Bill Text: NY S03019 | 2009-2010 | General Assembly | Introduced
Bill Title: Establishes the small business clean environment fund for the purpose of allowing the environmental facilities corporation and the urban development corporation to assist small businesses in obtaining loans from financial institutions for the acquisition of pollution control equipment to achieve pollution prevention and/or compliance with federal and state environmental laws.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-06-08 - REPORTED AND COMMITTED TO FINANCE [S03019 Detail]
Download: New_York-2009-S03019-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3019
2009-2010 Regular Sessions
I N S E N A T E
March 9, 2009
___________
Introduced by Sen. VALESKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Commerce, Economic Devel-
opment and Small Business
AN ACT to amend the economic development law, the public authorities law
and the New York state urban development corporation act, in relation
to financial assistance to small businesses for the purpose of envi-
ronmental compliance
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraphs l and m of subdivision 2 of section 137 of the
2 economic development law, paragraph l as amended and paragraph m as
3 added by chapter 594 of the laws of 1994, are amended and a new para-
4 graph n is added to read as follows:
5 l. providing information to small business stationary sources on
6 state-sponsored programs offering financial and technical assistance,
7 and in locating sources of funding for compliance with the requirements
8 of article nineteen of the environmental conservation law and the Act;
9 [and]
10 m. establishing procedures for assuring the confidentiality of infor-
11 mation received from small business stationary sources[.]; AND
12 N. MARKETING THE SMALL BUSINESS CLEAN ENVIRONMENT FUND ESTABLISHED
13 PURSUANT TO SECTION TWELVE HUNDRED EIGHTY-FIVE-S OF THE PUBLIC AUTHORI-
14 TIES LAW TO SMALL BUSINESS STATIONARY SOURCES, ASSISTING THE NEW YORK
15 STATE URBAN DEVELOPMENT CORPORATION IN THE PROJECTION OF DEMAND FOR
16 FINANCIAL ASSISTANCE PURSUANT TO SECTION SIXTEEN-M OF THE NEW YORK STATE
17 URBAN DEVELOPMENT CORPORATION ACT.
18 S 2. The public authorities law is amended by adding a new section
19 1285-s to read as follows:
