Bill Text: NY S05820 | 2011-2012 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Amended.html
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-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5820--B
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 -- recommitted to the Committee on Corpo-
rations, Authorities and Commissions in accordance with Senate Rule 6,
sec. 8 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee
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. Paragraphs (a) and (b) of subdivision 1 and subdivision 2
2 of section 2800 of the public authorities law, as amended by chapter 506
3 of the laws of 2009, are amended to read as follows:
4 (a) For the purpose of furnishing the state with systematic informa-
5 tion regarding the status and the activities of public authorities,
6 every state authority continued or created by this chapter or any other
7 chapter of the laws of the state of New York shall submit to the gover-
8 nor, the chairman and ranking minority member of the senate finance
9 committee, the chairman and ranking minority member of the assembly ways
10 and means committee, the state comptroller, and the authorities budget
11 office, within ninety days after the end of its fiscal year, a complete
12 and detailed report or reports setting forth: (1) its operations and
13 accomplishments; (2) its financial reports, including (i) audited finan-
14 cials in accordance with all applicable regulations and following gener-
15 ally accepted accounting principles as defined in subdivision ten of
16 section two of the state finance law, (ii) grant and subsidy programs,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11181-11-2
S. 5820--B 2
1 (iii) operating and financial risks, (iv) current ratings, if any, of
2 its bonds issued by recognized municipal bond rating agencies and notice
3 of changes in such ratings, and (v) long-term liabilities, including
4 leases and employee benefit plans; (3) its mission statement and meas-
5 urements including its most recent measurement report; (4) a schedule of
6 its bonds and notes outstanding at the end of its fiscal year, together
7 with a statement of the amounts redeemed and incurred during such fiscal
8 year as part of a schedule of debt issuance that includes the date of
9 issuance, term, amount, interest rate and means of repayment. Addi-
10 tionally, the debt schedule shall also include all refinancings, calls,
11 refundings, defeasements and interest rate exchange or other such agree-
12 ments, and for any debt issued during the reporting year, the schedule
13 shall also include a detailed list of costs of issuance for such debt;
14 (5) a compensation schedule, [in addition to the report described in
15 section twenty-eight hundred six of this title,] that shall include, (I)
16 by position, title and name of the person holding such position or
17 title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
18 PERSON, AND (II) benefits provided to any officer, director or employee
19 in a decision making or managerial position of such authority whose
20 salary is in excess of one hundred thousand dollars; [(5-a) biographical
21 information, not including confidential personal information, for all
22 directors and officers and employees for whom salary reporting is
23 required under subparagraph five of this paragraph;] (6) the projects
24 undertaken by such authority during the past year; (7) a listing and
25 description[, in addition to the report required by paragraph a of
26 subdivision three of section twenty-eight hundred ninety-six of this
27 article] of all real property of such authority having an estimated fair
28 market value in excess of fifteen thousand dollars that the authority
29 acquires or disposes of during such period. The report shall contain the
30 price received or paid by the authority and the name of the purchaser,
31 LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
32 the authority during such period; (8) such authority's code of ethics;
33 (9) an assessment of the effectiveness of its internal control structure
34 and procedures; (10) [a copy of the legislation that forms the statutory
35 basis of the authority; (11) a description of the authority and its
36 board structure, including (i) names of committees and committee
37 members, (ii) lists of board meetings and attendance, (iii) descriptions
38 of major authority units, subsidiaries, and (iv) number of employees;
39 (12) its charter, if any, and by-laws; (13) a listing of material chang-
40 es in operations and programs during the reporting year; (14) at a mini-
41 mum a four-year financial plan, including (i) a current and projected
42 capital budget, and (ii) an operating budget report, including an actual
43 versus estimated budget, with an analysis and measurement of financial
44 and operating performance; (15)] its board performance evaluations;
45 provided, however, that such evaluations shall not be subject to disclo-
46 sure under article six of the public officers law; [(16)] (11) a
47 description of the total amounts of assets, services or both assets and
48 services bought or sold without competitive bidding, including (i) the
49 nature of those assets and services, (ii) the names of the counterpar-
50 ties, and (iii) where the contract price for assets purchased exceeds
51 fair market value, or where the contract price for assets sold is less
52 than fair market value, a detailed explanation of the justification for
53 making the purchase or sale without competitive bidding, and a certif-
54 ication by the chief executive officer and chief financial officer of
55 the public authority that they have reviewed the terms of such purchase
56 or sale and determined that it complies with applicable law and procure-
S. 5820--B 3
1 ment guidelines; and [(17)] (12) a description of any material pending
2 litigation in which the authority is involved as a party during the
3 reporting year, except that no hospital need disclose information about
4 pending malpractice claims beyond the existence of such claims.
