Legislative Bill Drafting Commission IN SENATE____________________________________________________

89124-02-1 Senate introducer's signature

The senators whose names are circled below wish to join me in the sponsorship
of this proposal:

s20 Adams s44 Farley s58 Kennedy s18 Montgomery s23 Savino
S. --------
s15 Addabbo s02 Flanagan s34 Klein s54 Nozzolio s28 Serrano
Senate
s55 Alesi s08 Fuschillo s26 Krueger s53 O'Mara s51 Seward
--------
s11 Avella s59 Gallivan s27 Kruger s37 Oppenheimer s09 Skelos
s40 Ball s12 Gianaris s24 Lanza s21 Parker s14 Smith
s42 Bonacic s22 Golden s39 Larkin s13 Peralta s25 Squadron
IN SENATE--Introduced by Sen
s46 Breslin s47 Griffo s01 LaValle s30 Perkins s16 Stavisky
s38 Carlucci s60 Grisanti s52 Libous s61 Ranzenhofer s35 Stewart-
s50 DeFrancisco s06 Hannon s45 Little s48 Ritchie Cousins
s32 Diaz s36 Hassell- s05 Marcellino s33 Rivera s49 Valesky
--read twice and ordered printed,
s17 Dilan Thompson s07 Martins s56 Robach s57 Young
and when printed to be committed
s29 Duane s10 Huntley s62 Maziarz s41 Saland s03 Zeldin
to the Committee on
s31 Espaillat s04 Johnson s43 McDonald s19 Sampson

-------- A.
Assembly IN ASSEMBLY__________________________________________________
Assembly introducer's signature
-------- The Members of the Assembly whose names are circled below wish to join me in the
multi-sponsorship of this proposal:

IN ASSEMBLY--Introduced by M. of A. a049 Abbate a107 Crouch a042 Jacobs a121 Miller, D. a068 Rodriguez
a092 Abinanti a014 Curran a095 Jaffee a102 Miller, J. a067 Rosenthal
a105 Amedore a063 Cusick a057 Jeffries a038 Miller, M. a118 Russell
a084 Arroyo a045 Cymbrowitz a135 Johns a052 Millman a012 Saladino
with M. of A. as co-sponsors a035 Aubry a034 DenDekker a112 Jordan a103 Molinaro a113 Sayward
a124 Barclay a116 Destito a099 Katz a015 Montesano a029 Scarborough
a040 Barron a081 Dinowitz a074 Kavanagh a132 Morelle a016 Schimel
a082 Benedetto a114 Duprey a065 Kellner a039 Moya a140 Schimminger
a073 Bing a004 Englebright a100 Kirwan a003 Murray a145 Schroeder
--read once and referred to the a122 Blankenbush a071 Farrell a129 Kolb a037 Nolan a064 Silver
Committee on a055 Boyland a123 Finch a025 Lancman a128 Oaks a036 Simotas
a008 Boyle a007 Fitzpatrick a091 Latimer a069 O'Donnell a146 Smardz
a026 Braunstein a137 Friend a013 Lavine a051 Ortiz a093 Spano
*CONSTCOR* *State Comptroller 4 R-1* a044 Brennan a143 Gabryszak a050 Lentol a136 Palmesano a079 Stevenson
(Relates to authorization of debt in a131 Bronson a090 Galef a125 Lifton a088 Paulin a011 Sweeney
times of public emergency; and a a046 Brook-Krasny a133 Gantt a072 Linares a141 Peoples- a110 Tedisco
limit on state funded debt and a147 Burling a077 Gibson a127 Lopez, P. Stokes a115 Tenney
refunding of state debts) a117 Butler a149 Giglio a053 Lopez, V. a058 Perry a002 Thiele
a101 Cahill a066 Glick a001 Losquadro a023 Pheffer a061 Titone
--------
a096 Calhoun a150 Goodell a126 Lupardo a087 Pretlow a031 Titus
a043 Camara a075 Gottfried a111 Magee a021 Ra a062 Tobacco
Const. state debt
a106 Canestrari a005 Graf a120 Magnarelli a097 Rabbitt a054 Towns
a089 Castelli a098 Gunther a059 Maisel a009 Raia a041 Weinstein
CONCURRENT RESOLUTION
a086 Castro a130 Hanna a060 Malliotakis a006 Ramos a020 Weisenberg
OF THE SENATE AND ASSEMBLY
a138 Ceretto a139 Hawley a030 Markey a134 Reilich a024 Weprin
a033 Clark a148 Hayes a027 Mayersohn a109 Reilly a070 Wright
proposing amendments to article 7 of
a047 Colton a083 Heastie a019 McDonough a078 Rivera, J. a094 Zebrowski
the constitution, in relation to
a010 Conte a028 Hevesi a104 McEneny a080 Rivera, N.
authorization of debt in times of
a032 Cook a048 Hikind a017 McKevitt a076 Rivera, P.
public emergency, a limit on the
a142 Corwin a018 Hooper a108 McLaughlin a119 Roberts
total amount of state-funded debt,
a085 Crespo a144 Hoyt a022 Meng a056 Robinson
the refunding of state debts,
providing for the use of conference
1) Single House Bill (introduced and printed separately in either or
committees, consensus forecasting both houses). Uni-Bill (introduced simultaneously in both houses and printed
and the submission of a capital as one bill. Senate and Assembly introducer sign the same copy of the bill).
program and financing plan 2) Circle names of co-sponsors and return to introduction clerk with 2
signed copies of bill and 4 copies of memorandum in support (single house);
or 4 signed copies of bill and 8 copies of memorandum
in support (uni-bill).
LBDC 02/28/11
 04/05/11 2 89124-02-1