20 S 1285-S. SMALL BUSINESS CLEAN ENVIRONMENT FUND. 1. THE CORPORATION
21 SHALL UNDERTAKE AND PROVIDE ASSISTANCE IN SUPPORT OF A PROGRAM TO ASSIST
22 SMALL BUSINESSES IN LEVERAGING CAPITAL FROM FINANCIAL INSTITUTIONS TO
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03567-01-9
S. 3019 2
1 ACHIEVE POLLUTION PREVENTION AND/OR COMPLIANCE WITH FEDERAL OR STATE
2 ENVIRONMENTAL LAWS.
3 2. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE CORPORATION A
4 SPECIAL FUND TO BE KNOWN AS THE SMALL BUSINESS CLEAN ENVIRONMENT FUND.
5 MONEYS IN SUCH FUND SHALL BE SEGREGATED FROM ALL OTHER FUNDS OF OR IN
6 THE CUSTODY OF THE CORPORATION SUBJECT TO ANY RIGHTS OF HOLDERS OF
7 CORPORATION BONDS OR NOTES ISSUED FOR THE PURPOSES OF THIS SECTION.
8 MONEYS IN SUCH FUND SHALL ONLY BE USED IN ACCORDANCE WITH THE PROVISIONS
9 OF THIS SECTION. THE MONEYS IN SUCH FUND SHALL BE APPLIED TO OR PAID OUT
10 FOR AUTHORIZED PURPOSES OF SUCH FUND ON THE DIRECTION OF THE CHAIRMAN OF
11 THE CORPORATION IN ACCORDANCE WITH SUBDIVISION FOUR OF THIS SECTION, OR
12 SUCH OTHER PERSON AS THE CORPORATION SHALL AUTHORIZE TO MAKE SUCH DIREC-
13 TION.
14 3. SUCH FUND SHALL CONSIST OF ALL OF THE FOLLOWING: (A) MONEYS APPRO-
15 PRIATED BY THE STATE LEGISLATURE FOR THE PURPOSE OF SUCH FUND OR OTHER-
16 WISE TRANSFERRED BY THE STATE FOR DEPOSIT THEREIN BY THE COMPTROLLER AS
17 REQUIRED BY LAW; (B) PAYMENTS OF THE LOAN ORIGINATION FEE AUTHORIZED
18 PURSUANT TO SUBDIVISION SIX OF THIS SECTION; (C) INVESTMENT EARNINGS ON
19 AMOUNTS IN SUCH FUND; (D) THE PROCEEDS OF BONDS OR NOTES ISSUED BY THE
20 CORPORATION FOR PURPOSES OF LEVERAGING CAPITAL ON BEHALF OF SMALL BUSI-
21 NESSES SEEKING TO ACHIEVE POLLUTION PREVENTION AND/OR COMPLY WITH FEDER-
22 AL OR STATE ENVIRONMENTAL LAWS; AND (E) ANY OTHER PAYMENTS RECEIVED FROM
23 THE FEDERAL GOVERNMENT OR OTHER SOURCES FOR THE PURPOSES OF THE FUND.
24 4. (A) MONEYS IN SUCH FUND SHALL BE APPLIED BY THE CORPORATION AS A
25 LOAN LOSS RESERVE FUND, TO PROVIDE CREDIT ENHANCEMENT TO ENCOURAGE
26 FINANCIAL INSTITUTIONS TO MAKE POLLUTION PREVENTION OR COMPLIANCE LOANS
27 TO SMALL BUSINESSES.
28 (B) THE CORPORATION IS HEREBY AUTHORIZED TO PROVIDE ASSISTANCE IN THE
29 FORM OF A LOAN LOSS RESERVE FUND FOR LOANS BY FINANCIAL INSTITUTIONS TO
30 SMALL BUSINESSES THAT OTHERWISE FIND IT DIFFICULT TO OBTAIN BANK FINANC-