5 (b) Each state authority shall make accessible to the public, via its
6 official or shared internet web site, (1) documentation pertaining to
7 its mission[,] AND current activities[,]; (2) ITS most recent annual
8 REPORT AND financial [reports] STATEMENTS, AND current [year] budget
9 [and] REPORTS; (3) its most recent independent audit report AND ANY
10 OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
11 information is covered by subdivision two of section eighty-seven of the
12 public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
13 DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
14 TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
15 LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
16 DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
17 NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
18 INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
19 NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
20 TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
21 AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
22 (10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE STATE COMPTROLLER
23 OR AUTHORITIES BUDGET OFFICE.
24 2. Local authorities. (a) Every local authority[, continued or created
25 by this chapter or any other chapter of the laws of the state of New
26 York] shall submit to the chief executive officer, the chief fiscal
27 officer, the chairperson of the legislative body of the local government
28 or local governments, THE STATE COMPTROLLER and the authorities budget
29 office, within ninety days after the end of its fiscal year, a complete
30 and detailed report or reports setting forth: (1) its operations and
31 accomplishments; (2) its financial reports, including (i) audited finan-
32 cials in accordance with all applicable regulations and following gener-
33 ally accepted accounting principles as defined in subdivision ten of
34 section two of the state finance law, (ii) grants and subsidy programs,
35 (iii) operating and financial risks, (iv) current ratings if any, of its
36 bonds issued by recognized municipal bond rating agencies and notice of
37 changes in such ratings, and (v) long-term liabilities, including leases
38 and employee benefit plans; (3) its mission statement and measurements
39 including its most recent measurement report; (4) a schedule of its
40 bonds and notes outstanding at the end of its fiscal year, together with
41 a statement of the amounts redeemed and incurred during such fiscal year
42 as part of a schedule of debt issuance that includes the date of issu-
43 ance, term, amount, interest rate and means of repayment. Additionally,
44 the debt schedule shall also include all refinancings, calls,
45 refundings, defeasements and interest rate exchange or other such agree-
46 ments, and for any debt issued during the reporting year, the schedule
47 shall also include a detailed list of costs of issuance for such debt;
48 (5) a compensation schedule [in addition to the report described in
49 section twenty-eight hundred six of this title] that shall include, (I)
50 by position, title and name of the person holding such position or
51 title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
52 PERSON, AND (II) benefits provided to any officer, director or employee
53 in a decision making or managerial position of such authority whose
54 salary is in excess of one hundred thousand dollars; [(5-a) biographical
55 information, not including confidential personal information, for all
56 directors and officers and employees for whom salary reporting is
S. 5820--B 4
1 required under subparagraph five of this paragraph;] (6) the projects
2 undertaken by such authority during the past year; (7) a listing and
3 description[, in addition to the report required by paragraph a of
4 subdivision three of section twenty-eight hundred ninety-six of this
5 article] of all real property of such authority having an estimated fair
6 market value in excess of fifteen thousand dollars that the authority
7 acquires or disposes of during such period. The report shall contain the
8 price received or paid by the authority and the name of the purchaser,
9 LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
10 the authority during such period; (8) such authority's code of ethics;
11 (9) an assessment of the effectiveness of its internal control structure
12 and procedures; (10) [a copy of the legislation that forms the statutory
13 basis of the authority; (11) a description of the authority and its
14 board structure, including (i) names of committees and committee
15 members, (ii) lists of board meetings and attendance, (iii) descriptions
16 of major authority units, subsidiaries, (iv) number of employees, and
17 (v) organizational chart; (12) its charter, if any, and by-laws; (13) a
18 listing of material changes in operations and programs during the
19 reporting year; (14) at a minimum a four-year financial plan, including
20 (i) a current and projected capital budget, and (ii) an operating budget
21 report, including an actual versus estimated budget, with an analysis
22 and measurement of financial and operating performance; (15)] its board
23 performance evaluations provided, however, that such evaluations shall
24 not be subject to disclosure under article six of the public officers
25 law; [(16)] (11) a description of the total amounts of assets, services
26 or both assets and services bought or sold without competitive bidding,
27 including (i) the nature of those assets and services, (ii) the names of
28 the counterparties, and (iii) where the contract price for assets
29 purchased exceeds fair market value, or where the contract price for
30 assets sold is less than fair market value, a detailed explanation of
31 the justification for making the purchase or sale without competitive
32 bidding, and a certification by the chief executive officer and chief
33 financial officer of the public authority that they have reviewed the
34 terms of such purchase or sale and determined that it complies with
35 applicable law and procurement guidelines; and [(17)] (12) a description
36 of any material pending litigation in which the authority is involved as
37 a party during the reporting year, except that no provider of medical
38 services need disclose information about pending malpractice claims
39 beyond the existence of such claims.
