senate Bill S4075A

Relates to clarifying and making certain technical corrections to the public authorities reform act of 2009; repealer

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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  • 07 / Mar / 2013
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 06 / May / 2013
    • 1ST REPORT CAL.539
  • 07 / May / 2013
    • 2ND REPORT CAL.
  • 08 / May / 2013
    • ADVANCED TO THIRD READING
  • 21 / Jun / 2013
    • COMMITTED TO RULES
  • 08 / Jan / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 16 / Jun / 2014
    • AMEND AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 16 / Jun / 2014
    • PRINT NUMBER 4075A

Summary

Relates to clarifying and making certain technical corrections to the public authorities reform act of 2009.

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Bill Details

Versions:
S4075
S4075A
Legislative Cycle:
2013-2014
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §§2800, 2801, 2802, 2825, 2827-a, 2879, 2896 & 2925, rpld §2801 sub 3, Pub Auth L; amd §§561-a & 859, Gen Muni L
Versions Introduced in 2011-2012 Legislative Cycle:
S5820B

Sponsor Memo

BILL NUMBER:S4075A

TITLE OF BILL: 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 thereto

PURPOSE: To clarify and make certain technical corrections to the
Public Authorities Reform Act of 2009.

SUMMARY OF PROVISIONS: Section 1 of this bill amends Subdivisions 1
and 2 of Section 2800 of the Public Authorities Law to allow durable
information to be posted on the website of a public authority rather
than submitted annually in the Public Authorities Reporting
Information System ("PARIS')and to make other technical changes to
conform to current PARIS data fields. Subdivision 2 of this bill
amends Subdivision 4 of Section 2800 of the Public Authorities Law to
clarify that a waiver granted pursuant to such Subdivision shall not
apply to the filing requirement imposed on an industrial development
agency by Section 859 of the General Municipal Law or to any other
requirement that a State or local authority file or submit documents
or information to the State Comptroller.

Section 3 of this bill amends Section 2801 of the Public Authorities
Law to require submission of an adopted budget plan no later than 30
days prior to the start of a public authority's fiscal year.
Subdivision 3 is repealed in this section, since the budget report is
required prior to the fiscal year and would not be included in the
annual report filed at the conclusion of the fiscal year.

Section 4 of the bill is Intentionally Omitted.

Section 5 of this bill amends the opening paragraph of Subdivision 2
of Section 2825 of the Public Authorities Law to clarify that ex
officio local authority board members are considered to be independent
in the same way as ex officio State directors.

Section 6 of this bill amends the opening paragraph of Subdivision 6
of Section 2827-a of the Public Authorities Law to require any
subsidiary public benefit corporation to provide to the State
Comptroller a report on such subsidiary.

Section 7 of this bill amends Paragraph (a) of Subdivision 8 of

Section 2879 of the Public Authorities Law to require that procurement
reports be submitted within 90 days of the end of the authority's
fiscal year.

Section 8 of this bill amends Subdivision 3 of Section 2896 of the
Public Authorities Law to clarify that property reports are to be
filed within 90 days of the end of the authority's fiscal year as part
of the annual report required under Section 2800 of the Public
Authorities Law.

Section 9 of this bill amends Paragraphs (a) and (b) of Subdivision 7
of Section 2925 of the Public Authorities Law to require the filing of


annual investment reports within 90 days of the end of the authority's
fiscal year.

Section 10 of this bill amends Subdivision 2 of Section 561-a of the
General Municipal Law to establish that urban renewal agencies must
submit an annual financial report and audit to the commissioner of
housing and community renewal and the Comptroller within 90 days after
the close of the authority's fiscal year.

Section 11 of this bill amends Subdivision 1 of Section 859 of the
General Municipal Law to conform financial reporting by industrial
development agencies to the Public Authorities Law. Additionally, this
Section establishes that a waiver granted pursuant to such Subdivision
shall not apply to any filing requirement imposed on an agency by or
pursuant to Section 2800 of the Public Authorities Law.