31 ING FOR POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES. THE CORPORATION
32 MAY USE MONEYS IN THE FUND TO GUARANTEE UP TO NINETY PERCENT OF THE
33 OUTSTANDING PRINCIPAL OF EACH LOAN TO BE MADE BY A FINANCIAL INSTITUTION
34 TO A SMALL BUSINESS FOR POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES,
35 PROVIDED, HOWEVER, THAT NO LOAN BY A FINANCIAL INSTITUTION PURSUANT TO
36 THIS SECTION SHALL EXCEED FIVE HUNDRED THOUSAND DOLLARS.
37 5. (A) THE CORPORATION SHALL ENTER INTO AGREEMENTS WITH FINANCIAL
38 INSTITUTIONS GOVERNING PARTICIPATION IN THE FUND WHICH SHALL INCLUDE,
39 BUT NOT BE LIMITED TO, THE TERMS OF THE PAYMENT OF CLAIMS PURSUANT TO
40 SUBDIVISION SEVEN OF THIS SECTION. SUCH AGREEMENTS SHALL SET FORTH ANY
41 LOAN APPLICATION FEE TO BE CHARGED BY THE FINANCIAL INSTITUTION TO THE
42 APPLICANT AND THE LOAN ORIGINATION FEE TO BE PAID TO THE CORPORATION FOR
43 LOANS PURSUANT TO THIS SECTION. IN ENTERING INTO AGREEMENTS WITH FINAN-
44 CIAL INSTITUTIONS, THE CORPORATION SHALL GIVE PRIORITY TO THE EXECUTION
45 OF AGREEMENTS WHICH PROVIDE FOR THE PARTICIPATION OF A CONSORTIUM OF
46 FINANCIAL INSTITUTIONS SERVING AN ENTIRE ECONOMIC DEVELOPMENT REGION AS
47 DEFINED IN SECTION TWO HUNDRED THIRTY OF THE ECONOMIC DEVELOPMENT LAW.
48 (B) THE CORPORATION SHALL ALSO ESTABLISH PROCEDURES AND OTHER REQUIRE-
49 MENTS FOR SMALL BUSINESS PARTICIPATION. SUCH PROCEDURES SHALL INCLUDE A
50 SIMPLIFIED APPLICATION FORM FOR SMALL BUSINESSES SEEKING ASSISTANCE.
51 SUCH APPLICATION SHALL REQUIRE A DEMONSTRATION BY THE APPLICANT THAT
52 DIFFICULTY IN OBTAINING CONVENTIONAL BANK FINANCING FOR POLLUTION
53 PREVENTION OR COMPLIANCE ACTIVITIES IMPEDES THE ABILITY OF THE APPLICANT
54 TO ACHIEVE POLLUTION PREVENTION OR COMPLY WITH FEDERAL OR STATE ENVIRON-
55 MENTAL LAWS. SUCH APPLICATION SHALL ALSO INCLUDE SUCH SPECIFIC INFORMA-
56 TION AS THE CORPORATION MAY REQUIRE, WITH REGARD TO THE POLLUTION
S. 3019 3
1 PREVENTION OR COMPLIANCE ACTIVITIES PROPOSED, AND THE ESTIMATED COST OF
2 FINANCING SUCH ACTIVITIES.
3 (C) WITHIN TWENTY-EIGHT DAYS OF RECEIPT OF AN APPLICATION PURSUANT TO
4 THIS SECTION, THE CORPORATION SHALL EITHER APPROVE OR REJECT SUCH APPLI-
5 CATION. THE CORPORATION SHALL APPROVE AN APPLICATION PURSUANT TO PARA-
6 GRAPH (B) OF THIS SUBDIVISION BASED UPON A DETERMINATION THAT:
7 (1) THE PROPOSED POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES WILL
