Bill > A02700

This bill establishes a new legislative oversight process for state-supported debt issued during a declared state of emergency. Under the proposed law, the legislature must vote by a two-thirds majority in both houses to approve any exemption from the standard debt cap limitations for emergency-related debt. The resolution must specify the total amount of debt to be exempted, the purpose of the debt, and the duration of the exemption, which cannot exceed the emergency period. If the legislature does not approve the resolution, the debt will remain subject to the standard debt cap. The legislature can also modify or rescind previously approved exemptions through a similar resolution process. Additionally, the state comptroller is required to maintain a separate accounting of all emergency-related debt and provide quarterly reports to the legislature on how this debt impacts the state's overall financial position. This bill aims to provide more transparency and legislative control over state borrowing during emergency situations while allowing flexibility for urgent financial needs.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2700