1 Section 1. Resolved (if the concur), That section 10 of article

2 7 of the constitution be amended to read as follows:

3 § 10. In addition to the above limited power to contract debts, the

4 state may contract debts to repel invasion, suppress insurrection, [or]

5 defend the state in war, [or] to suppress forest fires ________________

or to respond to

6 ________________________________________________________________________
any other emergency stemming from a disaster including, but not limited

7 ____________________________________________
to, a disaster caused by an act of terrorism; but the money arising from

8 the contracting of such debts shall be applied for the purpose for which

9 it was raised, or to repay such debts, and to no other purpose whatever.

10 ________________________________________________________________________
No debt shall be contracted pursuant to this section without the concur-

11 ________________________________________________________________________
rence of the governor, the comptroller, and a majority of the members

12 ________________________________________________________________________
elected to each branch of the legislature; and the governor shall have

13 ________________________________________________________________________
power to summon the comptroller and convene the legislature in extraor-

14 ________________________________________________________________________
dinary session for the purpose of considering such emergency debt. At

15 ________________________________________________________________________
the time, date and place appointed by the governor, no other subject

16 ________________________________________________________________________
shall be acted upon until each, in the following order, has given their

17 ________________________________________________________________________
approval or any one thereof has given their disapproval of the debt

18 ________________________________________________________________________
proposed by the governor to enable the state to respond to such emergen-

19 ________________________________________________________________________
cy: the governor, the comptroller, the senate and the assembly. The

20 ________________________________________________________________________
proposal of such emergency debt shall be in the form of a resolution

21 ________________________________________________________________________
prepared and submitted by the governor to the comptroller, the senate

22 ________________________________________________________________________
and the assembly, who shall approve or disapprove such resolution with-

23 ________________________________________________________________________
out any changes thereto; and if such resolution is approved by the

24 ________________________________________________________________________
governor, the comptroller, and a majority of the members elected to each

25 ________________________________________________________________________
branch of the legislature, then such law or laws shall be enacted as may

26 _____________________________________________________
be necessary or advisable to implement such approval.

27 § 2. Resolved (if the concur), That section 11 of article 7 of

28 the constitution be amended to read as follows:

 04/05/11 3 89124-02-1

1 § 11. __
1. Except the debts or refunding debts specified in sections 9,

2 10 and 13 of this article, no debt shall be hereafter contracted by or

3 [in] __
on behalf of the state, unless such debt shall be authorized by law

4 ________________________
pursuant to this section, for some single work or purpose, to be

5 distinctly specified therein. [No such] ______________________________

Debt subject to the provisions

6 ________________________________________________________________________
of this section shall include any debt or obligation, other than debt or

7 ________________________________________________________________________
refunding debt incurred pursuant to sections 9, 10 and 13 of this arti-

8 ________________________________________________________________________
cle, supported in whole or in part by any financing arrangement whereby

9 ________________________________________________________________________
the state agrees, whether by law, contract, or otherwise, to make

10 ________________________________________________________________________
payments which are to be used, directly or indirectly, for the payment

11 ________________________________________________________________________
of principal, interest, or related payments on indebtedness incurred or

12 ________________________________________________________________________
contracted by the state itself for any purpose, or by any state agency,

