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3. Proceeds of refunding obligations shall be deposited in escrow funds which shall be maintained and managed by the state comptroller or by an agent or trustee designated by the state comptroller and no legislative appropriation shall be required for disbursement of money, income earned thereon, from such
funds for the purposes enumerated in this section.
4. Refunding obligations may be refunded pursuant to this section.
5. Refunding obligations shall either be paid in annual installments or annual contributions shall be made to sinking fund in amounts sufficient to retire the refunding obligations at their maturity. No annual installments or contributions of principal need be made with respect to all or
any portion of issue of refunding obligations in years when debt service such refunding obligations or portion thereof is paid or contributed entirely from an escrow fund created pursuant to subdivision 3 of this section
in years when
no installments or contributions would have been due on the obligations to be refunded. So long as any of the refunding obligations remain outstanding, installments or contributions shall be made in any years that installments contributions would have been due
the obligations to be refunded.
6. In event shall the last annual installment contribution on any portion of refunding debt, including refunding obligations issued to refund other refunding obligations, be made after the termination of the period of probable life of the projects financed with the proceeds of the relevant portion of the debt to be refunded, or any debt previously refunded with the refunding obligations to be refunded, determined of the date of issuance of the original obligations pursuant to section 12 of this article to finance such projects, or forty years from such date, if earlier; provided, however, that in lieu of the foregoing, an entire refunding issue or portion thereof may be structured to mature over the remaining weighted average useful life of all projects financed with the obligations being refunded.
7. Subject to the provisions of subdivision 5 of this section, each annual installment or contribution of principal of refunding obligations shall be equal to the amount that would be required by subdivision 1 of section 12 of this article if such installments or contributions were required to be made from the year that the next installment or contribution would have been due the obligations to be refunded, if they had not been refunded, until the final maturity of the refunding obligations but excluding
any year in which
installment or contribution would have been due the obligations to be refunded or, in the alternative, the total payments of principal and interest
the refunding bonds shall be less in each year to their final maturity than the total payments of principal and interest on the bonds to be refunded in each such year.
8. The provisions of subdivision 3 and subdivisions 7 through 9 of section 12 of this article shall apply to sinking funds created pursuant to this section for the payment at maturity of refunding obligations.
§ 4. Resolved (if the Senate concur), That section 16 of article 7 of the constitution be amended to read as follows:
§ 16. The legislature shall annually provide by appropriation for the payment of the interest upon and installments of principal of all debts or refunding debts created on behalf of the state except those contracted under section 9 of this article, the same shall fall due, and for the contribution to all of the sinking funds [heretofore] created by law, of the amounts annually to be contributed under the provisions of section 12, 13 or 15 of this article. If at any time the legislature shall fail to make any such appropriation, the comptroller shall set apart from the first revenues thereafter received, applicable to the general fund of the state, a sum sufficient to pay such interest, installments of principal, contributions to such sinking fund, as the case may be, and shall so apply the moneys thus set apart. The comptroller may be required to set aside and apply such
Notwithstanding the foregoing provisions
of this section, the comptroller may covenant with the purchasers of any state obligations that they shall have no further rights against the state for payment of such obligations or any interest thereon after an amount or amounts determined in accordance with the provisions of such covenant is deposited in a described fund or with a named or described agency or trustee. In such case, this section shall have no further application with respect to payment of such obligations or any interest thereon after the comptroller has complied with the prescribed conditions of such covenant.
§ 5. Resolved (if the Senate 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.
STATE OF NEW YORK
STATE OF NEW YORK
IN SENATE, June 29, 1992
By order of the Senate,
THOMAS W. LIBOUS,
IT IS HEREBY CERTIFIED, that the attached 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, is a true copy of the Engrossed Copy on file with the Secretary of State.
WITNESS my hand and the official seal of the Department of State at the City of Albany, this fourteenth day of July one thousand nine hundred and ninety-two.
GAIL S. SHAFFER,
CONCURRENT RESOLUTION of the Senate and Assembly proposing an amendment to section 5 of article 7 of the
constitution, in relation to authorizing the legislature to enact a contingency budget statute
Section 1. Resolved (if the Senate concur), That section 5 of article 7 of the constitution be amended to read as follows:
§ 5. 1. Neither house of the legislature shall consider any other bill making an appropriation until all the appropriation bills submitted by the governor shall have been finally acted on by both houses, except
message from the governor certifying to the necessity of the immediate passage of such a bill.
2. Notwithstanding any inconsistent provision of the constitution, the legislature shall provide by statute for a contingency budget to take effect the first day of the fiscal year in the event the
legislature has not finally acted upon all the appropriation bills initially submitted by the governor for such fiscal year. Such statute shall provide that such contingency budget shall take effect without further action by the legislature, but shall remain effective only until such time as the legislature shall finally act upon such appropriation bills. Such contingency budget shall provide the same appropriations as enacted for the immediately preceding fiscal year, and spending and revenue provisions in effect during such year shall remain in effect as long as such contingency budget remains effective. Such statute may authorize the following adjustments: (i) disbursements which shall not be limited by such appropriations, (ii) exceptions to such spending and revenue provisions continued in effect, and (iii) such other changes to such contingency budget as the legislature shall determine. If, after taking into account such adjustments, projected annual receipts are insufficient to meet projected annual disbursements, uniform reductions shall be applied to disbursements, other than those for which the legislature may provide exceptions in such statute, in order to achieve a balanced plan of receipts and disbursements. Such reductions shall be applied not later than the seventh day that such contingency budget is in effect, and may be amended as provided by law.
§ 2. Resolved (if the Senate 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.
STATE OF NEW YORK
STATE OF NEW YORK
IN SENATE, July 1, 1992
thereof. By order of the Assembly,
By order of the Senate, VINCENT GRABER,
THOMAS W. LIBOUS, Acting Speaker
IT IS HEREBY CERTIFIED, that the attached Concurrent Resolution of the Senate and Assembly, proposing an amendment to section 5 of article 7 of the constitution, in relation to authorizing the legislature to enact a contingency budget statute,
is true copy of the Engrossed Copy on file with the Secretary of State.
WITNESS my hand and the official seal of the Department of State at the City of Albany, this thirteenth day of July one thousand nine hundred and ninety-two.
GAIL S. SHAFFER, [Seal]
Secretary of State