Section 12 of this bill provides for an immediate effective date.

PRIOR LEGISLATIVE HISTORY: 2012-13: S. 5820-B and A. 7798-B (Passed
Assembly).

JUSTIFICATION: The Public Authorities Reform Act of 2009 was signed
into law in December of that year. This Act improved public authority
transparency and accountability through enhanced reporting and
oversight provisions. The statutory changes suggested in this bill
seek to clarify the reporting and compliance responsibilities of
public authorities pursuant to the Act as well as to enhance public
access to authority information.

BUDGET IMPLICATIONS: This bill has no significant fiscal impact.

EFFECTIVE DATE: This bill would take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4075--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 7, 2013
                               ___________

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 Corporations, Authorities and Commissions  --  recom-
  mitted  to  the Committee on Corporations, Authorities and Commissions
  in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

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:

  Section  1.  Paragraphs (a) and (b) of subdivision 1 and subdivision 2
of section 2800 of the public authorities law, as amended by chapter 506
of the laws of 2009, are amended to read as follows:
  (a) For the purpose of furnishing the state with  systematic  informa-
tion  regarding  the  status  and  the activities of public authorities,
every state authority continued or created by this chapter or any  other
chapter  of the laws of the state of New York shall submit to the gover-
nor, the chairman and ranking minority  member  of  the  senate  finance
committee, the chairman and ranking minority member of the assembly ways
and  means  committee, the state comptroller, and the authorities budget
office, within ninety days after the end of its fiscal year, a  complete
and  detailed  report  or  reports setting forth: (1) its operations and
accomplishments; (2) its financial reports, including (i) audited finan-
cials in accordance with all applicable regulations and following gener-
ally accepted accounting principles as defined  in  subdivision  ten  of
section  two  of the state finance law, (ii) grant and subsidy programs,
(iii) operating and financial risks, (iv) current ratings,  if  any,  of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05873-06-4

S. 4075--A                          2

its bonds issued by recognized municipal bond rating agencies and notice
of  changes  in  such  ratings, and (v) long-term liabilities, including
leases and employee benefit plans; (3) its mission statement  and  meas-
urements including its most recent measurement report; (4) a schedule of
its  bonds and notes outstanding at the end of its fiscal year, together
with a statement of the amounts redeemed and incurred during such fiscal
year as part of a schedule of debt issuance that includes  the  date  of
issuance,  term,  amount,  interest  rate  and means of repayment. Addi-
tionally, the debt schedule shall also include all refinancings,  calls,
refundings, defeasements and interest rate exchange or other such agree-
ments,  and  for any debt issued during the reporting year, the schedule
shall also include a detailed list of costs of issuance for  such  debt;
(5)  a  compensation  schedule,  in  addition to the report described in
section twenty-eight hundred six of this title, that shall  include,  by
position,  title  and name of the person holding such position or title,
the salary, compensation, allowance  and/or  benefits  provided  to  any
officer,  director  or employee in a decision making or managerial posi-
tion of such authority whose salary is in excess of one hundred thousand
dollars; [(5-a) biographical  information,  not  including  confidential
personal  information,  for all directors and officers and employees for
whom salary reporting is required under subparagraph five of this  para-
graph;]  (6)  the  projects undertaken by such authority during the past
year; (7) a listing and description[, in addition to the report required
by paragraph a of subdivision  three  of  section  twenty-eight  hundred
ninety-six  of  this  article]  of  all  real property of such authority
having an estimated fair market value  in  excess  of  fifteen  thousand
dollars  that  the authority acquires or disposes of during such period.
The report shall contain the price received or paid by the authority and
the name of the purchaser, LESSEE, LESSOR or seller for all such proper-
ty sold, LEASED or bought by the authority during such period; (8)  such
authority's  code  of  ethics; (9) an assessment of the effectiveness of
its internal control structure and  procedures;  (10)  [a  copy  of  the
legislation  that  forms  the  statutory  basis of the authority; (11) a
description of the authority and  its  board  structure,  including  (i)
names  of committees and committee members, (ii) lists of board meetings
and attendance, (iii) descriptions of  major  authority  units,  subsid-
iaries,  and  (iv)  number  of  employees; (12) its charter, if any, and
by-laws; (13) a listing of material changes in operations  and  programs
during the reporting year; (14) at a minimum a four-year financial plan,
including  (i) a current and projected capital budget, and (ii) an oper-
ating budget report, including an actual versus estimated  budget,  with
an  analysis  and  measurement  of  financial and operating performance;
(15)] its board performance evaluations; provided,  however,  that  such
evaluations  shall not be subject to disclosure under article six of the
public officers law; [(16)] (11) a description of the total  amounts  of
assets,  services  or  both  assets  and services bought or sold without
competitive bidding, including  (i)  the  nature  of  those  assets  and
services,  (ii)  the  names  of  the counterparties, and (iii) where the
contract price for assets purchased exceeds fair market value, or  where
the  contract  price  for  assets sold is less than fair market value, a
detailed explanation of the justification for  making  the  purchase  or
sale without competitive bidding, and a certification by the chief exec-
utive  officer  and chief financial officer of the public authority that
they have reviewed the terms of such purchase  or  sale  and  determined
that  it  complies  with  applicable law and procurement guidelines; and
[(17)] (12) a description of any material pending  litigation  in  which