13 ________________________________________________________________________
municipality, individual, public authority or other public or private

14 ________________________________________________________________________
corporation or any other entity for state capital or operating purposes

15 ________________________________________________________________________
or to finance grants, loans or other assistance payments made or to be

16 ________________________________________________________________________
made by or on behalf of the state for any purpose. If the state agrees

17 ________________________________________________________________________
or has agreed on or after April first, nineteen hundred ninety-seven to

18 ________________________________________________________________________
make future revenues from a specific state source available for the

19 ________________________________________________________________________
purpose of supporting debt of any municipality, individual, public or

20 ________________________________________________________________________
private corporation or any other entity, or, if on or after such date, a

21 ________________________________________________________________________
program of debt is authorized to be issued where state aid is intended

22 ________________________________________________________________________
to be the sole source of payment of debt service, such debt shall be

23 ________________________________________________________________________
considered to be a debt for the purpose of financing a state grant, loan

24 ________________________________________________________________________
or other assistance payment and shall be subject to the provisions of

25 ________________________________________________________________________
this section. The provisions of this section shall apply (i) whether or

26 ________________________________________________________________________
not the obligation of the state to make payments is subject to appropri-

27 ________________________________________________________________________
ation, or (ii) whether or not debt service is to be paid from a revenue
 04/05/11 4 89124-02-1

1 ________________________________________________________________________
stream transferred by the state to another party that is responsible for

2 _____________________
making such payments.

3 ______________________________________________________________________
2. The legislature may, by law, authorize the state to contract debt

4 ________________________________________________________________________
secured by a pledge of specific state revenues authorized by such law to

5 ________________________________________________________________________
be deposited in a dedicated trust fund or funds created for a single

6 ________________________________________________________________________
capital work or purpose. The legislature shall, by law, identify the

7 ________________________________________________________________________
capital work or purpose to be financed with such debt. Revenues in

8 ________________________________________________________________________
excess of the required payments of debt service and related payments on

9 ____________________________________________________________________
such debt shall be available for other purposes, as provided by law.

10 __________________________________________________________
3. Except as provided in subdivision 5 of this section, no law _______
author-

11 ________________________________________________________________________
izing debt to be created by the state pursuant to subdivisions 1 and 2

12 _______________
of this section shall take effect until it shall, at a general election,

13 have been submitted to the people, and have received a majority of all

14 the votes cast for and against it at such election nor shall it be

15 submitted to be voted on within three months after its passage [nor at

16 any general election when any other law or any bill shall be submitted

17 to be voted for or against] __________________

by the legislature.

18 The legislature may, at any time after the approval of such law by the

19 people, if no debt shall have been contracted in pursuance thereof,

20 repeal the same; and may at any time, by law, forbid the contracting of

21 any further debt or liability under such law.

22 ______________________________________________________________________
4. During the fiscal year beginning April first, two thousand twenty-

23 ________________________________________________________________________
one and in every fiscal year thereafter, no debt authorized pursuant to

24 ________________________________________________________________________
this section shall be incurred unless the total principal amount of debt

25 ________________________________________________________________________
to be incurred pursuant to such law, together with the total principal

26 ________________________________________________________________________
amount of debt already outstanding, shall be equal to or less than five

27 ________________________________________________________________________
percent of the total personal income of the state as determined by law.

28 ________________________________________________________________________
Debt subject to the limit imposed by this section shall include all
 04/05/11 5 89124-02-1

1 ________________________________________________________________________
debt, whenever issued, described in subdivisions 1 and 2 of this section

2 ________________________________________________________________________
but shall not include the debts specified in sections 9, 10 and 13 of

3 _____________
this article.

4 ______________________________________________________________________
5. During any fiscal year, debt in the combined aggregate amount of

5 ________________________________________________________________________
two hundred fifty million dollars may be incurred pursuant to a law or

6 ________________________________________________________________________
laws that are not submitted for approval by the people. Such debt shall

7 ________________________________________________________________________
be incurred only for critical capital needs. However, in no event shall

8 ________________________________________________________________________
debt incurred in fiscal years beginning in two thousand twenty-one and

9 ________________________________________________________________________
thereafter pursuant to such law or laws result in a total principal

10 ________________________________________________________________________
amount of debt in excess of the limit determined pursuant to subdivision

11 __________________
4 of this section.