8 ASSIST THE SMALL BUSINESS IN ACHIEVING POLLUTION PREVENTION AND/OR FULL
9 COMPLIANCE WITH FEDERAL OR STATE ENVIRONMENTAL LAWS;
10 (2) A LOAN IS REQUIRED TO FINANCE THE POLLUTION PREVENTION OR COMPLI-
11 ANCE ACTIVITIES;
12 (3) APPROVAL IS NOT SOUGHT FOR AN OUTSTANDING LOAN PREVIOUSLY MADE BY
13 A FINANCIAL INSTITUTION TO THE SMALL BUSINESS; AND
14 (4) NO CONCURRENT LOAN HAS BEEN MADE TO THE SMALL BUSINESS PURSUANT TO
15 THIS SECTION.
16 (D) IN THE APPROVAL OF APPLICATIONS, THE CORPORATION SHALL GIVE PREF-
17 ERENCE TO THOSE SMALL BUSINESSES WHICH ARE:
18 (1) SEEKING TO COMPLY WITH NEW REQUIREMENTS IMPOSED PURSUANT TO FEDER-
19 AL OR STATE ENVIRONMENTAL LAWS; AND ARE
20 (2) CERTIFIED BUSINESSES LOCATED IN EMPIRE ZONES OR IN HIGHLY
21 DISTRESSED AREAS OR MINORITY-OWNED BUSINESS ENTERPRISES OR WOMEN-OWNED
22 BUSINESS ENTERPRISES.
23 (E) UPON APPROVAL OR DENIAL OF AN APPLICATION, THE CORPORATION SHALL
24 NOTIFY THE APPLICANT OF SUCH ACTION BY REGULAR MAIL. THE CORPORATION MAY
25 ALSO NOTIFY ANY FINANCIAL INSTITUTION OF THE APPROVAL OR DENIAL OF AN
26 APPLICATION.
27 6. (A) DECISIONS TO EXECUTE A LOAN PURSUANT TO THIS SECTION SHALL BE
28 MADE SOLELY BY THE FINANCIAL INSTITUTION AND MAY PROVIDE FOR SUCH INTER-
29 EST RATE, FEES AND OTHER TERMS AND CONDITIONS AS THE FINANCIAL INSTITU-
30 TION AND BORROWER MAY AGREE, PROVIDED, HOWEVER, THAT:
31 (1) UNLESS APPROVED BY THE CORPORATION, THE TERM OF THE LOAN SHALL NOT
32 EXCEED SEVEN YEARS OR THE ESTIMATED USEFUL LIFE OF ANY FINANCED CHANGES
33 IN PRODUCTION METHODS OR EQUIPMENT, WHICHEVER IS LESS; AND
34 (2) IF THE AMOUNT OF THE LOAN IS DETERMINED BY A COMMITMENT AGREEMENT
35 THAT ESTABLISHES A LINE OF CREDIT, THE AMOUNT OF THE ACTUAL LOAN IS THE
36 MAXIMUM AMOUNT AVAILABLE TO THE BORROWER UNDER THE AGREEMENT.
37 (B) A SMALL BUSINESS, IN RECEIPT OF A LOAN PURSUANT TO THIS SECTION,
38 SHALL PAY AN ORIGINATION FEE TO THE CORPORATION UPON DISTRIBUTION OF
39 LOAN PROCEEDS. MONEYS FROM SUCH A FEE SHALL BE DEPOSITED IN THE FUND;
40 PROVIDED, HOWEVER, THAT THE CORPORATION, IN CONSULTATION WITH THE DIREC-
41 TOR OF THE DIVISION OF THE BUDGET, MAY USE A PORTION OF SUCH MONEYS FOR
42 THE ADMINISTRATION OF THE FUND. NOTHING CONTAINED IN THIS SECTION SHALL
43 PROHIBIT THE FINANCING OF THE ORIGINATION FEE IN THE TERMS OF THE LOAN.
44 7. (A) UPON THE DEFAULT OF A LOAN MADE PURSUANT TO THIS SECTION, A
45 FINANCIAL INSTITUTION MAY FILE CONTEMPORANEOUSLY WITH A NOTICE OF
46 DEFAULT TO THE SMALL BUSINESS, A CLAIM WITH THE CORPORATION TO RECOVER
47 THE OUTSTANDING PRINCIPAL PLUS ACCRUED INTEREST AND ONE-HALF OF THE
48 DOCUMENTED OUT-OF-POCKET EXPENSES INCURRED IN PURSUING LOAN COLLECTION
49 EFFORTS, INCLUDING PRESERVATION OF COLLATERAL. THE AMOUNT OF PRINCIPAL
50 AND ACCRUED INTEREST INCLUDED IN THE CLAIM MAY NOT EXCEED THE PRINCIPAL
51 AMOUNT AGREED UPON AT THE TIME OF CLOSING, PLUS ACCRUED INTEREST ATTRIB-
52 UTABLE TO SUCH AGREED UPON AMOUNTS, CONSISTENT WITH THE REQUIREMENTS OF
53 THIS SECTION.
54 (B) FOR LOANS MADE PURSUANT TO THIS SECTION, THE FINANCIAL INSTITUTION
55 SHALL DETERMINE A LOAN TO BE IN DEFAULT IN A MANNER CONSISTENT WITH
S. 3019 4
1 METHODS EMPLOYED BY THE FINANCIAL INSTITUTION FOR SIMILAR LOANS NOT MADE
