Bill Text: NY S05820 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to clarifying and making certain technical corrections to the public authorities reform act of 2009.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-04-20 - PRINT NUMBER 5820B [S05820 Detail]
Download: New_York-2011-S05820-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5820
2011-2012 Regular Sessions
I N S E N A T E
June 17, 2011
___________
Introduced by Sen. MARCELLINO -- (at request of the State Comptroller)
-- read twice and ordered printed, and when printed to be committed to
the Committee on Rules
AN ACT to amend the public authorities law and the general municipal
law, in relation to clarifying and making certain technical
corrections to the public authorities reform act of 2009; and to
repeal certain provisions of the public authorities law relating ther-
eto
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 2 of section 2 of the public authorities law,
2 as added by chapter 766 of the laws of 2005, is amended and a new subdi-
3 vision 7 is added to read as follows:
4 2. "local authority" shall mean (a) a public authority or public bene-
5 fit corporation created by or existing under this chapter or any other
6 law of the state of New York [whose] NONE OF THE members [do not hold a
7 civil office of the state,] OF WHICH (I) SERVE BY VIRTUE OF THEIR STATUS
8 AS A STATE OFFICER OR (II) are [not] appointed by the governor [or are
9 appointed by the governor specifically] UNLESS ALL OF THE GOVERNOR'S
10 APPOINTMENTS MUST BE MADE upon the NOMINATION OR recommendation of [the]
11 ONE OR MORE local [government or] governments OR LOCAL GOVERNMENT OFFI-
12 CIALS, ARE LIMITED TO LOCAL GOVERNMENT OFFICIALS, OR ANY COMBINATION
13 THEREOF; (b) a not-for-profit corporation, OTHER THAN A FIRE CORPORATION
14 OR A STATEWIDE ASSOCIATION OF LOCAL GOVERNMENTS OR LOCAL GOVERNMENT
15 OFFICIALS, affiliated with, sponsored by, or created by [a county, city,
16 town or village government] ONE OR MORE LOCAL GOVERNMENTS, OTHER LOCAL
17 AUTHORITIES, OR ANY COMBINATION THEREOF; (c) [a local industrial devel-
18 opmental agency or authority or other local public benefit corporation;]
19 ANY ORGANIZATION NOT INCLUDED IN PARAGRAPH (B) OF THIS SUBDIVISION,
20 OTHER THAN A PUBLIC CORPORATION, AN EDUCATION CORPORATION, A FIRE CORPO-
21 RATION OR A STATEWIDE ASSOCIATION OF LOCAL GOVERNMENTS OR LOCAL GOVERN-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11181-02-1