S. 4075--A                          3

the  authority  is involved as a party during the reporting year, except
that no hospital need disclose  information  about  pending  malpractice
claims beyond the existence of such claims.
  (b)  Each state authority shall make accessible to the public, via its
official or shared internet web site, (1)  documentation  pertaining  to
its  mission[,]  AND  current  activities[,]; (2) ITS most recent annual
REPORT AND financial [reports] STATEMENTS,  AND  current  [year]  budget
[and]  REPORTS;  (3)  its  most  recent independent audit report AND ANY
OTHER REPORT PROVIDED TO  THE  AUTHORITIES  BUDGET  OFFICE  unless  such
information is covered by subdivision two of section eighty-seven of the
public  officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL  QUALIFICA-
TIONS  AND  EXPERTISE  FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
LEGISLATION THAT FORMS THE STATUTORY  BASIS  OF  THE  AUTHORITY;  (6)  A
DESCRIPTION  OF  THE  AUTHORITY  AND  ITS BOARD STRUCTURE, INCLUDING (I)
NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF  BOARD  MEET-
INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
NUMBER  OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; AND  (9)  A  LISTING  OF
MATERIAL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR.
  2.  Local authorities. (a) Every local authority, continued or created
by this chapter or any other chapter of the laws of  the  state  of  New
York shall submit to the chief executive officer, the chief fiscal offi-
cer,  the chairperson of the legislative body of the local government or
local governments, THE STATE  COMPTROLLER  and  the  authorities  budget
office,  within ninety days after the end of its fiscal year, a complete
and detailed report or reports setting forth:  (1)  its  operations  and
accomplishments; (2) its financial reports, including (i) audited finan-
cials in accordance with all applicable regulations and following gener-
ally  accepted  accounting  principles  as defined in subdivision ten of
section two of the state finance law, (ii) grants and subsidy  programs,
(iii) operating and financial risks, (iv) current ratings if any, of its
bonds  issued by recognized municipal bond rating agencies and notice of
changes in such ratings, and (v) long-term liabilities, including leases
and employee benefit plans; (3) its mission statement  and  measurements
including  its  most  recent  measurement  report; (4) a schedule of its
bonds and notes outstanding at the end of its fiscal year, together with
a statement of the amounts redeemed and incurred during such fiscal year
as part of a schedule of debt issuance that includes the date  of  issu-
ance,  term, amount, interest rate and means of repayment. Additionally,
the  debt  schedule  shall  also  include   all   refinancings,   calls,
refundings, defeasements and interest rate exchange or other such agree-
ments,  and  for any debt issued during the reporting year, the schedule
shall also include a detailed list of costs of issuance for  such  debt;
(5)  a  compensation  schedule  in  addition  to the report described in
section twenty-eight hundred six of this title that  shall  include,  by
position,  title  and name of the person holding such position or title,
the salary, compensation, allowance  and/or  benefits  provided  to  any
officer,  director  or employee in a decision making or managerial posi-
tion of such authority whose salary is in excess of one hundred thousand
dollars; [(5-a) biographical  information,  not  including  confidential
personal  information,  for all directors and officers and employees for
whom salary reporting is required under subparagraph five of this  para-
graph;]  (6)  the  projects undertaken by such authority during the past
year; (7) a listing and description[, in addition to the report required
by paragraph a of subdivision  three  of  section  twenty-eight  hundred

