Bill Text: NY A05176 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to borrowing by public authorities, not-for-profit corporations, and industrial development agencies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-03-11 - enacting clause stricken [A05176 Detail]
Download: New_York-2011-A05176-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 5176 2011-2012 Regular Sessions I N A S S E M B L Y February 14, 2011 ___________ Introduced by M. of A. P. RIVERA -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, the not-for-profit corpo- ration law and the general municipal law, in relation to borrowing by public authorities, not-for-profit corporations, and industrial devel- opment agencies 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 2960-a to read as follows: 3 S 2960-A. LIMITATIONS ON BORROWING. NO PUBLIC AUTHORITY OR OFFICER 4 THEREOF MAY TAKE ANY ACTION TO AUTHORIZE, APPROVE, ISSUE OR OTHERWISE 5 FACILITATE THE ISSUANCE, MARKETING, SALE OR APPROVAL OF ANY BOND OR 6 BORROWING WHOSE AGGREGATE AMOUNT EXCEEDS FIFTY MILLION DOLLARS UNLESS 1. 7 THE PROJECTS PROJECTED JOB CREATION AND/OR INVESTMENT IN THE PROPOSED 8 LOCATION OR LOCATIONS VERSUS THE TOTAL AMOUNT OF BENEFITS THE BUSINESS 9 ENTERPRISE WILL POTENTIALLY RECEIVE SHALL BE A RATIO OF AT LEAST 20:1, 10 THE NUMERATOR OF WHICH IS THE SUM OF (A) THE ESTIMATED VALUE OF ALL 11 WAGES AND BENEFITS PAID TO ALL EXISTING AND PROJECTED EMPLOYEES OF THE 12 BUSINESS ENTERPRISE AT THE LOCATION OR LOCATIONS AND (B) THE ESTIMATED 13 VALUE OF CAPITAL INVESTMENTS FOR THE LOCATION OR LOCATIONS, AND THE 14 DENOMINATOR OF WHICH IS THE ESTIMATED AMOUNT OF TOTAL BENEFITS THAT MAY 15 BE USED BY THE BUSINESS ENTERPRISE; AND 2. THE COST OF CREATION OF 16 PERMANENT NEW JOBS IS LESS THAN FIFTY THOUSAND DOLLARS. 17 S 2. Section 506 of the not-for-profit corporation law is amended by 18 adding a new paragraph (e) to read as follows: 19 (E) LIMITATIONS ON BORROWING. NO NOT-FOR-PROFIT CORPORATION OR OFFICER 20 THEREOF MAY TAKE ANY ACTION TO AUTHORIZE, APPROVE, ISSUE OR OTHERWISE 21 FACILITATE THE ISSUANCE, MARKETING, SALE OR APPROVAL OF ANY BOND OR 22 BORROWING WHOSE AGGREGATE AMOUNT EXCEEDS FIFTY MILLION DOLLARS UNLESS 23 (1) THE PROJECTS PROJECTED JOB CREATION AND/OR INVESTMENT IN THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04157-01-1 A. 5176 2 1 PROPOSED LOCATION OR LOCATIONS VERSUS THE TOTAL AMOUNT OF BENEFITS THE 2 BUSINESS ENTERPRISE WILL POTENTIALLY RECEIVE SHALL BE A RATIO OF AT 3 LEAST 20:1, THE NUMERATOR OF WHICH IS THE SUM OF (I) THE ESTIMATED VALUE 4 OF ALL WAGES AND BENEFITS PAID TO ALL EXISTING AND PROJECTED EMPLOYEES 5 OF THE BUSINESS ENTERPRISE AT THE LOCATION OR LOCATIONS AND (II) THE 6 ESTIMATED VALUE OF CAPITAL INVESTMENTS FOR THE LOCATION OR LOCATIONS, 7 AND THE DENOMINATOR OF WHICH IS THE ESTIMATED AMOUNT OF TOTAL BENEFITS 8 THAT MAY BE USED BY THE BUSINESS ENTERPRISE; AND (2) THE COST OF 9 CREATION OF PERMANENT NEW JOBS IS LESS THAN FIFTY THOUSAND DOLLARS. 10 S 3. The general municipal law is amended by adding a new section 11 858-c to read as follows: 12 S 858-C. LIMITATIONS ON BORROWING. NO INDUSTRIAL DEVELOPMENT AGENCY OR 13 OFFICER THEREOF MAY TAKE ANY ACTION TO AUTHORIZE, APPROVE, ISSUE OR 14 OTHERWISE FACILITATE THE ISSUANCE, MARKETING, SALE OR APPROVAL OF ANY 15 BOND OR BORROWING WHOSE AGGREGATE AMOUNT EXCEEDS FIFTY MILLION DOLLARS 16 UNLESS (1) THE PROJECTS PROJECTED JOB CREATION AND/OR INVESTMENT IN THE 17 PROPOSED LOCATION OR LOCATIONS VERSUS THE TOTAL AMOUNT OF BENEFITS THE 18 BUSINESS ENTERPRISE WILL POTENTIALLY RECEIVE SHALL BE A RATIO OF AT 19 LEAST 20:1, THE NUMERATOR OF WHICH IS THE SUM OF (I) THE ESTIMATED VALUE 20 OF ALL WAGES AND BENEFITS PAID TO ALL EXISTING AND PROJECTED EMPLOYEES 21 OF THE BUSINESS ENTERPRISE AT THE LOCATION OR LOCATIONS AND (II) THE 22 ESTIMATED VALUE OF CAPITAL INVESTMENTS FOR THE LOCATION OR LOCATIONS, 23 AND THE DENOMINATOR OF WHICH IS THE ESTIMATED AMOUNT OF TOTAL BENEFITS 24 THAT MAY BE USED BY THE BUSINESS ENTERPRISE; AND (2) THE COST OF 25 CREATION OF PERMANENT NEW JOBS IS LESS THAN FIFTY THOUSAND DOLLARS. 26 S 4. This act shall take effect immediately.