2 PURSUANT TO THIS SECTION.
3 (C) THE CORPORATION IS AUTHORIZED AND DIRECTED TO ADOPT RULES AND
4 REGULATIONS GOVERNING THE PAYMENT OF CLAIMS FROM THE FUND. SUCH RULES
5 AND REGULATIONS SHALL PROVIDE THAT UPON RECEIPT OF A CLAIM FILED BY A
6 FINANCIAL INSTITUTION, THE CORPORATION SHALL, WITHIN TEN BUSINESS DAYS,
7 PAY FROM THE FUND THE AMOUNT OF THE CLAIM AS SUBMITTED, UNLESS INFORMA-
8 TION PROVIDED BY THE FINANCIAL INSTITUTION IS FOUND BY THE CORPORATION
9 TO BE INCOMPLETE OR WAS KNOWN BY THE FINANCIAL INSTITUTION TO BE FALSE
10 AT THE CLOSING OF THE LOAN. THE TERMS OF THE PAYMENT OF CLAIMS FROM THE
11 FUND SHALL BE INCLUDED IN THE AGREEMENT ENTERED INTO BY THE CORPORATION
12 AND THE FINANCIAL INSTITUTION PURSUANT TO SUBDIVISION FIVE OF THIS
13 SECTION.
14 (D) UPON PAYMENT OF A CLAIM, THE CORPORATION SHALL REPORT THE CLAIM TO
15 THE OFFICE OF THE ATTORNEY GENERAL, WHO THEN SHALL EXERCISE THE RIGHTS
16 OF SUBROGATION. THE FINANCIAL INSTITUTION THEREAFTER SHALL ASSIGN TO THE
17 ATTORNEY GENERAL ANY RIGHT, TITLE, OR INTEREST TO ANY COLLATERAL, SECU-
18 RITY, OR OTHER RIGHT OF RECOVERY IN CONNECTION WITH THE LOAN. ANY MONEY
19 RECEIVED BY THE ATTORNEY GENERAL AS A RESULT OF ENFORCEMENT ACTIONS
20 TAKEN WITH RESPECT TO ANY COLLATERAL, SECURITY OR OTHER RIGHTS OF RECOV-
21 ERY SHALL BE PROMPTLY DEPOSITED BY THE ATTORNEY GENERAL THROUGH THE
22 CORPORATION IN THE FUND, LESS ANY OUT-OF-POCKET EXPENSES INCURRED BY THE
23 ATTORNEY GENERAL IN TAKING SUCH ENFORCEMENT ACTIONS.
24 8. PURSUANT TO RULES AND REGULATIONS OF THE CORPORATION, THE CORPO-
25 RATION MAY TERMINATE THE PARTICIPATION OF A FINANCIAL INSTITUTION IN THE
26 FUND UPON A DETERMINATION THAT SUCH INSTITUTION IS NOT IN SUBSTANTIAL
27 COMPLIANCE WITH THE REQUIREMENTS OF THIS SECTION OR THE PROVISIONS OF AN
28 AGREEMENT EXECUTED PURSUANT TO SUBDIVISION FIVE OF THIS SECTION. THE
29 CORPORATION SHALL PROVIDE NOTICE TO A FINANCIAL INSTITUTION AT LEAST
30 NINETY DAYS IN ADVANCE OF SUCH TERMINATION.
31 9. THE CORPORATION SHALL MONITOR THE ACTIVITIES OF PARTICIPATING
32 FINANCIAL INSTITUTIONS AND SMALL BUSINESSES AND MAY REQUIRE SUCH PERIOD-
33 IC REPORTS OR OTHER INFORMATION AS DEEMED NECESSARY FROM SUCH INSTI-
34 TUTIONS AND BUSINESSES ON THE STATUS OF LOANS MADE PURSUANT TO THIS
35 SECTION. ON OR BEFORE THE FIRST DAY OF MARCH FOLLOWING THE EFFECTIVE
36 DATE OF THIS SECTION, AND ON SUCH DATE ANNUALLY THEREAFTER, THE CORPO-
37 RATION SHALL SUBMIT TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE
38 SENATE AND THE SPEAKER OF THE ASSEMBLY A REPORT ON THE FUND. SUCH REPORT
39 SHALL INCLUDE, BUT NOT BE LIMITED TO:
40 (A) THE TOTAL NUMBER AND AMOUNT OF LOANS AND THE AVERAGE AMOUNT OF
41 LOANS LEVERAGED BY THE FUND FROM FINANCIAL INSTITUTIONS IN EACH ECONOMIC
42 DEVELOPMENT REGION OF THE STATE AS DEFINED IN SECTION TWO HUNDRED THIRTY
43 OF THE ECONOMIC DEVELOPMENT LAW;
44 (B) THE TOTAL NUMBER AND AMOUNT OF LOANS AND THE AVERAGE AMOUNT OF
45 LOANS LEVERAGED BY THE FUND FROM FINANCIAL INSTITUTIONS PURSUANT TO
46 PARAGRAPH (D) OF SUBDIVISION FIVE OF THIS SECTION IN EACH SUCH REGION;
47 AND
48 (C) THE TOTAL NUMBER AND AMOUNT OF CLAIMS SUBMITTED BY FINANCIAL
49 INSTITUTIONS FOR RECOVERY OF MONEYS THROUGH THE FUND, THE TOTAL NUMBER