12 ______________________________________________________________________
6. (i) All debt subject to the provisions of this section shall,

13 ________________________________________________________________________
except for refunding debt, be incurred only for a capital purpose

14 ________________________________________________________________________
authorized by law, and (ii) all debt subject to the provisions of this

15 ________________________________________________________________________
section and all debt and refunding debt specified in sections 9, 10 and

16 ________________________________________________________________________
13 of this article shall, if incurred on or after the first day of the

17 ________________________________________________________________________
first fiscal year beginning at least one year after the date this subdi-

18 ________________________________________________________________________
vision shall have taken effect, be in the form of obligations issued by

19 ________________
the comptroller.

20 ______________________________________________________________________
7. Nothing contained in this section shall invalidate debt obligations

21 ________________________________________________________________________
outstanding on the date this subdivision shall have taken effect that

22 ________________________________________________________________________
would be subject to the provisions of this section if incurred after the

23 ________________________________________________________________________
date this subdivision shall have taken effect, and the state may contin-

24 ________________________________________________________________________
ue to provide for payments related to such debt on the same terms under

25 ________________________________________________________________________
which such debt was incurred; provided, however, that no such debt shall

26 ________________________________________________________________________
be refunded unless such refunding complies in all respects with the

27 ________________________________________________________________________
requirements of section 13 of this article. The provisions of section 16

28 ________________________________________________________________________
of this article shall not apply to state payments with respect to any
 04/05/11 6 89124-02-1

1 ________________________________________________________________________
such outstanding obligations unless such provisions would have applied

2 ___________________________________________________________
prior to the date this subdivision shall have taken effect.

3 ______________________________________________________________________
8. Debt obligations issued to refund outstanding state debt, regard-

4 ________________________________________________________________________
less of whether such outstanding debt was incurred prior to the date

5 ________________________________________________________________________
this subdivision shall have taken effect, shall not be counted for the

6 ________________________________________________________________________
purposes of the limit imposed by subdivision 3 of this section if such

7 ________________________________________________________________________
refunding complies in all respects with section 13 of this article. For

8 ________________________________________________________________________
purposes of this subdivision and subdivision 7 of this section, any

9 ________________________________________________________________________
refunding debt that does not extend beyond the final maturity of the

10 ________________________________________________________________________
debt being refunded shall be deemed to comply with the provisions of

11 ________________________________________________________________________
subdivision 6 of section 13 of this article, provided that there is an

12 ________________________________________________________________________
actual debt service savings in every year to maturity as a result of the

13 _______________________________
issuance of the refunding debt.

14 ______________________________________________________________________
9. After the date this section shall have taken effect, the state

15 ________________________________________________________________________
shall not, except as specifically authorized in another section of this

16 ________________________________________________________________________
constitution, agree to make payments, directly or indirectly, whether or

17 ________________________________________________________________________
not subject to appropriation, that are to be available to pay debt

18 ________________________________________________________________________
service on any debt incurred by a municipality, individual, public

19 ________________________________________________________________________
authority or other public or private corporation or any other entity,

20 ________________________________________________________________________
for any purpose, if such payments are expected to be used to pay debt

21 ________________________________________________________________________
service only if other sources available for the payment of debt service

22 ________________________________________________________________________
are inadequate. Any provision requiring the state to replace monies used

23 ________________________________________________________________________
to pay debt service shall be included in the prohibition set forth in

24 ________________________________________________________________________
this subdivision. Outstanding debt that would be prohibited by this

25 ________________________________________________________________________
subdivision if such debt had been incurred after the date this subdivi-

26 ________________________________________________________________________
sion shall have taken effect may be refunded by the entity that incurred

27 ________________________________________________________________________
the outstanding debt provided that the provisions of subdivisions 7 and
 04/05/11 7 89124-02-1

1 ________________________________________________________________________
8 of this section are complied with except the requirement that such

2 ________________________________________________________
refunding debt obligations be issued by the comptroller.

3 ______________________________________________________________________
10. The legislature may, at any time after the enactment or approval

4 ________________________________________________________________________
of law authorizing the state to contract debt pursuant to this section,

5 ________________________________________________________________________
if no debt shall have been contracted in pursuance thereof, repeal the

6 ________________________________________________________________________
same; and may at any time, by law, forbid the contracting of any further

7 _________________________________
debt or liability under such law.