40 (b) Each local authority shall make accessible to the public, via its
41 official or shared internet web site, (1) documentation pertaining to
42 its mission[,] AND current activities[,]; (2) ITS most recent annual
43 REPORT AND financial [reports] STATEMENTS, AND current [year] budget
44 [and] REPORTS; (3) its most recent independent audit report AND ANY
45 OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
46 information is covered by subdivision two of section eighty-seven of the
47 public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
48 DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
49 TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
50 LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
51 DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
52 NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
53 INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
54 NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
55 TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
56 AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
S. 5820--B 5
1 (10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE AUTHORITIES BUDGET
2 OFFICE.
3 S 2. Subdivision 4 of section 2800 of the public authorities law, as
4 added by chapter 506 of the laws of 2009, is amended to read as follows:
5 4. The authorities budget office may, upon application of any authori-
6 ty, waive any requirements of this section upon a showing that the
7 authority meets the criteria for such a waiver established by regu-
8 lations of the authorities budget office. Such regulations shall provide
9 for consideration of: (a) the number of employees of the authority; (b)
10 the annual budget of the authority; (c) the ability of the authority to
11 prepare the required reports using existing staff; and (d) such other
12 factors as the authorities budget office deems to reflect the relevance
13 of the required disclosures to evaluation of an authority's effective
14 operation, and the burden such disclosures place on an authority. A
15 WAIVER GRANTED PURSUANT TO THIS SUBDIVISION SHALL NOT APPLY TO THE
16 FILING REQUIREMENT IMPOSED ON AN INDUSTRIAL DEVELOPMENT AGENCY BY
17 SECTION EIGHT HUNDRED FIFTY-NINE OF THE GENERAL MUNICIPAL LAW OR TO ANY
18 OTHER REQUIREMENT THAT A STATE OR LOCAL AUTHORITY FILE OR SUBMIT DOCU-
19 MENTS OR INFORMATION TO THE STATE COMPTROLLER. Each waiver granted
20 pursuant to this subdivision shall be disclosed in the reports of such
21 office issued pursuant to section seven of this chapter.
22 S 3. Subdivision 3 of section 2801 of the public authorities law is
23 REPEALED and subdivisions 1 and 2, as amended by chapter 506 of the laws
24 of 2009, are amended to read as follows:
25 1. State authorities. Every state authority or commission heretofore
26 or hereafter continued or created by this chapter or any other chapter
27 of the laws of the state of New York shall submit to the governor, the
28 chair and ranking minority member of the senate finance committee, the
29 chair and ranking minority member of the assembly ways and means commit-
30 tee, THE STATE COMPTROLLER and the authorities budget office, for their
31 information, annually [not more than one hundred twenty days and] not
32 less than [ninety] THIRTY days before the commencement of its fiscal
33 year, in the form submitted to its members or trustees, AN ADOPTED BUDG-
34 ET PLAN OF AT LEAST SIX YEARS AND budget information on operations and
35 capital construction setting forth the estimated receipts and expendi-
36 tures for the next fiscal year [and], the current fiscal year, AND THE
37 NEXT THREE FISCAL YEARS, and the actual receipts and expenditures for
38 the last completed fiscal year.
