Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service.

This bill amends the election law to require that any ballot proposition creating a state debt must include an estimate of the amortization period and the total expected debt service payable on the principal amount of such bonds until their retirement. It also amends the state finance law to establish a debt reduction reserve fund, which will receive at least 10% of any surplus remaining in the general fund after transfers to the tax stabilization reserve fund.

Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service.

This bill amends the election law to require that any ballot proposition creating a state debt must include an estimate of the amortization period and the total expected debt service payable on the principal amount of such bonds until their retirement. It also amends the state finance law to establish a debt reduction reserve fund, which will receive at least 10% of any surplus remaining in the general fund after transfers to the tax stabilization reserve fund.