S. 5820 2
1 MENT OFFICIALS, THAT: (I) IS UNDER THE DIRECT OR INDIRECT CONTROL OF ONE
2 OR MORE LOCAL GOVERNMENTS, OTHER LOCAL AUTHORITIES, OR ANY COMBINATION
3 THEREOF; OR (II) RECEIVES OR PARTICIPATES IN THE ADMINISTRATION OF
4 PUBLIC GRANT OR LOAN MONEY OBTAINED BY, THROUGH OR WITH THE ASSISTANCE
5 OF ONE OR MORE LOCAL GOVERNMENTS, OTHER LOCAL AUTHORITIES, OR ANY COMBI-
6 NATION THEREOF; OR (III) FINANCES DIRECTLY OR INDIRECTLY OVER A PERIOD
7 OF TIME THE OPERATIONS OR THE ACQUISITION OR IMPROVEMENT OF AN ASSET BY
8 OR FOR THE USE OF ONE OR MORE OR ANY COMBINATION OF LOCAL GOVERNMENTS IN
9 ANY MANNER OTHER THAN THROUGH THE PURCHASE OF OBLIGATIONS UNDER THE
10 LOCAL FINANCE LAW OR AS AUTHORIZED BY SECTION ONE HUNDRED NINE-B OF THE
11 GENERAL MUNICIPAL LAW; or (d) an affiliate OR SUBSIDIARY of such local
12 authority. ANY ORGANIZATION AFFILIATED WITH, SPONSORED BY, OR CREATED BY
13 ONE OR MORE COUNTIES, CITIES, TOWNS, VILLAGES, SCHOOL DISTRICTS, FIRE
14 DISTRICTS OR OTHER LOCAL AUTHORITIES IN COMBINATION WITH THE STATE OR A
15 STATE AUTHORITY SHALL BE DEEMED A STATE AUTHORITY FOR THE PURPOSES OF
16 THIS CHAPTER. FOR THE PURPOSES OF THIS SUBDIVISION, "LOCAL GOVERNMENT"
17 SHALL MEAN A COUNTY, CITY, TOWN, VILLAGE, SCHOOL DISTRICT OR FIRE
18 DISTRICT.
19 7. "AFFILIATE" OR "AFFILIATED WITH" SHALL MEAN AN ORGANIZATION THAT IS
20 DIRECTLY OR INDIRECTLY CONTROLLED BY ONE OR MORE OTHER ORGANIZATIONS.
21 S 2. Paragraphs (a) and (b) of subdivision 1 and subdivision 2 of
22 section 2800 of the public authorities law, as amended by chapter 506 of
23 the laws of 2009, are amended to read as follows:
24 (a) For the purpose of furnishing the state with systematic informa-
25 tion regarding the status and the activities of public authorities,
26 every state authority continued or created by this chapter or any other
27 chapter of the laws of the state of New York shall submit to the gover-
28 nor, the chairman and ranking minority member of the senate finance
29 committee, the chairman and ranking minority member of the assembly ways
30 and means committee, the state comptroller, and the authorities budget
31 office, within ninety days after the end of its fiscal year, a complete
32 and detailed report or reports setting forth: (1) its operations and
33 accomplishments; (2) its financial reports, including (i) audited finan-
34 cials in accordance with all applicable regulations and following gener-
35 ally accepted accounting principles as defined in subdivision ten of
36 section two of the state finance law, (ii) grant and subsidy programs,
37 (iii) operating and financial risks, (iv) current ratings, if any, of
38 its bonds issued by recognized municipal bond rating agencies and notice
39 of changes in such ratings, and (v) long-term liabilities, including
40 leases and employee benefit plans; (3) its mission statement and meas-
41 urements including its most recent measurement report; (4) a schedule of
42 its bonds and notes outstanding at the end of its fiscal year, together
43 with a statement of the amounts redeemed and incurred during such fiscal
44 year as part of a schedule of debt issuance that includes the date of
45 issuance, term, amount, interest rate and means of repayment. Addi-
46 tionally, the debt schedule shall also include all refinancings, calls,
47 refundings, defeasements and interest rate exchange or other such agree-
48 ments, and for any debt issued during the reporting year, the schedule
49 shall also include a detailed list of costs of issuance for such debt;
50 (5) a compensation schedule, [in addition to the report described in
51 section twenty-eight hundred six of this title,] that shall include, (I)
52 by position, title and name of the person holding such position or
53 title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
54 PERSON, AND (II) benefits provided to any officer, director or employee
55 in a decision making or managerial position of such authority whose
56 salary is in excess of one hundred thousand dollars; [(5-a) biographical
S. 5820 3
1 information, not including confidential personal information, for all
2 directors and officers and employees for whom salary reporting is
3 required under subparagraph five of this paragraph;] (6) the projects
4 undertaken by such authority during the past year; (7) a listing and
5 description[, in addition to the report required by paragraph a of
6 subdivision three of section twenty-eight hundred ninety-six of this
7 article] of all real property of such authority having an estimated fair
8 market value in excess of fifteen thousand dollars that the authority
9 acquires or disposes of during such period. The report shall contain the
10 price received or paid by the authority and the name of the purchaser,
11 LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
12 the authority during such period; (8) such authority's code of ethics;
13 (9) an assessment of the effectiveness of its internal control structure
14 and procedures; (10) [a copy of the legislation that forms the statutory
15 basis of the authority; (11) a description of the authority and its
16 board structure, including (i) names of committees and committee
17 members, (ii) lists of board meetings and attendance, (iii) descriptions
18 of major authority units, subsidiaries, and (iv) number of employees;
19 (12) its charter, if any, and by-laws; (13) a listing of material chang-
20 es in operations and programs during the reporting year; (14) at a mini-
21 mum a four-year financial plan, including (i) a current and projected
22 capital budget, and (ii) an operating budget report, including an actual
23 versus estimated budget, with an analysis and measurement of financial
24 and operating performance; (15)] its board performance evaluations;
25 provided, however, that such evaluations shall not be subject to disclo-
26 sure under article six of the public officers law; [(16)] (11) a
27 description of the total amounts of assets, services or both assets and
28 services bought or sold without competitive bidding, including (i) the
29 nature of those assets and services, (ii) the names of the counterpar-
30 ties, and (iii) where the contract price for assets purchased exceeds
31 fair market value, or where the contract price for assets sold is less
32 than fair market value, a detailed explanation of the justification for
33 making the purchase or sale without competitive bidding, and a certif-
34 ication by the chief executive officer and chief financial officer of
35 the public authority that they have reviewed the terms of such purchase
36 or sale and determined that it complies with applicable law and procure-
37 ment guidelines; and [(17)] (12) a description of any material pending
38 litigation in which the authority is involved as a party during the
39 reporting year, except that no hospital need disclose information about
40 pending malpractice claims beyond the existence of such claims.