39 2. Local authorities. For the local authority fiscal year ending on or
40 after December thirty-first, two thousand seven and annually thereafter,
41 every local authority [heretofore or hereafter continued or created by
42 this chapter or any other chapter of the laws of the state of New York]
43 shall submit to the chief executive officer, the chief fiscal officer,
44 the chairperson of the legislative body of the local government or
45 governments, THE STATE COMPTROLLER and the authorities budget office for
46 their information, annually [not more than ninety days and not less than
47 sixty] THIRTY days before the commencement of its fiscal year, in the
48 form submitted to its members or trustees, AN ADOPTED BUDGET PLAN OF AT
49 LEAST SIX YEARS AND budget information on operations and capital
50 construction setting forth the estimated receipts and expenditures for
51 the next fiscal year [and], the current fiscal year, and THE NEXT THREE
52 FISCAL YEARS, AND the actual receipts and expenditures for the last
53 completed fiscal year.
54 S 4. Subdivisions 2 and 7 of section 2802 of the public authorities
55 law, subdivision 2 as amended by chapter 506 of the laws of 2009 and
S. 5820--B 6
1 subdivision 7 as added by chapter 766 of the laws of 2005, are amended
2 to read as follows:
3 2. Local authorities. For the local authority fiscal year ending on or
4 after December thirty-first, two thousand seven and annually thereafter,
5 every local authority [heretofore or hereafter continued or created by
6 this chapter or any other chapter of the laws of the state of New York]
7 shall submit to the chief executive officer, the chief fiscal officer,
8 the chairperson of the legislative body of the local government or local
9 governments and the authorities budget office, together with the report
10 described in section twenty-eight hundred of this title, a copy of the
11 annual independent audit report, performed by a certified public
12 accounting firm in accordance with generally accepted auditing standards
13 as defined in subdivision eleven of section two of the state finance
14 law, and management letter and any other external examination of the
15 books and accounts of such authority other than copies of the reports of
16 any examinations made by the state comptroller.
17 7. Notwithstanding any provision of law to the contrary, a [public]
18 STATE OR LOCAL authority may exempt information from disclosure or
19 report, if the counsel of such authority deems that such information is
20 covered by subdivision two of section eighty-seven of the public offi-
21 cers law.
22 S 5. Section 2806 of the public authorities law is REPEALED.
23 S 6. The opening paragraph of subdivision 2 of section 2825 of the
24 public authorities law, as amended by chapter 174 of the laws of 2010,
25 is amended to read as follows:
26 Except for members who serve as members by virtue of holding a civil
27 office of the state OR LOCAL GOVERNMENT, the majority of the remaining
28 members of the governing body of every state or local authority shall be
29 independent members; provided, however, that this provision shall apply
30 to appointments made on or after the effective date of chapter seven
31 hundred sixty-six of the laws of two thousand five which added this
32 subdivision. The official or officials having the authority to appoint
33 or remove such remaining members shall take such actions as may be
34 necessary to satisfy this requirement and further, shall consider the
35 prospective diversity of the members of a state authority when making
36 their determinations to appoint any member. For the purposes of this
37 section, an independent member is one who:
38 S 7. The opening paragraph of subdivision 6 of section 2827-a of the
39 public authorities law, as added by chapter 506 of the laws of 2009, is
40 amended to read as follows:
41 On or before the first day of January, two thousand eleven, and annu-
42 ally on such day thereafter, any subsidiary public benefit corporation,
43 in cooperation with its parent public benefit corporation, shall provide
44 to THE STATE COMPTROLLER, THE DIRECTOR OF THE AUTHORITIES BUDGET OFFICE,
45 the chair and ranking minority member of the senate finance committee,
46 the chair and ranking minority member of the assembly ways and means
47 committee, and each chair and ranking member of the assembly and senate
48 committees on corporations, authorities and commissions a report on the
49 subsidiary public benefit corporation. Such report shall include for
50 each subsidiary:
51 S 8. Subdivision 1 and paragraph (a) of subdivision 8 of section 2879
52 of the public authorities law, subdivision 1 as amended by chapter 564
53 of the laws of 1988 and paragraph (a) of subdivision 8 as amended by
54 chapter 844 of the laws of 1992, are amended to read as follows:
55 1. Every [public] STATE AND LOCAL authority and public benefit corpo-
56 ration, [a majority of the members of which consist of persons either
S. 5820--B 7
1 appointed by the governor or who serve as members by virtue of holding a
2 civil office of the state, or a combination thereof,] (such entities to
3 be hereinafter in this section referred to as "corporation") shall adopt
4 by resolution comprehensive guidelines which detail the corporation's
5 operative policy and instructions regarding the use, awarding, monitor-
6 ing and reporting of procurement contracts. Guidelines approved by the
7 corporation shall be annually reviewed and approved by the corporation.
