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.
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