41 (b) Each state authority shall make accessible to the public, via its
42 official or shared internet web site, (1) documentation pertaining to
43 its mission[,] AND current activities[,]; (2) ITS most recent annual
44 REPORT AND financial [reports] STATEMENTS, AND current [year] budget
45 [and] REPORTS; (3) its most recent independent audit report AND ANY
46 OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
47 information is covered by subdivision two of section eighty-seven of the
48 public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
49 DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
50 TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
51 LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
52 DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
53 NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
54 INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
55 NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
56 TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
S. 5820 4
1 AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
2 (10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE STATE COMPTROLLER
3 OR AUTHORITIES BUDGET OFFICE.
4 2. Local authorities. (a) Every local authority, continued or created
5 by this chapter or any other chapter of the laws of the state of New
6 York shall submit to the chief executive officer, the chief fiscal offi-
7 cer, the chairperson of the legislative body of the local government or
8 local governments, THE STATE COMPTROLLER and the authorities budget
9 office, within ninety days after the end of its fiscal year, a complete
10 and detailed report or reports setting forth: (1) its operations and
11 accomplishments; (2) its financial reports, including (i) audited finan-
12 cials in accordance with all applicable regulations and following gener-
13 ally accepted accounting principles as defined in subdivision ten of
14 section two of the state finance law, (ii) grants and subsidy programs,
15 (iii) operating and financial risks, (iv) current ratings if any, of its
16 bonds issued by recognized municipal bond rating agencies and notice of
17 changes in such ratings, and (v) long-term liabilities, including leases
18 and employee benefit plans; (3) its mission statement and measurements
19 including its most recent measurement report; (4) a schedule of its
20 bonds and notes outstanding at the end of its fiscal year, together with
21 a statement of the amounts redeemed and incurred during such fiscal year
22 as part of a schedule of debt issuance that includes the date of issu-
23 ance, term, amount, interest rate and means of repayment. Additionally,
24 the debt schedule shall also include all refinancings, calls,
25 refundings, defeasements and interest rate exchange or other such agree-
26 ments, and for any debt issued during the reporting year, the schedule
27 shall also include a detailed list of costs of issuance for such debt;
28 (5) a compensation schedule [in addition to the report described in
29 section twenty-eight hundred six of this title] that shall include, (I)
30 by position, title and name of the person holding such position or
31 title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
32 PERSON, AND (II) benefits provided to any officer, director or employee
33 in a decision making or managerial position of such authority whose
34 salary is in excess of one hundred thousand dollars; [(5-a) biographical
35 information, not including confidential personal information, for all
36 directors and officers and employees for whom salary reporting is
37 required under subparagraph five of this paragraph;] (6) the projects
38 undertaken by such authority during the past year; (7) a listing and
39 description[, in addition to the report required by paragraph a of
40 subdivision three of section twenty-eight hundred ninety-six of this
41 article] of all real property of such authority having an estimated fair
42 market value in excess of fifteen thousand dollars that the authority
43 acquires or disposes of during such period. The report shall contain the
44 price received or paid by the authority and the name of the purchaser,
45 LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
46 the authority during such period; (8) such authority's code of ethics;
47 (9) an assessment of the effectiveness of its internal control structure
48 and procedures; (10) [a copy of the legislation that forms the statutory
49 basis of the authority; (11) a description of the authority and its
50 board structure, including (i) names of committees and committee
51 members, (ii) lists of board meetings and attendance, (iii) descriptions
52 of major authority units, subsidiaries, (iv) number of employees, and
53 (v) organizational chart; (12) its charter, if any, and by-laws; (13) a
54 listing of material changes in operations and programs during the
55 reporting year; (14) at a minimum a four-year financial plan, including
56 (i) a current and projected capital budget, and (ii) an operating budget
S. 5820 5
1 report, including an actual versus estimated budget, with an analysis
2 and measurement of financial and operating performance; (15)] its board
3 performance evaluations provided, however, that such evaluations shall
4 not be subject to disclosure under article six of the public officers
5 law; [(16)] (11) a description of the total amounts of assets, services
6 or both assets and services bought or sold without competitive bidding,
7 including (i) the nature of those assets and services, (ii) the names of
8 the counterparties, and (iii) where the contract price for assets
9 purchased exceeds fair market value, or where the contract price for
10 assets sold is less than fair market value, a detailed explanation of
11 the justification for making the purchase or sale without competitive
12 bidding, and a certification by the chief executive officer and chief
13 financial officer of the public authority that they have reviewed the
14 terms of such purchase or sale and determined that it complies with
15 applicable law and procurement guidelines; and [(17)] (12) a description
16 of any material pending litigation in which the authority is involved as
17 a party during the reporting year, except that no provider of medical
18 services need disclose information about pending malpractice claims
19 beyond the existence of such claims.
