S 8687: Authorizes the creation of state debt in the amount of 5 billion dollars in creating the New York state master plan on aging 2026 bond act; provides for submission to the people of such proposal.

  
  STATE OF NEW YORK ________________________________________________________________________ 8687  IN SENATE January 7, 2026 ___________ Introduced by Sen. CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT authorizing the creation of a state debt in the amount of five billion dollars, in relation to enacting the New York state master plan on aging 2026 bond act and providing for the submission to the people of a proposition or question therefor to be voted upon at the general election to be held in November, 2026 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The New York state master plan on aging 2026 bond act is 2 enacted to read as follows: 3 NEW YORK STATE MASTER PLAN ON AGING 2026 BOND ACT 4 Section 1. Short title. 5 2. Creation of a state debt. 6 3. Bonds of the state. 7 4. Consistency with federal tax law. 8 5. Use of moneys received. 9 Section 1. Short title. This act shall be known and may be cited as 10 the "New York state master plan on aging 2026 bond act". 11 § 2. Creation of a state debt. The creation of a state debt to an 12 amount not exceeding in the aggregate five billion dollars 13 ($5,000,000,000) is hereby authorized to provide moneys for the single 14 purpose of supporting the implementation of the recommendations of the 15 New York State Master Plan for Aging Final Report, including the 9 16 pillars of core support areas and 126 proposals contained therein. 17 The legislature shall, by appropriate legislation and subject to such 18 conditions as it may impose, make available out of the proceeds of the 19 sale of bonds authorized in this act, moneys disbursed or to be 20 disbursed for state programs or state assistance payments toward the 21 cost of such programs undertaken by or through a state or local agency, 22 not-for-profit entity, or higher educational institutions, for the 23 purpose of supporting the implementation of the recommendations of the 24 New York State Master Plan for Aging Final Report. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14359-02-6 
 S. 8687 2 1 § 3. Bonds of the state. The state comptroller is hereby authorized 2 and empowered to issue and sell bonds of the state in the amount of five 3 billion dollars ($5,000,000,000) for the purpose of this act, subject to 4 the provisions of article 5 of the state finance law. The aggregate 5 principal amount of such bonds shall not exceed five billion dollars 6 excluding bonds issued to refund or otherwise repay bonds theretofore 7 issued for such purpose; provided, however, that upon any such refunding 8 or repayment the total aggregate principal amount of outstanding bonds 9 may be greater than five billion dollars only if the present value of 10 the aggregate debt service of the refunding or repayment bonds to be 11 issued shall not exceed the present value of the aggregate debt service 12 of the bonds to be refunded or repaid. The method for calculating pres- 13 ent value shall be determined by law. 14 § 4. Consistency with federal tax law. Bonds issued pursuant to this 15 act shall be issued as tax-exempt bonds for purposes of the federal 16 internal revenue code and regulations thereunder. All actions taken 17 pursuant to this act shall be reviewed for consistency with provisions 18 of the federal internal revenue code and regulations thereunder, in 19 accordance with procedures established in connection with the issuance 20 of any bonds pursuant to this act which are intended to be federally tax 21 exempt to preserve the federal tax exempt status of such bonds. 22 § 5. Use of moneys received. The moneys received by the state from the 23 sale of bonds sold pursuant to this act shall be expended pursuant to 24 appropriations for supporting the implementation of the recommendations 25 of the New York State Master Plan for Aging Final Report, including the 26 9 pillars of core support areas and 126 proposals contained therein. 27 § 2. This act shall take effect immediately, provided that the 28 provisions of section one of this act shall not take effect unless and 29 until this act shall have been submitted to the people at the general 30 election to be held in November, 2026, and shall have received a majori- 31 ty of all votes cast for and against it at such election. Upon approval 32 by the people section one of this act shall take effect immediately. The 33 ballots to be furnished for the use of the voters upon the submission of 34 section one of this act shall be in the form prescribed by the election 35 law, and the proposition or question to be submitted shall be printed 36 thereon in substantially the following form, namely, "Shall section one 37 of chapter (here insert the number of the chapter) of the laws of 2026 38 known as the New York state master plan on aging 2026 bond act, which 39 provides funding for the implementation of the recommendations of the 40 New York State Master Plan for Aging Final Report by authorizing the 41 creation of state debt to provide moneys therefor in the amount of five 42 billion dollars ($5,000,000,000), be approved?"