50 AND AMOUNT OF CLAIMS PAID FROM THE FUND AND A SUMMARY OF THE CIRCUM-
51 STANCES ASSOCIATED WITH CLAIMS ON THE FUND.
52 10. ON OR BEFORE THE FIRST DAY OF SEPTEMBER FOLLOWING THE EFFECTIVE
53 DATE OF THIS SECTION, AND ON SUCH DATE EVERY TWO YEARS THEREAFTER, THE
54 CORPORATION SHALL SUBMIT TO THE DIRECTOR OF THE BUDGET, THE CHAIR OF THE
55 SENATE FINANCE COMMITTEE AND THE CHAIR OF THE ASSEMBLY WAYS AND MEANS
56 COMMITTEE AN EVALUATION OF THE EFFECTIVENESS OF THE FUND IN REALIZING
S. 3019 5
1 POLLUTION PREVENTION BY SMALL BUSINESSES AND SECURING THE COMPLIANCE OF
2 SUCH BUSINESSES WITH FEDERAL AND STATE ENVIRONMENTAL LAWS. SUCH EVALU-
3 ATION SHALL BE PREPARED BY AN ENTITY INDEPENDENT OF THE CORPORATION
4 SELECTED THROUGH A REQUEST FOR PROPOSAL PROCESS AND SHALL INCLUDE RECOM-
5 MENDATIONS FOR IMPROVEMENTS TO THE IMPLEMENTATION OF THE FUND TO ENHANCE
6 SMALL BUSINESS POLLUTION PREVENTION AND COMPLIANCE.
7 11. THE CORPORATION SHALL MARKET THE FUND PROGRAM TO SMALL BUSINESSES
8 IN COOPERATION WITH FINANCIAL INSTITUTIONS, STATEWIDE TRADE ASSOCIATIONS
9 REPRESENTING FINANCIAL INSTITUTIONS AND SMALL BUSINESSES, LOCAL AND
10 REGIONAL ECONOMIC DEVELOPMENT AGENCIES, AND THE SMALL BUSINESS STATION-
11 ARY SOURCE OMBUDSMAN PROGRAM, ESTABLISHED PURSUANT TO SECTION ONE
12 HUNDRED THIRTY-SEVEN OF THE ECONOMIC DEVELOPMENT LAW. THE CORPORATION
13 SHALL DEVELOP A PROGRAM TO PROMOTE AWARENESS OF THE PROGRAM IN ALL
14 GEOGRAPHIC REGIONS OF THE STATE, TO ENSURE MAXIMUM PARTICIPATION BY
15 SMALL BUSINESSES AND FINANCIAL INSTITUTIONS AND THE FISCAL INTEGRITY OF
16 THE FUND. AGREEMENTS ENTERED INTO BY THE CORPORATION PURSUANT TO SUBDI-
17 VISION FIVE OF THIS SECTION SHALL REQUIRE A PLAN BY EACH FINANCIAL
18 INSTITUTION FOR MARKETING THE FUND IN HIGHLY DISTRESSED AREAS, EMPIRE
19 ZONES AND TO MINORITY-OWNED BUSINESS ENTERPRISES AND WOMEN-OWNED BUSI-
20 NESS ENTERPRISES, WITH APPROPRIATE LENDING OBJECTIVES IDENTIFIED BY EACH
21 FINANCIAL INSTITUTION FOR SUCH AREAS AND BUSINESSES.
22 12. THE CORPORATION IS AUTHORIZED AND DIRECTED TO ADOPT RULES AND
23 REGULATIONS FOR THE ESTABLISHMENT AND ADMINISTRATION OF THE FUND, IN
24 ACCORDANCE WITH THE STATE ADMINISTRATIVE PROCEDURE ACT. NO FUNDS SHALL
25 BE DISBURSED FROM THIS PROGRAM UNTIL SUCH RULES AND REGULATIONS HAVE
26 BEEN PROMULGATED BY THE CORPORATION.
27 13. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS OR TERMS
28 SHALL MEAN:
29 (A) "EMPIRE ZONE" SHALL MEAN AN AREA WITHIN THE STATE THAT HAS BEEN
30 DESIGNATED AN EMPIRE ZONE PURSUANT TO ARTICLE EIGHTEEN-B OF THE GENERAL
31 MUNICIPAL LAW.
32 (B) "FINANCIAL INSTITUTION" SHALL MEAN A BANKING ORGANIZATION, AS
33 DEFINED PURSUANT TO SECTION TWO OF THE BANKING LAW, A NEW YORK SMALL
34 BUSINESS INVESTMENT COMPANY AND A NEW YORK SPECIALIZED SMALL BUSINESS
35 INVESTMENT COMPANY, AS DEFINED PURSUANT TO SECTION TWO HUNDRED
36 TWENTY-EIGHT-A OF THE BANKING LAW, A LOCAL DEVELOPMENT CORPORATION, AS
37 DEFINED IN SUBDIVISION EIGHT OF SECTION EIGHTEEN HUNDRED ONE OF THIS
38 CHAPTER, AND THE NEW YORK BUSINESS DEVELOPMENT CORPORATION ESTABLISHED
39 PURSUANT TO SECTION TWO HUNDRED TEN OF THE BANKING LAW.
40 (C) "FUND" SHALL MEAN THE SMALL BUSINESS CLEAN ENVIRONMENT FUND ESTAB-
