Bill Text: NY A08037 | 2011-2012 | General Assembly | Introduced

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Bill Title: Allows businesses to use funds received from minority and women-owned business development and lending program for the purpose of refinancing existing debt.

Spectrum: Moderate Partisan Bill (Democrat 7-2)

Status: (Introduced - Dead) 2012-01-04 - referred to economic development [A08037 Detail]

Download: New_York-2011-A08037-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8037
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 27, 2011
                                      ___________
       Introduced  by  M.  of  A.  SCARBOROUGH -- read once and referred to the
         Committee on Economic Development
       AN ACT to amend the urban development corporation act,  in  relation  to
         allowing  businesses  to  use  funds  received  from  the minority and
         women-owned business development and lending program for  the  purpose
         of refinancing existing debt
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
    2  sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
    3  constituting the urban development corporation act, as added by  chapter
    4  169 of the laws of 1994, are amended to read as follows:
    5    (vi) overnight lodging facilities[;
    6    (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
    7  project].
    8    S 2. Subparagraphs (vi) and (vii) of paragraph (d) of subdivision 1 of
    9  section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
   10  ing the urban development corporation act, as added by  chapter  169  of
   11  the  laws of 1994, are amended and a new subparagraph (viii) is added to
   12  read as follows:
   13    (vi) promote equity investment  in  minority-  and  women-owned  busi-
   14  nesses; [and]
   15    (vii)  establish a comprehensive technical assistance program in coop-
   16  eration with the department of economic development to assist  minority-
   17  and  women-owned  businesses and potential minority and women-entrepren-
   18  eurs[.]; AND
   19    (VIII) PROVIDE FOR THE REFINANCING OF DEBT OR EQUITY  INVESTED  IN  AN
   20  ENTERPRISE OR PROJECT.
   21    S  3.  This  act shall take effect on the ninetieth day after it shall
   22  have become a law; provided, however, that  effective  immediately,  the
   23  addition,  amendment  and/or  repeal of any rule or regulation necessary
   24  for the implementation of this act on its effective date are  authorized
   25  and directed to be made and completed on or before such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10363-03-1