New York A02231 mandates that ballot propositions creating state debt must include an estimate of the amortization period and total debt service.

New York A02231 amends the election law to require that any ballot proposition creating a state debt must contain an estimate of the amortization period and the total expected debt service payable on the principal amount of such bonds until their retirement. This information must be printed in the largest type practicable. The bill also amends the state finance law to require that at least 10% of any cash surplus remaining in the general fund after certain transfers be transferred to the debt reduction reserve fund.

New York A02231 mandates that ballot propositions creating state debt must include an estimate of the amortization period and total debt service.

New York A02231 amends the election law to require that any ballot proposition creating a state debt must contain an estimate of the amortization period and the total expected debt service payable on the principal amount of such bonds until their retirement. This information must be printed in the largest type practicable. The bill also amends the state finance law to require that at least 10% of any cash surplus remaining in the general fund after certain transfers be transferred to the debt reduction reserve fund.