New York Proposition 1, State Debt for Economic Development Bond Measure (1977)
| New York Proposition 1 | |
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| Topic Bond issues and Public economic investment policy |
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| Type Bond issue |
Origin |
New York Proposition 1 was on the ballot as a bond issue in New York on November 8, 1977. It was defeated.
A “yes” vote supported authorizing $750 million in state bonds to finance public capital projects aimed at promoting economic development. |
A “no” vote opposed authorizing $750 million in state bonds to finance public capital projects aimed at promoting economic development. |
Election results
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New York Proposition 1 |
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| Result | Votes | Percentage | ||
| Yes | 1,067,589 | 38.38% | ||
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1,714,156 | 61.62% | ||
Text of measure
Ballot title
The ballot title for Proposition 1 was as follows:
| “ | Shall chapter four hundred fifty-five of the laws of nineteen hundred seventy-seven, known as the economic action program bond act for New York state of nineteen hundred seventy-seven, authorizing the creation of a state debt in the amount of seven hundred fifty million dollars ($750,000,000) to provide moneys for the acquisition, construction, reconstruction, establishment, improvement or rehabilitation of public capital facilities for industrial and community development, tourism and recreation, conservation and environment and local transportation access, all in furtherance of economic development, be approved? | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
According to Section 11 of Article VII of the New York Constitution, the state's general obligation bonds require voter approval, except for certain short-term debts; debts to "repel invasion, suppress insurrection, or defend the state in war;" and debts to suppress wildfires.
A simple majority vote is required during one legislative session for the New York State Legislature to place a bond issue on the ballot. That amounts to a minimum of 126 votes in the New York State Assembly and 32 votes in the New York State Senate, assuming no vacancies. Bonds require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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State of New York Albany (capital) |
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