Bill Text: NY S07953 | 2017-2018 | General Assembly | Introduced

---

Bill Title: Extends provisions relating to water pollution control revolving fund agreements.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-20 - SUBSTITUTED BY A10611 [S07953 Detail]

Download: New_York-2017-S07953-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7953
                    IN SENATE
                                     March 13, 2018
                                       ___________
        Introduced by Sen. O'MARA -- (at request of the Environmental Facilities
          Corporation) -- read twice and ordered printed, and when printed to be
          committed to the Committee on Environmental Conservation
        AN ACT to amend the environmental conservation law, in relation to water
          pollution control revolving fund agreements
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph a of subdivision 3  of  section  17-1909  of  the
     2  environmental conservation law, as amended by chapter 326 of the laws of
     3  2015, is amended to read as follows:
     4    a.  The corporation is authorized to promulgate regulations, developed
     5  in consultation with the commissioner and the director of  the  division
     6  of  the  budget,  for  the  purpose of carrying out its responsibilities
     7  under this section, including establishing criteria  and  standards  for
     8  determining  the amount of financial assistance to a municipality for an
     9  eligible project. To the extent financial assistance to  a  municipality
    10  for an eligible project is provided as a loan from the proceeds of bonds
    11  or  notes  of the corporation, the amount of an allocation applicable to
    12  the portion of such eligible project financed with such loan  shall  be,
    13  subject to such maximum financial limitations as may otherwise be neces-
    14  sary and prescribed by the commissioner and the director of the division
    15  of  the  budget,  thirty-three  and  one-third  percent of the principal
    16  amount of such loan outstanding at any time for such  eligible  project,
    17  to  the  extent reasonably practicable, and subject to such deviation as
    18  may be necessary, in connection with the administration  and  investment
    19  of  moneys  in  the  fund,  unless  allocations in differing amounts are
    20  necessary to preclude a determination by the commissioner or the  corpo-
    21  ration  pursuant  to paragraph e of subdivision eight of this section or
    22  unless an allocation in a differing amount is required for an innovative
    23  technology demonstration project; provided, however, that in the case of
    24  any municipality which has, during the period commencing on June  first,
    25  nineteen hundred ninety-two and ending on September thirtieth, two thou-
    26  sand  [eighteen]  twenty-one, (i) submitted an application for financial
    27  assistance in the form of such a loan for  an  eligible  project,  which
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14346-01-8
        S. 7953                             2
     1  application  has  been  accepted by the corporation, (ii) closed on such
     2  loan, and (iii) commenced construction of  such  eligible  project,  the
     3  allocation  applicable to the portion of such project financed with such
     4  loan shall be, subject to maximum financial limitations as may otherwise
     5  be  necessary and prescribed by the commissioner and the director of the
     6  division of the budget, fifty percent of the principal balance outstand-
     7  ing on such loan at any time for such eligible project,  to  the  extent
     8  reasonably  practicable,  and subject to such deviation as may be neces-
     9  sary, in connection with the administration and investment of moneys  in
    10  the  fund,  unless  allocations  in  differing  amounts are necessary to
    11  preclude a determination by the commissioner or the corporation pursuant
    12  to paragraph e of subdivision eight of this section or unless  an  allo-
    13  cation  in  a  differing amount is required for an innovative technology
    14  demonstration project.
    15    § 2. Paragraph e of subdivision 8 of section 17-1909 of  the  environ-
    16  mental  conservation law, as amended by chapter 326 of the laws of 2015,
    17  is amended to read as follows:
    18    e. Federal capitalization grants are provided in the form of a  letter
    19  of credit or draws under capitalization grant agreements and the commis-
    20  sioner  or  the  corporation determines, consistent with the purposes of
    21  the fund, that providing  financial  assistance  from  the  proceeds  of
    22  corporation bonds or notes would delay receipt of moneys from the feder-
    23  al government under the Federal Water Pollution Control Act.
    24    The interest rate charged on any loan made by the corporation pursuant
    25  to  this subdivision shall be no more than two-thirds of the market rate
    26  of interest otherwise applicable thereto, provided, however, that in the
    27  case of any municipality which has, during the period commencing on June
    28  first, nineteen hundred ninety-two and ending  on  September  thirtieth,
    29  two  thousand  [eighteen]  twenty-one,  (i) submitted an application for
    30  financial assistance in the form of a loan from the corporation pursuant
    31  to this subdivision, for an eligible project, which application has been
    32  accepted by the  corporation,  (ii)  closed  on  such  loan,  and  (iii)
    33  commenced  construction  of  such  eligible  project,  the interest rate
    34  charged on such loan shall be no more than one-half of the  market  rate
    35  otherwise applicable thereto.
    36    § 3. This act shall take effect immediately.