Bill Text: NY A04314 | 2011-2012 | General Assembly | Introduced

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Bill Title: Creates the western NY economic development initiatives fund for purposes of funding approved projects from New York power authority surplus revenue; provides that money to come from surplus revenue.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-11-28 - enacting clause stricken [A04314 Detail]

Download: New_York-2011-A04314-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4314
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 3, 2011
                                      ___________
       Introduced  by  M.  of  A.  GABRYSZAK  --  read once and referred to the
         Committee on Corporations, Authorities and Commissions
       AN ACT to amend the public authorities law, in relation to investment of
         certain New York power authority surplus revenue in economic  develop-
         ment  and  to amend the state finance law, in relation to the creation
         of the western New York economic development initiatives fund
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  public  authorities  law  is amended by adding a new
    2  section 1012-b to read as follows:
    3    S 1012-B. REGIONAL INVESTMENT OF CERTAIN SURPLUS REVENUE.  PURSUANT TO
    4  THE PROVISIONS OF THE EIGHTH UNDESIGNATED PARAGRAPH OF SECTION ONE THOU-
    5  SAND FIVE OF THIS TITLE, WITHIN NINETY DAYS AFTER IDENTIFICATION OF  NET
    6  PROFITS,  THE AUTHORITY IS DIRECTED TO DEPOSIT ANY SURPLUS SO IDENTIFIED
    7  INTO THE "WESTERN NEW YORK ECONOMIC DEVELOPMENT INITIATIVES FUND" ESTAB-
    8  LISHED PURSUANT TO SECTION NINETY-NINE-T OF THE STATE  FINANCE  LAW  FOR
    9  PURPOSES  OF  INVESTMENT  IN ECONOMIC DEVELOPMENT INITIATIVES IN WESTERN
   10  NEW YORK APPROVED BY THE COMPTROLLER AND THE  COMMISSIONER  OF  ECONOMIC
   11  DEVELOPMENT.
   12    S  2. The state finance law is amended by adding a new section 99-t to
   13  read as follows:
   14    S 99-T. WESTERN NEW YORK ECONOMIC DEVELOPMENT INITIATIVES  FUND.    1.
   15  THERE  IS  HEREBY  ESTABLISHED  IN  THE JOINT CUSTODY OF THE STATE COMP-
   16  TROLLER AND THE COMMISSIONER OF ECONOMIC DEVELOPMENT A  SPECIAL  REVENUE
   17  FUND  TO  BE  KNOWN AS THE "WESTERN NEW YORK ECONOMIC DEVELOPMENT INITI-
   18  ATIVES FUND" FOR THE PURPOSES  OF  INVESTMENT  IN  ECONOMIC  DEVELOPMENT
   19  INITIATIVES  IN  WESTERN  NEW  YORK  APPROVED BY THE COMPTROLLER AND THE
   20  COMMISSIONER OF ECONOMIC DEVELOPMENT.
   21    2. SUCH FUND SHALL CONSIST OF ALL MONEYS APPROPRIATED FOR THE  PURPOSE
   22  OF SUCH FUND AND ALL MONEYS TRANSFERRED TO SUCH FUND PURSUANT TO SECTION
   23  ONE THOUSAND TWELVE-B OF THE PUBLIC AUTHORITIES LAW. ANY INTEREST EARNED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07784-01-1
       A. 4314                             2
    1  BY  THE  INVESTMENT  OF MONEYS IN SUCH FUND SHALL BE ADDED TO SUCH FUND,
    2  BECOME A PART OF SUCH FUND, AND BE USED FOR THE PURPOSE OF SUCH FUND.
    3    3.  MONEYS OF SUCH FUND SHALL BE AVAILABLE FOR APPROPRIATION AND ALLO-
    4  CATION ONLY TO ECONOMIC DEVELOPMENT  INITIATIVES  IN  WESTERN  NEW  YORK
    5  WHICH  HAVE  BEEN  APPROVED  BY  THE COMPTROLLER AND THE COMMISSIONER OF
    6  ECONOMIC DEVELOPMENT.
    7    4. THE MONEYS OF THE FUND SHALL BE PAID OUT ON THE AUDIT  AND  WARRANT
    8  OF THE COMPTROLLER ON VOUCHERS CERTIFIED OR APPROVED BY THE COMMISSIONER
    9  OF ECONOMIC DEVELOPMENT.
   10    5.  NOTWITHSTANDING  THE  PROVISIONS OF ANY GENERAL OR SPECIAL LAW, NO
   11  MONEYS SHALL BE AVAILABLE FROM THE FUND UNTIL  A  CERTIFICATE  OF  ALLO-
   12  CATION  AND  A  SCHEDULE  OF AMOUNTS TO BE AVAILABLE THEREFOR SHALL HAVE
   13  BEEN ISSUED BY THE DIRECTOR OF THE BUDGET, AND A COPY  OF  SUCH  CERTIF-
   14  ICATE  FILED  WITH THE COMPTROLLER. SUCH CERTIFICATE MAY BE AMENDED FROM
   15  TIME TO TIME BY THE DIRECTOR OF THE BUDGET  AND  A  COPY  OF  EACH  SUCH
   16  AMENDMENT SHALL BE FILED WITH THE COMPTROLLER.
   17    S 3. This act shall take effect immediately.