S. 4075--A                          4

ninety-six  of  this  article]  of  all  real property of such authority
having an estimated fair market value  in  excess  of  fifteen  thousand
dollars  that  the authority acquires or disposes of during such period.
The report shall contain the price received or paid by the authority and
the name of the purchaser, LESSEE, LESSOR or seller for all such proper-
ty  sold, LEASED or bought by the authority during such period; (8) such
authority's code of ethics; (9) an assessment of  the  effectiveness  of
its  internal  control  structure  and  procedures;  (10) [a copy of the
legislation that forms the statutory basis  of  the  authority;  (11)  a
description  of  the  authority  and  its board structure, including (i)
names of committees and committee members, (ii) lists of board  meetings
and  attendance,  (iii)  descriptions  of major authority units, subsid-
iaries, (iv) number of employees, and (v) organizational chart; (12) its
charter, if any, and by-laws; (13) a  listing  of  material  changes  in
operations  and  programs during the reporting year; (14) at a minimum a
four-year financial plan, including (i) a current and projected  capital
budget,  and (ii) an operating budget report, including an actual versus
estimated budget, with an analysis  and  measurement  of  financial  and
operating performance; (15)] its board performance evaluations provided,
however,  that such evaluations shall not be subject to disclosure under
article six of the public officers law; [(16)] (11) a description of the
total amounts of assets, services or both assets and services bought  or
sold  without  competitive  bidding,  including  (i) the nature of those
assets and services, (ii) the names of  the  counterparties,  and  (iii)
where the contract price for assets purchased exceeds fair market value,
or  where  the  contract  price for assets sold is less than fair market
value, a detailed  explanation  of  the  justification  for  making  the
purchase or sale without competitive bidding, and a certification by the
chief  executive  officer  and  chief  financial  officer  of the public
authority that they have reviewed the terms of such purchase or sale and
determined that it complies with applicable law and  procurement  guide-
lines;  and [(17)] (12) a description of any material pending litigation
in which the authority is involved as a party during the reporting year,
except that no provider of medical services  need  disclose  information
about pending malpractice claims beyond the existence of such claims.
  (b)  Each local authority shall make accessible to the public, via its
official or shared internet web site, (1)  documentation  pertaining  to
its  mission[,]  AND  current  activities[,]; (2) ITS most recent annual
REPORT AND financial [reports] STATEMENTS,  AND  current  [year]  budget
[and]  REPORTS;  (3)  its  most  recent independent audit report AND ANY
OTHER REPORT PROVIDED TO  THE  AUTHORITIES  BUDGET  OFFICE  unless  such
information is covered by subdivision two of section eighty-seven of the
public  officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL  QUALIFICA-
TIONS  AND  EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5)  A COPY OF THE
LEGISLATION THAT FORMS THE STATUTORY  BASIS  OF  THE  AUTHORITY;  (6)  A
DESCRIPTION  OF  THE  AUTHORITY  AND  ITS BOARD STRUCTURE, INCLUDING (I)
NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF  BOARD  MEET-
INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
NUMBER  OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; AND  (9)  A  LISTING  OF
MATERIAL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR.
  S  2.  Subdivision 4 of section 2800 of the public authorities law, as
added by chapter 506 of the laws of 2009, is amended to read as follows:
  4. The authorities budget office may, upon application of any authori-
ty, waive any requirements of this  section  upon  a  showing  that  the

