Bill Text: NY A10275 | 2023-2024 | General Assembly | Introduced
Bill Title: Extends until September 30, 2027 provisions authorizing a fifty percent subsidy in connection with the state water pollution control revolving fund.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-05-30 - substituted by s9322 [A10275 Detail]
Download: New_York-2023-A10275-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10275 IN ASSEMBLY May 16, 2024 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Sillitti) -- (at request of the Environmental Facilities Corporation) -- read once and referred to the Committee on Environmental Conservation AN ACT to amend the environmental conservation law, in relation to water pollution control revolving fund agreements The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph a of subdivision 3 of section 17-1909 of the 2 environmental conservation law, as amended by chapter 259 of the laws of 3 2021, is amended to read as follows: 4 a. The corporation is authorized to promulgate regulations, developed 5 in consultation with the commissioner and the director of the division 6 of the budget, for the purpose of carrying out its responsibilities 7 under this section, including establishing criteria and standards for 8 determining the amount of financial assistance to a municipality for an 9 eligible project. To the extent financial assistance to a municipality 10 for an eligible project is provided as a loan from the proceeds of bonds 11 or notes of the corporation, the amount of an allocation applicable to 12 the portion of such eligible project financed with such loan shall be, 13 subject to such maximum financial limitations as may otherwise be neces- 14 sary and prescribed by the commissioner and the director of the division 15 of the budget, thirty-three and one-third percent of the principal 16 amount of such loan outstanding at any time for such eligible project, 17 to the extent reasonably practicable, and subject to such deviation as 18 may be necessary, in connection with the administration and investment 19 of moneys in the fund, unless allocations in differing amounts are 20 necessary to preclude a determination by the commissioner or the corpo- 21 ration pursuant to paragraph e of subdivision eight of this section or 22 unless an allocation in a differing amount is required for an innovative 23 technology demonstration project; provided, however, that in the case of 24 any municipality which has, during the period commencing on June first, 25 nineteen hundred ninety-two and ending on September thirtieth, two thou- 26 sand [twenty-four] twenty-seven, (i) submitted an application for finan- 27 cial assistance in the form of such a loan for an eligible project, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14288-01-4A. 10275 2 1 which application has been accepted by the corporation, (ii) closed on 2 such loan, and (iii) commenced construction of such eligible project, 3 the allocation applicable to the portion of such project financed with 4 such loan shall be, subject to maximum financial limitations as may 5 otherwise be necessary and prescribed by the commissioner and the direc- 6 tor of the division of the budget, fifty percent of the principal 7 balance outstanding on such loan at any time for such eligible project, 8 to the extent reasonably practicable, and subject to such deviation as 9 may be necessary, in connection with the administration and investment 10 of moneys in the fund, unless allocations in differing amounts are 11 necessary to preclude a determination by the commissioner or the corpo- 12 ration pursuant to paragraph e of subdivision eight of this section or 13 unless an allocation in a differing amount is required for an innovative 14 technology demonstration project. 15 § 2. The closing paragraph of subdivision 8 of section 17-1909 of the 16 environmental conservation law, as amended by chapter 259 of the laws of 17 2021, is amended to read as follows: 18 The interest rate charged on any loan made by the corporation pursuant 19 to this subdivision shall be no more than two-thirds of the market rate 20 of interest otherwise applicable thereto, provided, however, that in the 21 case of any municipality which has, during the period commencing on June 22 first, nineteen hundred ninety-two and ending on September thirtieth, 23 two thousand [twenty-four] twenty-seven, (i) submitted an application 24 for financial assistance in the form of a loan from the corporation 25 pursuant to this subdivision, for an eligible project, which application 26 has been accepted by the corporation, (ii) closed on such loan, and 27 (iii) commenced construction of such eligible project, the interest rate 28 charged on such loan shall be no more than one-half of the market rate 29 otherwise applicable thereto. 30 § 3. This act shall take effect immediately.
