Bill > A02353

This bill amends the state finance law to require that 5% of any settlement funds totaling $1,000,000 or more received by the state must be directly applied to the principal balance of the state's general debt service fund. The general debt service fund is an account used by the state to manage and pay down its long-term debt obligations. By mandating that a small percentage of large settlements be used to reduce the state's debt principal, the bill aims to help improve the state's overall financial health and potentially reduce future interest payments. The provision would apply to any settlement money paid to the state, regardless of the source or nature of the settlement, and would take effect immediately upon enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2353