Bill Text: NY A00463 | 2009-2010 | General Assembly | Introduced

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Bill Title: Prohibits state borrowing where such borrowing would aid in the relocation of businesses from economically challenged neighborhoods; defines terms.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2011-01-05 - referred to ways and means [A00463 Detail]

Download: New_York-2009-A00463-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          463
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by M. of A. GIBSON, CASTRO -- Multi-Sponsored by -- M. of A.
         BRENNAN, HOOPER -- read once and referred to the Committee on Ways and
         Means
       AN ACT to amend the state finance law, in relation to restricting  state
         borrowing  where  the purpose or effect of such borrowing would aid in
         the relocation of any enterprise, business or similar activity from an
         economically challenged neighborhood
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  state finance law is amended by adding a new section
    2  55-a to read as follows:
    3    S 55-A. RESTRICTION ON BORROWING;  ECONOMICALLY  CHALLENGED  NEIGHBOR-
    4  HOOD.  1.  THE  STATE,  ITS AGENCIES AND AUTHORITIES SHALL NOT INCUR ANY
    5  DEBT OR AUTHORIZE OR ISSUE ANY BONDS, THE PURPOSE  OR  EFFECT  OF  WHICH
    6  WOULD  BE TO AID IN THE RELOCATION OF ANY ENTERPRISE, BUSINESS, OR SIMI-
    7  LAR ACTIVITY FROM AN ECONOMICALLY CHALLENGED NEIGHBORHOOD IN  THE  STATE
    8  OF NEW YORK.
    9    2. DEFINITIONS. (A) FOR THE PURPOSES OF THIS SECTION, AN "ECONOMICALLY
   10  CHALLENGED  NEIGHBORHOOD"  SHALL  MEAN  AN  AREA WITH A POPULATION OF AT
   11  LEAST TWO THOUSAND, WHICH, BASED ON THE MOST RECENT  CENSUS  TRACT  DATA
   12  AVAILABLE  CONSTITUTES  A  SINGLE CENSUS TRACT OR GROUP OF CENSUS TRACTS
   13  HAVING THE FOLLOWING STATISTICAL PROFILE:
   14    (I) A POVERTY RATE OF AT LEAST TWENTY PERCENT FOR THE  YEAR  TO  WHICH
   15  THE DATA RELATE; OR
   16    (II)  FOR  WHICH  AT  LEAST  TWENTY PERCENT OF THE POPULATION RECEIVES
   17  PUBLIC ASSISTANCE FOR THE YEAR TO WHICH THE DATA RELATE; AND
   18    (III) AN UNEMPLOYMENT RATE OF AT LEAST 1.25 TIMES THE STATEWIDE  UNEM-
   19  PLOYMENT RATE FOR THE YEAR TO WHICH THE DATA RELATE.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00231-01-1
       A. 463                              2
    1    (B)  FOR THE PURPOSES OF THIS SECTION, A CENSUS TRACT WHICH IS CONTIG-
    2  UOUS TO AN AREA WHICH MEETS THE CRITERIA IN PARAGRAPH (A) OF THIS SUBDI-
    3  VISION SHALL BE DEEMED TO BE AN ECONOMICALLY CHALLENGED NEIGHBORHOOD.
    4    S 2. This act shall take effect immediately.