Senator Hugh Farley, R-Niskayuna, has proposed his first bill of the new legislative session and it is a throwback from the past.
Senate bill 982 amends election law and state finance law, and is aimed at creating an informed voting public by requiring the listing of the total debt expected from a bond act that is on a ballot proposition.
The bill argues the current dynamic, which now mandates that the proposition must show the principal amount of proposed debt is misleading and hides the actual costs to the taxpayers. Farley argues that this an especially sharp contrast on the issue of long-term debt, where interest payments can end up doubling the principle costs.
This proposal has been floated numerous times since the early 1990s, but has never gained traction in the NYS Assembly, where it has been proposed by Assemblyman Jim Tedisco, R-Schenectady.
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