41 LISHED PURSUANT TO THIS SECTION.
42 (D) "HIGHLY DISTRESSED AREA" SHALL MEAN AN AREA MEETING THE CRITERIA
43 AS SET FORTH UNDER SUBDIVISION (A) OF SECTION NINE HUNDRED FIFTY-EIGHT
44 OF THE GENERAL MUNICIPAL LAW.
45 (E) "MINORITY-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING
46 AS DEFINED IN SUBDIVISION SEVEN OF SECTION THREE HUNDRED TEN OF THE
47 EXECUTIVE LAW.
48 (F) "POLLUTANT" SHALL MEAN ANY SUBSTANCE, CONTAMINANT, WASTE OR EMIS-
49 SION WHICH CONTRIBUTES TO POLLUTION AS DEFINED IN ARTICLE ONE OF THE
50 ENVIRONMENTAL CONSERVATION LAW.
51 (G) "POLLUTION PREVENTION" SHALL MEAN CHANGES IN PRODUCTION METHODS OR
52 RAW MATERIALS THAT REDUCE, AVOID, OR ELIMINATE THE USE OF TOXIC OR
53 HAZARDOUS SUBSTANCES OR THE GENERATION OF SUCH SUBSTANCES OR POLLUTANTS
54 PER UNIT OF PRODUCT, SO AS TO REDUCE RISKS TO THE HEALTH OF WORKERS,
55 CONSUMERS, OR THE ENVIRONMENT, WITHOUT SHIFTING RISKS BETWEEN WORKERS,
56 CONSUMERS, OR ENVIRONMENTAL MEDIA. POLLUTION PREVENTION INCLUDES THE
S. 3019 6
1 REDESIGN, MODIFICATION, UPGRADE OR REPLACEMENT OF PRODUCTION PROCESSES,
2 EQUIPMENT OR TECHNOLOGY; REFORMULATION OR REDESIGN OF PRODUCTS; SUBSTI-
3 TUTION OF INPUTS OR RAW MATERIALS; IMPROVEMENTS IN HOUSEKEEPING, MAINTE-
4 NANCE, TRAINING, OR INVENTORY CONTROL; AND EXTENDED USE OR REUSE OF
5 MATERIALS THROUGH METHODS INTEGRAL TO THE PRODUCTION PROCESS, SUCH AS
6 IN-PROCESS, CLOSED-LOOP RECYCLING. IT DOES NOT INCLUDE INCINERATION,
7 TRANSFER FROM ONE MEDIUM OF RELEASE OR DISCHARGE TO ANOTHER MEDIA, OFF-
8 SITE OR OUT-OF-PRODUCTION RECYCLING, END-OF-PIPE TREATMENT OR POLLUTION
9 CONTROL.
10 (H) "TOXIC OR HAZARDOUS SUBSTANCE" SHALL MEAN ANY SUBSTANCE LISTED AS
11 A SUBSTANCE HAZARDOUS TO PUBLIC HEALTH, SAFETY OR THE ENVIRONMENT IN
12 REGULATIONS PROMULGATED PURSUANT TO ARTICLE THIRTY-SEVEN OF THE ENVIRON-
13 MENTAL CONSERVATION LAW.
14 (I) "SMALL BUSINESS" SHALL HAVE THE SAME MEANING AS DEFINED IN SECTION
15 ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW.
16 (J) "WOMEN-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING AS
17 SUBDIVISION FIFTEEN OF SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
18 S 3. Subdivision 1 of section 16-m of section 1 of chapter 174 of the
19 laws of 1968, constituting the New York state urban development corpo-
20 ration act, is amended by adding a new paragraph (l) to read as follows:
21 (L) ASSISTANCE TO CAPITALIZE THE SMALL BUSINESS CLEAN ENVIRONMENT
22 FUND, ESTABLISHED PURSUANT TO SECTION TWELVE HUNDRED EIGHTY-FIVE-S OF
23 THE PUBLIC AUTHORITIES LAW.
24 S 4. This act shall take effect on the one hundred eightieth day after
25 it shall have become a law; provided, however, that effective immediate-
26 ly, the addition, amendment and/or repeal of any rules or regulations
27 necessary for the implementation of this act on its effective date are
28 authorized and directed to be made and completed on or before such date
29 and provided further that the amendments to section 16-m of section 1 of
30 chapter 174 of the laws of 1968, constituting the New York state urban
31 development corporation act, made by section three of this act, shall
32 not affect the expiration of such section and shall be deemed to expire
33 therewith.