20 (b) Each local authority shall make accessible to the public, via its
21 official or shared internet web site, (1) documentation pertaining to
22 its mission[,] AND current activities[,]; (2) ITS most recent annual
23 REPORT AND financial [reports] STATEMENTS, AND current [year] budget
24 [and] REPORTS; (3) its most recent independent audit report AND ANY
25 OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
26 information is covered by subdivision two of section eighty-seven of the
27 public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
28 DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
29 TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
30 LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
31 DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
32 NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
33 INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
34 NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
35 TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
36 AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
37 (10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE STATE COMPTROLLER
38 OR AUTHORITIES BUDGET OFFICE.
39 S 3. Subdivision 3 of section 2801 of the public authorities law is
40 REPEALED and subdivisions 1 and 2, as amended by chapter 506 of the laws
41 of 2009, are amended to read as follows:
42 1. State authorities. Every state authority or commission heretofore
43 or hereafter continued or created by this chapter or any other chapter
44 of the laws of the state of New York shall submit to the governor, the
45 chair and ranking minority member of the senate finance committee, the
46 chair and ranking minority member of the assembly ways and means commit-
47 tee, THE STATE COMPTROLLER and the authorities budget office, for their
48 information, annually [not more than one hundred twenty days and] not
49 less than [ninety] THIRTY days before the commencement of its fiscal
50 year, in the form submitted to its members or trustees, AN ADOPTED BUDG-
51 ET PLAN OF AT LEAST SIX YEARS AND budget information on operations and
52 capital construction setting forth the estimated receipts and expendi-
53 tures for the next fiscal year [and], the current fiscal year, AND THE
54 NEXT THREE FISCAL YEARS, and the actual receipts and expenditures for
55 the last completed fiscal year.
S. 5820 6
1 2. Local authorities. For the local authority fiscal year ending on or
2 after December thirty-first, two thousand seven and annually thereafter,
3 every local authority heretofore or hereafter continued or created by
4 this chapter or any other chapter of the laws of the state of New York
5 shall submit to the chief executive officer, the chief fiscal officer,
6 the chairperson of the legislative body of the local government or
7 governments, THE STATE COMPTROLLER and the authorities budget office for
8 their information, annually [not more than ninety days and not less than
9 sixty] THIRTY days before the commencement of its fiscal year, in the
10 form submitted to its members or trustees, AN ADOPTED BUDGET PLAN OF AT
11 LEAST SIX YEARS AND budget information on operations and capital
12 construction setting forth the estimated receipts and expenditures for
13 the next fiscal year [and], the current fiscal year, and THE NEXT THREE
14 FISCAL YEARS, AND the actual receipts and expenditures for the last
15 completed fiscal year.
16 S 4. Section 2806 of the public authorities law is REPEALED.
17 S 5. The opening paragraph of subdivision 6 of section 2827-a of the
18 public authorities law, as added by chapter 506 of the laws of 2009, is
19 amended to read as follows:
20 On or before the first day of January, two thousand eleven, and annu-
21 ally on such day thereafter, any subsidiary public benefit corporation,
22 in cooperation with its parent public benefit corporation, shall provide
23 to THE STATE COMPTROLLER, the chair and ranking minority member of the
24 senate finance committee, the chair and ranking minority member of the
25 assembly ways and means committee, and each chair and ranking member of
26 the assembly and senate committees on corporations, authorities and
27 commissions a report on the subsidiary public benefit corporation. Such
28 report shall include for each subsidiary:
29 S 6. Paragraph (a) of subdivision 8 of section 2879 of the public
30 authorities law, as amended by chapter 844 of the laws of 1992, is
31 amended to read as follows:
32 (a) Each corporation shall [annually] submit WITHIN NINETY DAYS OF THE
33 END OF ITS FISCAL YEAR its report on procurement contracts to the [divi-
34 sion of the budget] AUTHORITIES BUDGET OFFICE and copies thereof to the
35 department of audit and control, the department of economic development,
36 the senate finance committee and the assembly ways and means committee.
