptroller, but in no event for a period exceeding twenty years from the date of such refunding.)

§ 2. Resolved (if the Assembly concur), That the second unnumbered paragraph of section 2 of article 8 of the constitution be amended to read as follows:

No indebtedness shall be contracted by any county, city, town, village or school district unless such county, city, town, village or school district shall have pledged its faith and credit for the payment of the principal thereof and the interest thereon. Except for indebtedness contracted in anticipation of the collection of taxes actually levied and uncollected or to be levied for the year when such indebtedness is contracted and indebtedness contracted to be paid in one of the two fiscal years immediately succeeding the fiscal year in which such indebtedness contracted, all such indebtedness and each portion thereof from time to time contracted, including any refunding thereof, shall be paid in annual installments, the first of which, except in

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the case of refunding of indebtedness heretofore contracted, shall be paid not more than two years after such indebtedness or portion thereof shall have been contracted, and installment, except in the case of refunding of indebtedness heretofore contracted, shall be more than fifty per centum in excess of the smallest prior installment, unless the governing body of the county, city, town, village or school district contracting such indebtedness provides for substantially level or declining debt service payments as may be authorized by law.

§ 3. Resolved (if the Assembly concur), That section 2 of article 8 of the constitution be amended by adding a new paragraph to read as follows:

Notwithstanding the foregoing, all interest need not be paid annually on an issue of indebtedness provided that either (a) substantially level or declining debt service payments (including all payments of interest) shall be made over the life of such issue of indebtedness, or (b) there shall annually be contributed to a sinking fund created pursuant to this section, the amount necessary

to bring the balance thereof, including income earned on contributions, to the accreted value of the obligations to be paid therefrom on the date such contribution is made, less the of all required future contributions of principal, in the

of sinking fund obligations, payments of principal, in the case of serial obligations. When obligations are sold by a county, city, town, village or school district at a discount, the debt incurred for the purposes of any debt limitation contained in this constitution, shall be deemed to include only the amount of money actually received by the county, city, town, village or school district, irrespective of the face amount of the obligations.

§ 4. Resolved (if the Assembly concur), That the foregoing amendments be referred to the first regular legislative session convening after the next succeeding general election of members of the assembly, and, in conformity with section 1 of article 19 of the constitution, be published for 3 months previous to the time of such election.

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STATE OF NEW YORK

STATE OF NEW YORK
IN SENATE, May 20, 1992

IN ASSEMBLY, June 26, 1992
The foregoing resolution was du- The foregoing resolution was duly
ly passed, a majority of all the passed, a majority of all
Senators elected voting in favor

bers elected to the Assembly voting thereof.

in fayor thereof. By order of the Senate,

By order of the Assembly, WILLIAM J. LARKIN, JR.,

VINCENT GRABER, Acting President

Acting Speaker

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IT IS
HEREBY
CERTIFIED, that the attached

copy

of Concurrent Resolution No. 2 (Bill No. 7580) of the Senate and Assembly proposing an amendment to section 2 of article 8 of the constitution, in relation to the manner of contracting, paying and refunding local debts which was passed by the Senate on May 20, 1992 and passed by the Assembly on June 26, 1992 and received and filed by the Secretary of State on June 29, 1992 is a true copy of the original thereof filed in the Office of the Secretary of State.

WITNESS my hand and the official seal of the Department of State at the City of Albany, this second day of July one thousand nine hundred and ninety-two.

GAIL S. SHAFFER,

Senate 7483

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CONCURRENT RESOLUTION of the Senate and Assembly proposing an amendment

to section 5 of article 8 of the constitution, in relation to the exclusion of indebtedness contracted for sewage facilities

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Section 1. Resolved (if the Assembly concur), That paragraph E of section 5 of article 8 of the constitution be amended to read as follows:

E. Indebtedness contracted on or after January first, nineteen hundred sixty-two and prior to January first, (nineteen hundred ninety-four) two thousand four, for the construction or reconstruction of facilities for the conveyance, treatment and disposal of sewage. The legislature shall prescribe the method by which and the terms and conditions under which the amount of any such indebtedness to be excluded shall be determined,

and

such indebtedness shall be excluded except in accordance with such determination.

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§ 2. Resolved (if the Assembly concur), That the foregoing amendment be referred to the first regular legislative session convening after the next succeeding general election of members of the assembly, and, in conformity with section 1 of article 19 of the constitution, be published for 3 months previous to the time of such election.

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STATE OF NEW YORK

STATE OF NEW YORK
IN SENATE, May 12, 1992

IN ASSEMBLY, June 26, 1992
The foregoing resolution was du- The foregoing resolution was duly
ly passed, a majority of all the passed, a majority of all the mem-
Senators elected voting in favor bers elected to the Assembly voting
thereof.

in favor thereof.
By order of the Senate,

By order of the Assembly,
WILLIAM J. LARKIN, JR.,

VINCENT GRABER,
Acting President

Act ing Speaker

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IT IS HEREBY CERTIFIED, that the attached

copy

of Concurrent Resolution No. 3 (Bill No. 7483) of the Senate and Assembly proposing an amendment to section 5 of article 8 of the constitution, in relation to the exclusion of indebtedness contracted for sewage facilities which was passed by the Senate on May 12, 1992 and passed by the Assembly on June 26, 1992 and received and filed in the Office of the Secretary of State on June 29, 1992 is a true copy of the original thereof filed in the Office of the Secretary of State.

WITNESS my hand and the official seal of the Department of State at the City of Albany, this second day of July one thousand nine hundred and ninety-two.