8 (a) Each corporation shall [annually] submit WITHIN NINETY DAYS OF THE
9 END OF ITS FISCAL YEAR its report on procurement contracts to the divi-
10 sion of the budget AND THE AUTHORITIES BUDGET OFFICE and copies thereof
11 to the department of audit and control, the department of economic
12 development, the senate finance committee and the assembly ways and
13 means committee.
14 S 9. Subdivision 3 of section 2896 of the public authorities law, as
15 amended by chapter 506 of the laws of 2009, is amended to read as
16 follows:
17 3. a. Each [public] STATE AND LOCAL authority shall [publish, not less
18 frequently than annually] PREPARE WITHIN NINETY DAYS OF THE END OF ITS
19 FISCAL YEAR AS PART OF THE ANNUAL REPORT PURSUANT TO SECTION
20 TWENTY-EIGHT HUNDRED OF THIS ARTICLE, a report listing all real property
21 of the [public] STATE AND LOCAL authority. Such report shall include a
22 list and full description of all real and personal property disposed of
23 during such period. The report shall contain the price received by the
24 [public] STATE AND LOCAL authority and the name of the purchaser for all
25 such property sold by the [public] STATE AND LOCAL authority during such
26 period AND SUCH OTHER INFORMATION AS REQUIRED BY THE AUTHORITIES BUDGET
27 OFFICE.
28 b. The [public] STATE OR LOCAL authority shall deliver copies of such
29 report to the comptroller, the director of the budget, the commissioner
30 of general services, the legislature and the authorities budget office.
31 S 10. Paragraphs (a) and (b) of subdivision 7 of section 2925 of the
32 public authorities law, as added by chapter 838 of the laws of 1983, are
33 amended to read as follows:
34 (a) Each corporation, a majority of the members of which consist of
35 persons appointed by the governor or who serve as members by virtue of
36 holding a civil office of the state, or a combination thereof, shall
37 [annually] submit WITHIN NINETY DAYS OF THE END OF ITS FISCAL YEAR its
38 investment report to the division of the budget AND THE AUTHORITIES
39 BUDGET OFFICE and copies thereof to the department of audit and control,
40 the senate finance committee and the assembly ways and means committee.
41 (b) Each corporation, other than a corporation included under para-
42 graph (a) of this subdivision, shall [annually] submit WITHIN NINETY
43 DAYS OF THE END OF ITS FISCAL YEAR its investment report to the chief
44 executive officer and chief fiscal officer of each municipality for the
45 benefit of which it was created and to the department of audit and
46 control AND THE AUTHORITIES BUDGET OFFICE.
47 S 11. Subdivision 2 of section 561-a of the general municipal law, as
48 added by chapter 681 of the laws of 1963, is amended to read as follows:
49 2. Within [sixty] NINETY days after the close of the fiscal year, an
50 agency shall submit an annual report of its financial condition to the
51 commissioner, THE AUTHORITIES BUDGET OFFICE and to the state comp-
52 troller. The report shall be in such form as the comptroller shall
53 require. The commissioner or the comptroller may require additional
54 information from the agency or any officer thereof at any time.
55 S 12. Section 859 of the general municipal law, as added by chapter
56 692 of the laws of 1989, paragraph (b) and the opening paragraph and
S. 5820--B 8
1 subparagraph (v) of paragraph (e) of subdivision 1 as amended by chapter
2 357 of the laws of 1993, paragraph (e) of subdivision 1 and subdivision
3 3 as added and subdivision 2 as amended by chapter 356 of the laws of
4 1993 and paragraph (f) of subdivision 1 as added by section 28 of part
5 A3 of chapter 62 of the laws of 2003, is amended to read as follows:
6 S 859. Financial records. 1. (a) Each agency shall maintain books and
7 records in such form as may be prescribed by the state comptroller.