S. 4075--A                          5

authority  meets  the  criteria  for  such a waiver established by regu-
lations of the authorities budget office. Such regulations shall provide
for consideration of: (a) the number of employees of the authority;  (b)
the  annual budget of the authority; (c) the ability of the authority to
prepare the required reports using existing staff; and  (d)  such  other
factors  as the authorities budget office deems to reflect the relevance
of the required disclosures to evaluation of  an  authority's  effective
operation,  and  the  burden  such disclosures place on an authority.  A
WAIVER GRANTED PURSUANT TO THIS  SUBDIVISION  SHALL  NOT  APPLY  TO  THE
FILING  REQUIREMENT  IMPOSED  ON  AN  INDUSTRIAL  DEVELOPMENT  AGENCY BY
SECTION EIGHT HUNDRED FIFTY-NINE OF THE GENERAL MUNICIPAL LAW OR TO  ANY
OTHER  REQUIREMENT  THAT A STATE OR LOCAL AUTHORITY FILE OR SUBMIT DOCU-
MENTS OR INFORMATION TO  THE  STATE  COMPTROLLER.  Each  waiver  granted
pursuant  to  this subdivision shall be disclosed in the reports of such
office issued pursuant to section seven of this chapter.
  S 3. Subdivision 3 of section 2801 of the public  authorities  law  is
REPEALED and subdivisions 1 and 2, as amended by chapter 506 of the laws
of 2009, are amended to read as follows:
  1.  State  authorities. Every state authority or commission heretofore
or hereafter continued or created by this chapter or any  other  chapter
of  the  laws of the state of New York shall submit to the governor, the
chair and ranking minority member of the senate finance  committee,  the
chair and ranking minority member of the assembly ways and means commit-
tee,  THE STATE COMPTROLLER and the authorities budget office, for their
information, annually [not more than one hundred twenty  days  and]  not
less  than  [ninety]  THIRTY  days before the commencement of its fiscal
year, in the form submitted to its members or trustees, budget  informa-
tion  on operations and capital construction setting forth the estimated
receipts and expenditures for the  next  fiscal  year  and  the  current
fiscal  year,  and  the  actual  receipts  and expenditures for the last
completed fiscal year.
  2. Local authorities. For the local authority fiscal year ending on or
after December thirty-first, two thousand seven and annually thereafter,
every local authority heretofore or hereafter continued  or  created  by
this  chapter  or any other chapter of the laws of the state of New York
shall submit to the chief executive officer, the chief  fiscal  officer,
the  chairperson  of  the  legislative  body  of the local government or
governments, THE STATE COMPTROLLER and the authorities budget office for
their information, annually [not more than ninety days and not less than
sixty] THIRTY days before the commencement of its fiscal  year,  in  the
form  submitted  to its members or trustees, budget information on oper-
ations and capital construction setting forth the estimated receipts and
expenditures for the next fiscal year and the current fiscal  year,  and
the actual receipts and expenditures for the last completed fiscal year.
  S 4. Intentionally omitted.
  S  5.  The  opening  paragraph of subdivision 2 of section 2825 of the
public authorities law, as amended by chapter 174 of the laws  of  2010,
is amended to read as follows:
  Except  for  members who serve as members by virtue of holding a civil
office of the state OR LOCAL GOVERNMENT, the majority of  the  remaining
members of the governing body of every state or local authority shall be
independent  members; provided, however, that this provision shall apply
to appointments made on or after the effective  date  of  chapter  seven
hundred  sixty-six  of  the  laws  of two thousand five which added this
subdivision. The official or officials having the authority  to  appoint
or  remove  such  remaining  members  shall  take such actions as may be