GAIL S. SHAFFER, [ Seal]

Secretary of State

Assembly 11801

CONCURRENT RESOLUTION of the Senate and Assembly proposing amendments

to sections 11, 12, 13 and 16 of article 7 of the constitution, in relation to the manner of contracting, paying and refunding state debts

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Section 1. Resolved (if the Senate concur), That section 11 of article 7 of the constitution be amended to read as follows:

§ 11. Except the debts or refunding debts specified in sections 9 {and), 10 and 13 of this article, no debt shall be hereafter contracted by or in behalf of the state, unless such debt shall be authorized by law, for some single work or purpose, to be distinctly specified therein. No such law shall take effect until it shall, at a general election, have been submitted to the people, and

and have received a majority of all

all the votes cast for and against it at such election nor shall it be submitted to be voted within three months after its passage nor at any general election when any other law or any bill shall be submitted to be voted for or against.

The legislature may, at any time after the approval of such law by the people, if no debt shall have been contracted in pursuance thereof, repeal the same; and may at any time, by law, forbid the contracting of any further debt or liability under such law.

§ 2. Resolved (if the Senate concur), That section 12 of article 7 of the constitution be amended to read as follows:

§ 12. Except the debts or refunding debts specified in sections 9 (and), 10 and 13 of this article, all debts contracted by the state and each portion of any such debt from time to time so contracted shall be (paid in equal annual installments, the] subject to the following rules:

1. The principal of each debt any portion thereof shall either be paid in equal annual installments or in installments that result in substantially level or declining debt service payments such as shall be authorized by law, or, in the alternative, contributions of principal in the amount that would otherwise be required to be paid annually shall be made to a sinking fund.

2. When some portions of the same debt are payable annually while other portions require contributions to a sinking fund, the entire debt shall be structured so that the combined amount of annual installments of principal paid and/or annual contributions of principal made in each year shall be equal to the amount that would be required to be paid if the entire debt were payable in annual installments.

3. When interest on state obligations is not paid at least annually, there shall also be contributed to a sinking fund at least annually, the amount necessary to bring the balance thereof, including income earned on contributions, to the accreted value of the obligations to be paid therefrom on the date such contribution is made, less the sum of all required future contributions of principal, in the case of sinking fund obligations, or payments of principal, in the case of serial obligations. Notwithstanding the foregoing, nothing contained in this subdivision shall

be

deemed to require contributions for interest to sinking funds if total debt service due on the debt portion thereof in the year such interest is due will be substantially the same

as the total debt service due on such debt or portion thereof in each other year or if the total amount of debt service due in each subsequent year on

such debt or portion thereof shall be less than the total debt service due in each prior year.

4. The first (of which] annual installment such debt shall be (payable] paid, or the first annual contribution shall be made to sinking fund, not

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year, and the

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(of which) installment shall be (payable] paid, or contribution made not more than forty years, after such debt

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contracted, provided, however, that in contracting any such debt the privilege of paying all or any part of such debt prior to the date on which the same shall be due may be reserved to the state in such

as may be provided by law. 5. No such debt shall be contracted for a period longer than that of the probable life of the work or purpose for which the debt is to be contracted, [to) or in the alternative, the weighted average period of probable life of the works

purposes for which such indebtedness is to be contracted. The probable lives of such works or purposes shall be determined by general laws, which determination shall be conclusive.

6. The money arising from any loan creating such debt or liability shall be applied only to the work

purpose specified in the act authorizing such debt or liability, or for the payment of such debt or liability, including any notes or obligations issued in anticipation of the sale of bonds evidencing such debt or liability.

7. Any sinking funds created pursuant to this section shall be maintained and managed by the state comptroller or an agent or trustee designated by the state comptroller, and

and amounts in sinking funds created pursuant to this section, and earnings thereon, shall be used solely for the purpose of retiring the obligations secured thereby except that amounts in excess of

the required balance any contribution date and amounts remaining in such funds after all of the obligations secured thereby have been retired shall be deposited in the general fund.

8. No appropriation shall be required for disbursement of money, or income earned thereon, from any sinking fund created pursuant to this section for the purpose of paying principal of and interest on the obligations for which such fund was created, except that interest shall be paid from any such fund only if, and to the extent that, it is not payable annually and contributions on account of such interest were made thereto.

9. The provisions of section 15 of this article shall not apply to sinking funds created pursuant to this section.

10. When state obligations are sold at a discount, the debt incurred for purposes of determining the amount of debt issued or outstanding pursuant to

voter approved bond referendum or other limitation on the amount of debt that may be issued or outstanding for a work or purpose shall be deemed to include only the amount of money actually received by the state notwithstand ing the face amount of such obligations.

§ 3. Resolved (if the Senate concur), That section 13 of article 7 of the constitution be amended to read as follows:

§ 13. The legislature may provide means and authority whereby any state debt or debts,

any portion or combination thereof, may be refunded (if, when it contracted, the privilege to pay prior to the date payable was reserved to the state and provided that the debt as thus refunded shall be paid in equal annual installments which shall be not less in amount than the required annual installments of the debt so refunded.] in accordance with the following provisions:

1. State debts may be refunded at any time after they are incurred provided that the state will achieve a debt service savings on a present value basis a result of the refunding transaction, and further provided that no maturity shall be called for redemption unless the privilege to pay prior to the maturity date was reserved to the state. The legislature may provide for the method of computation of present value for such purpose.

2. In no event shall refunding obligations be issued in an amount exceeding that necessary to provide sufficient funds to accomplish the refunding of the obligations to be refunded including paying all costs and expenses related to the refunding transaction and, in no event, shall the proceeds of refunding obligations be applied to any purpose other than accomplishing the refunding of the debt to be refunded and paying costs and expenses related to the refunding.

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