New York A02700 amends the state finance law to require legislative oversight of state-supported debts issued during a declared state of emergency.

New York A02700 amends the state finance law to establish oversight of debts issued during a state of emergency. The bill requires the legislature to vote by resolution on whether such debts should be exempt from debt cap limitations. The resolution must specify the total amount of debt, the purpose for issuing it, and the duration of the exemption, which cannot exceed the duration of the emergency. A two-thirds vote in both houses of the legislature is required for approval. If the resolution is not approved, the debt remains subject to the debt cap.

New York A02700 amends the state finance law to require legislative oversight of state-supported debts issued during a declared state of emergency.

New York A02700 amends the state finance law to establish oversight of debts issued during a state of emergency. The bill requires the legislature to vote by resolution on whether such debts should be exempt from debt cap limitations. The resolution must specify the total amount of debt, the purpose for issuing it, and the duration of the exemption, which cannot exceed the duration of the emergency. A two-thirds vote in both houses of the legislature is required for approval. If the resolution is not approved, the debt remains subject to the debt cap.