S. 4075--A                          6

necessary to satisfy this requirement and further,  shall  consider  the
prospective  diversity  of  the members of a state authority when making
their determinations to appoint any member. For  the  purposes  of  this
section, an independent member is one who:
  S  6.  The opening paragraph of subdivision 6 of section 2827-a of the
public authorities law, as added by chapter 506 of the laws of 2009,  is
amended to read as follows:
  On  or before the first day of January, two thousand eleven, and annu-
ally on such day thereafter, any subsidiary public benefit  corporation,
in cooperation with its parent public benefit corporation, shall provide
to  THE  STATE COMPTROLLER, the chair and ranking minority member of the
senate finance committee, the chair and ranking minority member  of  the
assembly  ways and means committee, and each chair and ranking member of
the assembly and senate  committees  on  corporations,  authorities  and
commissions  a report on the subsidiary public benefit corporation. Such
report shall include for each subsidiary:
  S 7.  Paragraph (a) of subdivision 8 of section  2879  of  the  public
authorities  law,  as  amended  by  chapter  844 of the laws of 1992, is
amended to read as follows:
  (a) Each corporation shall [annually] submit WITHIN NINETY DAYS OF THE
END OF ITS FISCAL YEAR its report on procurement contracts to the  divi-
sion  of  the  budget  and copies thereof to the department of audit and
control, the department of  economic  development,  the  senate  finance
committee and the assembly ways and means committee.
  S  8.  Subdivision 3 of section 2896 of the public authorities law, as
amended by chapter 506 of the laws  of  2009,  is  amended  to  read  as
follows:
  3.  a.  Each public authority shall [publish, not less frequently than
annually] PREPARE WITHIN NINETY DAYS OF THE END OF ITS  FISCAL  YEAR  AS
PART  OF  THE  ANNUAL REPORT PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF
THIS ARTICLE, a report listing all real property of the public  authori-
ty.    Such report shall include a list and full description of all real
and personal property disposed of during such period. The  report  shall
contain  the  price received by the public authority and the name of the
purchaser for all such property sold by the public authority during such
period.
  b. The public authority shall deliver copies of  such  report  to  the
comptroller,  the  director  of  the budget, the commissioner of general
services, the legislature and the authorities budget office.
  S 9. Paragraphs (a) and (b) of subdivision 7 of section  2925  of  the
public authorities law, as added by chapter 838 of the laws of 1983, are
amended to read as follows:
  (a)  Each  corporation,  a majority of the members of which consist of
persons appointed by the governor or who serve as members by  virtue  of
holding  a  civil  office  of the state, or a combination thereof, shall
[annually] submit WITHIN NINETY DAYS OF THE END OF ITS FISCAL  YEAR  its
investment  report  to  the division of the budget and copies thereof to
the department of audit and control, the senate  finance  committee  and
the assembly ways and means committee.
  (b)  Each  corporation,  other than a corporation included under para-
graph (a) of this subdivision, shall  [annually]  submit  WITHIN  NINETY
DAYS  OF  THE  END OF ITS FISCAL YEAR its investment report to the chief
executive officer and chief fiscal officer of each municipality for  the
benefit  of  which  it  was  created  and to the department of audit and
control.