37 S 7. Subdivision 3 of section 2896 of the public authorities law, as
38 amended by chapter 506 of the laws of 2009, is amended to read as
39 follows:
40 3. a. Each STATE AND LOCAL public authority shall [publish, not less
41 frequently than annually] PREPARE WITHIN NINETY DAYS OF THE END OF ITS
42 FISCAL YEAR AS PART OF THE ANNUAL REPORT PURSUANT TO SECTION
43 TWENTY-EIGHT HUNDRED OF THIS ARTICLE, a report listing all real property
44 of the public authority. Such report shall include a list and full
45 description of all real and personal property disposed of during such
46 period. The report shall contain the price received by the public
47 authority and the name of the purchaser for all such property sold by
48 the public authority during such period.
49 b. The public authority shall deliver copies of such report to the
50 comptroller, the director of the budget, the commissioner of general
51 services, the legislature and the authorities budget office.
52 S 8. Paragraphs (a) and (b) of subdivision 7 of section 2925 of the
53 public authorities law, as added by chapter 838 of the laws of 1983, are
54 amended to read as follows:
55 (a) Each corporation, a majority of the members of which consist of
56 persons appointed by the governor or who serve as members by virtue of
S. 5820 7
1 holding a civil office of the state, or a combination thereof, shall
2 [annually] submit WITHIN NINETY DAYS OF THE END OF ITS FISCAL YEAR its
3 investment report to the [division of the budget] AUTHORITIES BUDGET
4 OFFICE and copies thereof to the department of audit and control, the
5 senate finance committee and the assembly ways and means committee.
6 (b) Each corporation, other than a corporation included under para-
7 graph (a) of this subdivision, shall annually submit its investment
8 report to the chief executive officer and chief fiscal officer of each
9 municipality for the benefit of which it was created and to the depart-
10 ment of audit and control AND THE AUTHORITIES BUDGET OFFICE.
11 S 9. Subdivision 2 of section 561-a of the general municipal law, as
12 added by chapter 681 of the laws of 1963, is amended to read as follows:
13 2. Within [sixty] NINETY days after the close of the fiscal year, an
14 agency shall submit an annual report of its financial condition to the
15 commissioner, THE AUTHORITIES BUDGET OFFICE and to the state comp-
16 troller. The report shall be in such form as the comptroller shall
17 require. The commissioner or the comptroller OR THE DIRECTOR OF THE
18 AUTHORITIES BUDGET OFFICE may require additional information from the
19 agency or any officer thereof at any time.
20 S 10. Subdivision 1 of section 859 of the general municipal law, as
21 added by chapter 692 of the laws of 1989, paragraph (b), the first and
22 second undesignated paragraphs and subparagraph (v) of paragraph (e) as
23 amended by chapter 357 of the laws of 1993, paragraph (e) as added by
24 chapter 356 of the laws of 1993 and paragraph (f) as added by section 28
25 of part A3 of chapter 62 of the laws of 2003, is amended to read as
26 follows:
27 1. (a) Each agency shall maintain books and records in such form as
28 may be prescribed by the state comptroller.
29 (b) Within ninety days following the close of its fiscal year, each
30 agency or authority shall prepare a financial statement for that fiscal
31 year in such form as may be prescribed by the state comptroller. Such
32 statement shall be audited within such ninety day period by an independ-
33 ent certified public accountant in accordance with government accounting
34 standards established by the United States general accounting office.