8 (b) Within ninety days following the close of its fiscal year, each
9 agency or authority shall prepare a financial statement for that fiscal
10 year in such form as may be prescribed by the state comptroller. Such
11 statement shall be audited within such ninety day period by an independ-
12 ent certified public accountant in accordance with government accounting
13 standards established by the United States general accounting office.
14 The audited financial statement shall include supplemental schedules
15 listing all straight-lease transactions and bonds and notes issued,
16 outstanding or retired during the applicable accounting period whether
17 or not such bonds, notes or transactions are considered obligations of
18 the agency. For each issue of bonds or notes such schedules shall
19 provide the name of each project financed with proceeds of each issue,
20 and whether the project occupant is a not-for-profit corporation, the
21 name and address of each owner of each project, the estimated amount of
22 tax exemptions authorized for each project, the purpose for which each
23 bond or note was issued, date of issue, interest rate at issuance and if
24 variable the range of interest rates applicable, maturity date, federal
25 tax status of each issue, and an estimate of the number of jobs created
26 and retained by each project. For each straight-lease transaction, such
27 schedules shall provide the name of each project, and whether the
28 project occupant is a not-for-profit corporation, the name and address
29 of each owner of each project, the estimated amount of tax exemptions
30 authorized for each project, the purpose for which each transaction was
31 made, the method of financial assistance utilized by the project, other
32 than the tax exemptions claimed by the project and an estimate of the
33 number of jobs created and retained by each project.
34 (c) Within [thirty] NINETY days after [completion] THE END OF THE
35 FISCAL YEAR, a copy of the audited financial statement shall be trans-
36 mitted to the commissioner of the department of economic development,
37 THE AUTHORITIES BUDGET OFFICE, the state comptroller and the governing
38 body of the municipality for whose benefit the agency was created.
39 (d) An agency, OTHER THAN AN AGENCY THAT CEASES TO EXIST PURSUANT TO
40 SECTION EIGHT HUNDRED EIGHTY-TWO OF THIS TITLE, with no bonds or notes
41 issued or outstanding and no projects during the applicable accounting
42 period may apply to the state comptroller for a waiver of the required
43 audited financial statement. Application shall be made on such form as
44 the comptroller may prescribe. A WAIVER GRANTED PURSUANT TO THIS PARA-
45 GRAPH SHALL NOT APPLY TO ANY FILING REQUIREMENT IMPOSED ON AN AGENCY BY
46 OR PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF THE PUBLIC AUTHORITIES
47 LAW.
48 (e) If an agency or authority shall fail to file or substantially
49 complete, as determined by the state comptroller, the financial state-
50 ment required by this section, the state comptroller shall provide
51 notice to the agency or authority. The notice shall state the following:
52 (i) that the failure to file a financial statement as required is a
53 violation of this section, or in the case of an insufficient financial
54 statement, the manner in which the financial statement submitted is
55 deficient;
S. 5820--B 9
1 (ii) that the agency or authority has thirty days to comply with this
2 section or provide an adequate written explanation to the comptroller of
3 the agency's or authority's reasons for the inability to comply; and
4 (iii) that the agency's or authority's failure to provide either the
5 required financial statement or an adequate explanation will result in
6 the notification of the chief executive officer of the municipality for
7 whose benefit the agency or authority was created of the agency's
8 noncompliance with this section. Where such agency or authority has
9 failed to file the required statement, the comptroller shall addi-
10 tionally notify the agency or authority that continued failure to file
11 the required statement may result in loss of the agency's or authority's
12 authority to provide exemptions from state taxes.
13 (iv) If an agency or authority after thirty days has failed to file
14 the required statement or the explanation in the manner required by
15 subparagraph (i) of this paragraph, or provides an insufficient explana-
16 tion, the comptroller shall notify the chief executive officer of the
17 municipality for whose benefit the agency or authority was created and
18 the agency of the agency's or authority's noncompliance with this
19 section. Such notice from the state comptroller shall further delineate
20 in what respect the agency or authority has failed to comply with this
21 section. If the agency or authority has failed to file the required
22 statement, the notice shall additionally state that continued failure to
23 file the required statement may result in loss of the agency's or
24 authority's authority to provide exemptions from state taxes.