S. 4075--A                          7

  S 10. Subdivision 2 of section 561-a of the general municipal law,  as
added by chapter 681 of the laws of 1963, is amended to read as follows:
  2.  Within  [sixty] NINETY days after the close of the fiscal year, an
agency shall submit an annual report of its financial condition  to  the
commissioner  and  to the state comptroller. The report shall be in such
form as the comptroller shall require. The  commissioner  or  the  comp-
troller  may require additional information from the agency or any offi-
cer thereof at any time.
  S 11. Section 859 of the general municipal law, as  added  by  chapter
692  of  the  laws  of 1989, paragraph (b) and the opening paragraph and
subparagraph (v) of paragraph (e) of subdivision 1 as amended by chapter
357 of the laws of 1993, paragraph (e) of subdivision 1 and  subdivision
3  as  added  and subdivision 2 as amended by chapter 356 of the laws of
1993 and paragraph (f) of subdivision 1 as added by section 28  of  part
A3 of chapter 62 of the laws of 2003, is amended to read as follows:
  S 859. Financial records.  1. (a) Each agency shall maintain books and
records in such form as may be prescribed by the state comptroller.
  (b)  Within  ninety  days following the close of its fiscal year, each
agency or authority shall prepare a financial statement for that  fiscal
year  in  such  form as may be prescribed by the state comptroller. Such
statement shall be audited within such ninety day period by an independ-
ent certified public accountant in accordance with government accounting
standards established by the United States  general  accounting  office.
The  audited  financial  statement  shall include supplemental schedules
listing all straight-lease transactions  and  bonds  and  notes  issued,
outstanding  or  retired during the applicable accounting period whether
or not such bonds, notes or transactions are considered  obligations  of
the  agency.  For  each  issue  of  bonds  or notes such schedules shall
provide the name of each project financed with proceeds of  each  issue,
and  whether  the  project occupant is a not-for-profit corporation, the
name and address of each owner of each project, the estimated amount  of
tax  exemptions  authorized for each project, the purpose for which each
bond or note was issued, date of issue, interest rate at issuance and if
variable the range of interest rates applicable, maturity date,  federal
tax  status of each issue, and an estimate of the number of jobs created
and retained by each project. For each straight-lease transaction,  such
schedules  shall  provide  the  name  of  each  project, and whether the
project occupant is a not-for-profit corporation, the name  and  address
of  each  owner  of each project, the estimated amount of tax exemptions
authorized for each project, the purpose for which each transaction  was
made,  the method of financial assistance utilized by the project, other
than the tax exemptions claimed by the project and an  estimate  of  the
number of jobs created and retained by each project.
  (c)  Within  [thirty]  NINETY  days  after [completion] THE END OF THE
FISCAL YEAR, a copy of the audited financial statement shall  be  trans-
mitted  to  the  commissioner of the department of economic development,
the state comptroller and the governing body  of  the  municipality  for
whose benefit the agency was created.
  (d)  An  agency, OTHER THAN AN AGENCY THAT CEASES TO EXIST PURSUANT TO
SECTION EIGHT HUNDRED EIGHTY-TWO OF THIS TITLE, with no bonds  or  notes
issued  or  outstanding and no projects during the applicable accounting
period may apply to the state comptroller for a waiver of  the  required
audited  financial statement.  Application shall be made on such form as
the comptroller may prescribe.  A WAIVER GRANTED PURSUANT TO THIS  PARA-
GRAPH  SHALL NOT APPLY TO ANY FILING REQUIREMENT IMPOSED ON AN AGENCY BY