8 § 3. Resolved (if the concur), That section 16 of article 7 of

9 the constitution be amended to read as follows:

10 § 16. The legislature shall annually provide by appropriation for the

11 payment of the interest upon and installments of principal of all debts

12 or refunding debts created on behalf of the state except those

13 contracted under section 9 of this article, as the same shall fall due,

14 and for the contribution to all of the sinking funds created by law, of

15 the amounts annually to be contributed under the provisions of section

16 12, 13 or 15 of this article. [If] _____________________________________

With respect to debt contracted other

17 ________________________________________________________________
than pursuant to subdivision 2 of section 11 of this article, if at any

18 time the legislature shall fail to make any such appropriation, the

19 comptroller shall set apart from the first revenues thereafter received,

20 applicable to the general fund of the state, a sum sufficient to pay

21 such interest, installments of principal, or contributions to such sink-

22 ing fund, as the case may be, and shall so apply the moneys thus set

23 apart. ________________________________________________________________
If at any time the legislature shall fail to make an appropri-

24 ________________________________________________________________________
ation for the payment of interest or installments of principal or sink-

25 ________________________________________________________________________
ing fund payments or related payments on any debt contracted pursuant to

26 ________________________________________________________________________
subdivision 2 of section 11 of this article, the comptroller shall set

27 ________________________________________________________________________
apart from the first revenues received and pledged to such payments, a

28 ________________________________________________________________________
sum sufficient to pay such interest or installment of principal or
 04/05/11 8 89124-02-1

1 ________________________________________________________________________
contributions to such sinking fund payments or related payments, and

2 ________________________________________________________________________
shall so apply the moneys thus set apart, provided however that such

3 ________________________________________________________________________
revenues must be set aside and applied in a manner which ensures that

4 ________________________________________________________________________
pledged revenues are applied only to payments on debt for which such

5 ________________________________________________________________________
revenues were pledged pursuant to subdivision 2 of section 11 of this

6 ________
article. The comptroller may be required to set aside and apply such

7 revenues as aforesaid, at the suit of any holder of such bonds.

8 Notwithstanding the foregoing provisions of this section, the comp-

9 troller may covenant with the purchasers of any state obligations that

10 they shall have no further rights against the state for payment of such

11 obligations or any interest thereon after an amount or amounts deter-

12 mined in accordance with the provisions of such covenant is deposited in

13 a described fund or with a named or described agency or trustee. In such

14 case, this section shall have no further application with respect to

15 payment of such obligations or any interest thereon after the comp-

16 troller has complied with the prescribed conditions of such covenant.

17 § 4. Resolved (if the concur), That article 7 of the constitu-

18 tion be amended by adding a new section 1-a to read as follows:

19 ______________________________________________________________________
§ 1-a. Within ten days following the submission of the budget by the

20 ________________________________________________________________________
governor pursuant to this article, such bills shall be referred to a

21 ________________________________________________________________________
joint budget conference committee to consider and reconcile such budget

22 ________________________________________________________________________
resolution or budget bills as may be passed by each house. The temporary

23 ________________________________________________________________________
president of the senate and the speaker of the assembly shall jointly

24 ________________________________________________________________________
convene such joint budget conference committee. Such conference commit-

25 _______________________________________________________________________
tee meetings shall be required to meet and shall be open to the public.

26 § 5. Resolved (if the concur), That article 7 of the constitu-

27 tion be amended by adding a new section 1-b to read as follows:

 04/05/11 9 89124-02-1

1 ______________________________________________________________________
§ 1-b. 1. By the end of February in each year, prior to the report

2 ________________________________________________________________________
required by subdivision 2 of this section, the chairperson and ranking

3 ________________________________________________________________________
minority member of the senate finance committee, the chairperson and

4 ________________________________________________________________________
ranking minority member of the assembly ways and means committee and the

5 ________________________________________________________________________
director of the budget shall jointly convene a consensus economic and

6 ________________________________________________________________________
revenue forecasting conference in the form of a joint legislative-execu-

7 ________________________________________________________________________
tive hearing, for the purpose of assisting the governor and the legisla-

8 ________________________________________________________________________
ture in reaching the consensus revenue forecast required by subdivision

9 ________________________________________________________________________
2 of this section. The conveners of the conference shall invite the

10 ________________________________________________________________________
state comptroller and such other participants to the conference as

11 ________________________________________________________________________
shall, in their judgment, provide guidance on the current conditions in,

12 ________________________________________________________________________
and probable outlook for the performance of, the economy of the state,

13 ________________________________________________________________________
as well as the effect of such conditions and such performance on state

14 _________
receipts.