25 (v) If, thirty days after notification of the chief executive officer
26 of the municipality for whose benefit the agency or authority was
27 created of the agency's or authority's noncompliance, the agency or
28 authority fails to file the required statement, the comptroller shall
29 notify the chief executive officer of the municipality for whose benefit
30 that agency or authority was created and the agency or authority that if
31 such report is not provided within sixty days, that the agency or
32 authority will no longer be authorized to provide exemptions from state
33 taxes.
34 (vi) If, sixty days after the notification required by subparagraph
35 (v) of this paragraph, the comptroller has not received the required
36 statement, the agency or authority shall not offer financial assistance
37 which provides exemptions from state taxes until such financial state-
38 ment is filed and the comptroller shall so notify the agency or authori-
39 ty and the chief executive officer of the municipality for whose benefit
40 the agency was created. Provided, however, that nothing contained in
41 this paragraph shall be deemed to modify the terms of any existing
42 agreements.
43 (f) Within thirty days after completion, a copy of an audited finan-
44 cial statement which contains transactions of or bonds or notes of civic
45 facilities as defined in paragraph (b) of THE FORMER subdivision thir-
46 teen of section eight hundred fifty-four of this article, shall be tran-
47 smitted by the agency to the commissioner of health, the chair of the
48 senate finance committee, the chair of the assembly ways and means
49 committee, the chair of the senate health committee and the chair of the
50 assembly health committee.
51 2. On or before September first of each year, the commissioner of the
52 department of economic development shall prepare and submit to the
53 governor, speaker of the assembly, majority leader of the senate, THE
54 DIRECTOR OF THE AUTHORITIES BUDGET OFFICE, and the state comptroller, a
55 report setting forth a summary of the significant trends in operations
56 and financing by agencies and authorities; departures from acceptable
S. 5820--B 10
1 practices by agencies and authorities; a compilation by type of the
2 bonds and notes outstanding; a compilation of all outstanding straight-
3 lease transactions; an estimate of the total number of jobs created and
4 retained by agency or authority projects; and any other information
5 which in the opinion of the commissioner bears upon the discharge of the
6 statutory functions of agencies and authorities.
7 3. On or before April first, nineteen hundred ninety-six, the commis-
8 sioner shall submit to the director of the division of the budget, THE
9 DIRECTOR OF THE AUTHORITIES BUDGET OFFICE, the temporary president of
10 the senate, the speaker of the assembly, the chairman of the senate
11 finance committee, the chairman of the assembly ways and means commit-
12 tee, the chairman of the senate local government committee, the chairman
13 of the senate committee on commerce, economic development and small
14 business, the chairman of the assembly committee on commerce, industry
15 and economic development, the chairman of the assembly local governments
16 committee [and], the chairman of the assembly real property taxation
17 committee, THE CHAIR OF THE SENATE COMMITTEE ON CORPORATIONS, AUTHORI-
18 TIES AND COMMISSIONS, AND THE CHAIR OF THE ASSEMBLY COMMITTEE ON CORPO-
19 RATIONS, AUTHORITIES AND COMMISSIONS an evaluation of the activities of
20 industrial development agencies and authorities in the state prepared by
21 an entity independent of the department. Such evaluation shall identify
22 the effect of agencies and authorities on: (a) job creation and
23 retention in the state, including the types of jobs created and
24 retained; (b) the value of tax exemptions provided by such agencies and
25 authorities; (c) the value of payments received in lieu of taxes
26 received by municipalities and school districts as a result of projects
27 sponsored by such entities; (d) a summary of the types of projects that
28 received financial assistance; (e) a summary of the types of financial
29 assistance provided by the agencies and authorities; (f) a summary of
30 criteria for evaluation of projects used by agencies and authorities;
31 (g) a summary of tax exemption policies of agencies and authorities; and
32 (h) such other factors as may be relevant to an assessment of the
33 performance of such agencies and authorities in creating and retaining
34 job opportunities for residents of the state. Such evaluation shall also
35 assess the process by which agencies and authorities grant exemptions
36 from state taxes and make recommendations for the most efficient and
37 effective procedures for the use of such exemptions. Such evaluation
38 shall further include any recommendations for changes in laws governing
39 the operations of industrial development agencies and authorities which
40 would enhance the creation and retention of jobs in the state.
41 S 13. This act shall take effect immediately.
