New York Urban Restoration Bond (2015)
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| This measure was not put on an election ballot |
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The New York Urban Restoration Bond did not make the November 3, 2015 ballot in New York as a legislatively referred bond question. The measure would have authorized the issuance of $2 billion in bonds for improving the infrastructure of cities in New York. Specifically, the bond measure would have funded capital projects to repair, rehabilitate, construct, enhance, expand and modernize transportation systems, roads, bridges, water supply systems, drainage systems, and publicly owned storm and sanitary sewers.[1]
Text of measure
Ballot title
The proposed ballot title was:[1]
| “ | The URBAN RESTORATION BOND ACT OF 2015, as set forth in section one of chapter [here insert the chapter number)] of the laws of 2015, authorizes the sale of state bonds of up to two billion dollars ($2,000,000,000) to provide for improving the infrastructure of cities of this state. Shall the URBAN RESTORATION BOND ACT OF 2015 be approved?[2] | ” |
Support
Supporters
Sen. Félix Ortiz (D-61) is sponsoring the measure in the New York Legislature.[1]
Justification
Sponsors of Bill A03503 included the following "Justification":[1]
| “ | Cities across New York are struggling to stay out of debt while maintaining aging and failing infrastructure. Costs of running cities are escalating as revenues are not keeping pace with the costs of maintaining pension funds and healthcare plans. Additionally, the natural disasters the state has suffered from over the past few years have exacerbated the needs of cities to rebuild and restore infrastructure. A bond act to help cities fund capital projects for the restoration of their infrastructure is justified at this time.
Mayors across the state are desperate for a funding mechanism that will give them a means of addressing their cities' needs. In the absence of relief from a new funding stream, several cities in New York will be faced with imminent bankruptcy. The Unites States has already witnessed a new phenomenon of bankruptcy in such major cities such as Detroit, Michigan and San Bernardino, California. Cities should not have to leverage the benefit of public safety against costs of repairing failing infrastructure. This bond act proposal will give cities the means to fund necessary repairs and continue to provide essential services.[2] |
” |
Path to the ballot
- See also: Authorizing bond referendums in New York
According to Section 11, Article VII of the New York Constitution, a majority vote is required in the legislature to qualify the bond question for the statewide ballot. Measures are required to be passed by the Legislature at least three months before the general election. The Legislature was required to approve the bond question by August 3, 2015, to get the measure placed on the November 3, 2015, ballot.
Only one bond question may appear on the ballot per general election. The Transportation Infrastructure Bond and the Environmental Conservation Projects Bond were also proposed as bond questions.
The question did not make the ballot. It was referred to committee and never taken up.[1]
See also
External links
Footnotes
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State of New York Albany (capital) |
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