15 ______________________________________________________________________
2. On or before March first in each year, the director of the budget

16 ________________________________________________________________________
and the secretary of the senate finance committee and the secretary of

17 ________________________________________________________________________
the assembly ways and means committee shall issue a joint report

18 ________________________________________________________________________
containing a consensus forecast of the economy and specific binding

19 ________________________________________________________________________
estimates of receipts and any and all other available resources used to

20 ________________________________________________________________________
support disbursement for the current and the ensuing state fiscal year.

21 ________________________________________________________________________
Such estimates shall include, but not be limited to: expected tax

22 ________________________________________________________________________
receipts on an all-funds basis, projected lottery receipts, anticipated

23 ________________________________________________________________________
miscellaneous receipts and other financing sources including, but not

24 ________________________________________________________________________
limited to, re-estimates that would lower current projected disburse-

25 ________________________________________________________________________
ments as well as other resources that would be used to support disburse-

26 ________________________________________________________________________
ments. The estimate of receipts for the ensuing fiscal year contained in

27 ________________________________________________________________________
the report shall be all receipts from such sources described in this

28 ________________________________________________________________________
subdivision available to make disbursements authorized by the the appro-
 04/05/11 10 89124-02-1

1 ________________________________________________________________________
priation bills submitted by the governor pursuant to section 3 of this

2 ________________________________________________________________________
article for the ensuing fiscal year. The comptroller shall comment on

3 _____________________________________________________________
the reasonableness and reliability of the consensus forecast.

4 ______________________________________________________________________
3. On a failure of the director of the budget, the secretary of the

5 ________________________________________________________________________
senate finance committee and the secretary of the assembly ways and

6 ________________________________________________________________________
means committee to issue a joint report containing a consensus forecast

7 ________________________________________________________________________
as provided in subdivision 2 of this section, or if the state comp-

8 ________________________________________________________________________
troller rejects such forecast, the state comptroller shall, on or before

9 ________________________________________________________________________
March fifth, provide binding estimates of receipts and other resources

10 ________________________________________________________________________
for the current and the ensuing state fiscal year. Such estimates shall

11 ________________________________________________________________________
include, but not be limited to, expected tax receipts on an all-funds

12 ________________________________________________________________________
basis, projected lottery receipts, miscellaneous receipts, anticipated

13 ________________________________________________________________________
miscellaneous receipts and other financing sources including re-esti-

14 ________________________________________________________________________
mates that would lower current projected disbursements as well as other

15 ________________________________________________________________________
resources that would be used to support disbursements. In rendering his

16 ________________________________________________________________________
or her estimate, as required in this subdivision, the comptroller shall

17 ________________________________________________________________________
give due consideration to the inherent risks in economic and revenue

18 ________________________________________________________________________
forecasting and the interest of the state to maintain budget balance

19 ________________________________________________________________________
throughout the fiscal year. The estimate of receipts for the ensuing

20 ________________________________________________________________________
fiscal year provided by the state comptroller shall be all receipts and

21 ________________________________________________________________________
other resources from such sources available to make disbursements

22 ________________________________________________________________________
authorized by the appropriation bills submitted by the governor pursuant

23 _________________________________________________________
to section 3 of this article for the ensuing fiscal year.

24 § 6. Resolved (if the concur), That section 2 of article 7 of

25 the constitution be amended to read as follows:

26 § 2. Annually, on or before the first day of February in each year

27 following the year fixed by the constitution for the election of gover-

28 nor and lieutenant governor, and on or before the second Tuesday follow-
 04/05/11 11 89124-02-1

1 ing the first day of the annual meeting of the legislature, in all other

2 years, the governor shall submit to the legislature a budget containing

3 a complete plan of expenditures proposed to be made before the close of

4 the ensuing fiscal year and all moneys and revenues estimated to be

5 available therefor, together with an explanation of the basis of such

6 estimates and recommendations as to proposed legislation, if any, which

7 the governor may deem necessary to provide moneys and revenues suffi-

8 cient to meet such proposed expenditures. It shall also contain such

9 other recommendations and information as the governor may deem proper

10 and such additional information as may be required by law.

11 ______________________________________________________________________
Annually, as provided by law, the governor shall submit to the legis-

12 ________________________________________________________________________
lature a detailed long-term capital program and financing plan concur-

13 _______________________________
rent with the executive budget.

14 § 7. Resolved (if the concur), That the foregoing amendments be

15 referred to the first regular legislative session convening after the

16 next succeeding general election of members of the assembly, and, in

17 conformity with section 1 of article 19 of the constitution, be

18 published for 3 months previous to the time of such election.