35 The audited financial statement shall include supplemental schedules
36 listing all straight-lease transactions and bonds and notes issued,
37 outstanding or retired during the applicable accounting period whether
38 or not such bonds, notes or transactions are considered obligations of
39 the agency. For each issue of bonds or notes such schedules shall
40 provide the name of each project financed with proceeds of each issue,
41 and whether the project occupant is a not-for-profit corporation, the
42 name and address of each owner of each project, the estimated amount of
43 tax exemptions authorized for each project, the purpose for which each
44 bond or note was issued, date of issue, interest rate at issuance and if
45 variable the range of interest rates applicable, maturity date, federal
46 tax status of each issue, and an estimate of the number of jobs created
47 and retained by each project. For each straight-lease transaction, such
48 schedules shall provide the name of each project, and whether the
49 project occupant is a not-for-profit corporation, the name and address
50 of each owner of each project, the estimated amount of tax exemptions
51 authorized for each project, the purpose for which each transaction was
52 made, the method of financial assistance utilized by the project, other
53 than the tax exemptions claimed by the project and an estimate of the
54 number of jobs created and retained by each project.
55 (c) Within [thirty] NINETY days after [completion] THE END OF THE
56 FISCAL YEAR, a copy of the audited financial statement shall be trans-
S. 5820 8
1 mitted to the commissioner of the department of economic development,
2 THE AUTHORITIES BUDGET OFFICE, the state comptroller and the governing
3 body of the municipality for whose benefit the agency was created.
4 (d) An agency with no bonds or notes issued or outstanding and no
5 projects during the applicable accounting period may apply to the state
6 comptroller for a waiver of the required audited financial statement.
7 Application shall be made on such form as the comptroller may prescribe.
8 (e) If an agency or authority shall fail to file or substantially
9 complete, as determined by the state comptroller, the financial state-
10 ment required by this section, the state comptroller shall provide
11 notice to the agency or authority. The notice shall state the following:
12 (i) that the failure to file a financial statement as required is a
13 violation of this section, or in the case of an insufficient financial
14 statement, the manner in which the financial statement submitted is
15 deficient;
16 (ii) that the agency or authority has thirty days to comply with this
17 section or provide an adequate written explanation to the comptroller of
18 the agency's or authority's reasons for the inability to comply; and
19 (iii) that the agency's or authority's failure to provide either the
20 required financial statement or an adequate explanation will result in
21 the notification of the chief executive officer of the municipality for
22 whose benefit the agency or authority was created of the agency's
23 noncompliance with this section. Where such agency or authority has
24 failed to file the required statement, the comptroller shall addi-
25 tionally notify the agency or authority that continued failure to file
26 the required statement may result in loss of the agency's or authority's
27 authority to provide exemptions from state taxes.
28 (iv) If an agency or authority after thirty days has failed to file
29 the required statement or the explanation in the manner required by
30 subparagraph (i) of this paragraph, or provides an insufficient explana-
31 tion, the comptroller shall notify the chief executive officer of the
32 municipality for whose benefit the agency or authority was created and
33 the agency of the agency's or authority's noncompliance with this
34 section. Such notice from the state comptroller shall further delineate
35 in what respect the agency or authority has failed to comply with this
36 section. If the agency or authority has failed to file the required
37 statement, the notice shall additionally state that continued failure to
38 file the required statement may result in loss of the agency's or
39 authority's authority to provide exemptions from state taxes.
40 (v) If, thirty days after notification of the chief executive officer
41 of the municipality for whose benefit the agency or authority was
42 created of the agency's or authority's noncompliance, the agency or
43 authority fails to file the required statement, the comptroller shall
44 notify the chief executive officer of the municipality for whose benefit
45 that agency or authority was created and the agency or authority that if
46 such report is not provided within sixty days, that the agency or
47 authority will no longer be authorized to provide exemptions from state
48 taxes.
49 (vi) If, sixty days after the notification required by subparagraph
50 (v) of this paragraph, the comptroller has not received the required
51 statement, the agency or authority shall not offer financial assistance
52 which provides exemptions from state taxes until such financial state-
53 ment is filed and the comptroller shall so notify the agency or authori-
54 ty and the chief executive officer of the municipality for whose benefit
55 the agency was created. Provided, however, that nothing contained in
S. 5820 9
1 this paragraph shall be deemed to modify the terms of any existing
2 agreements.
3 (f) Within thirty days after completion, a copy of an audited finan-
4 cial statement which contains transactions of or bonds or notes of civic
5 facilities as defined in paragraph (b) of THE FORMER subdivision thir-
6 teen of section eight hundred fifty-four of this article, shall be tran-
7 smitted by the agency to the commissioner of health, the chair of the
8 senate finance committee, the chair of the assembly ways and means
9 committee, the chair of the senate health committee and the chair of the
10 assembly health committee.
11 S 11. This act shall take effect immediately.