S. 4075--A                          8

OR PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF  THE  PUBLIC  AUTHORITIES
LAW.
  (e)  If  an  agency  or  authority shall fail to file or substantially
complete, as determined by the state comptroller, the  financial  state-
ment  required  by  this  section,  the  state comptroller shall provide
notice to the agency or authority. The notice shall state the following:
  (i) that the failure to file a financial statement as  required  is  a
violation  of  this section, or in the case of an insufficient financial
statement, the manner in which  the  financial  statement  submitted  is
deficient;
  (ii)  that the agency or authority has thirty days to comply with this
section or provide an adequate written explanation to the comptroller of
the agency's or authority's reasons for the inability to comply; and
  (iii) that the agency's or authority's failure to provide  either  the
required  financial  statement or an adequate explanation will result in
the notification of the chief executive officer of the municipality  for
whose  benefit  the  agency  or  authority  was  created of the agency's
noncompliance with this section. Where  such  agency  or  authority  has
failed  to  file  the  required  statement,  the comptroller shall addi-
tionally notify the agency or authority that continued failure  to  file
the required statement may result in loss of the agency's or authority's
authority to provide exemptions from state taxes.
  (iv)  If  an  agency or authority after thirty days has failed to file
the required statement or the explanation  in  the  manner  required  by
subparagraph (i) of this paragraph, or provides an insufficient explana-
tion,  the  comptroller  shall notify the chief executive officer of the
municipality for whose benefit the agency or authority was  created  and
the  agency  of  the  agency's  or  authority's  noncompliance with this
section. Such notice from the state comptroller shall further  delineate
in  what  respect the agency or authority has failed to comply with this
section. If the agency or authority has  failed  to  file  the  required
statement, the notice shall additionally state that continued failure to
file  the  required  statement  may  result  in  loss of the agency's or
authority's authority to provide exemptions from state taxes.
  (v) If, thirty days after notification of the chief executive  officer
of  the  municipality  for  whose  benefit  the  agency or authority was
created of the agency's or  authority's  noncompliance,  the  agency  or
authority  fails  to  file the required statement, the comptroller shall
notify the chief executive officer of the municipality for whose benefit
that agency or authority was created and the agency or authority that if
such report is not provided  within  sixty  days,  that  the  agency  or
authority  will no longer be authorized to provide exemptions from state
taxes.
  (vi) If, sixty days after the notification  required  by  subparagraph
(v)  of  this  paragraph,  the comptroller has not received the required
statement, the agency or authority shall not offer financial  assistance
which  provides  exemptions from state taxes until such financial state-
ment is filed and the comptroller shall so notify the agency or authori-
ty and the chief executive officer of the municipality for whose benefit
the agency was created. Provided, however,  that  nothing  contained  in
this  paragraph  shall  be  deemed  to  modify the terms of any existing
agreements.
  (f) Within thirty days after completion, a copy of an  audited  finan-
cial statement which contains transactions of or bonds or notes of civic
facilities  as  defined in paragraph (b) of THE FORMER subdivision thir-
teen of section eight hundred fifty-four of this article, shall be tran-

S. 4075--A                          9

smitted by the agency to the commissioner of health, the  chair  of  the
senate  finance  committee,  the  chair  of  the assembly ways and means
committee, the chair of the senate health committee and the chair of the
assembly health committee.
  2.  On or before September first of each year, the commissioner of the
department of economic development  shall  prepare  and  submit  to  the
governor,  speaker  of  the assembly, majority leader of the senate, and
the state comptroller, a report setting forth a summary of  the  signif-
icant  trends  in  operations and financing by agencies and authorities;
departures from acceptable practices  by  agencies  and  authorities;  a
compilation by type of the bonds and notes outstanding; a compilation of
all  outstanding  straight-lease  transactions; an estimate of the total
number of jobs created and retained by agency or authority projects; and
any other information which in the opinion  of  the  commissioner  bears
upon  the  discharge of the statutory functions of agencies and authori-
ties.
  3. On or before April first, nineteen hundred ninety-six, the  commis-
sioner  shall  submit to the director of the division of the budget, the
temporary president of the senate, the  speaker  of  the  assembly,  the
chairman  of  the senate finance committee, the chairman of the assembly
ways and means committee, the chairman of the  senate  local  government
committee,  the  chairman  of the senate committee on commerce, economic
development and small business, the chairman of the  assembly  committee
on  commerce,  industry  and  economic  development, the chairman of the
assembly local governments committee [and], the chairman of the assembly
real property taxation committee, THE CHAIR OF THE SENATE  COMMITTEE  ON
CORPORATIONS, AUTHORITIES AND COMMISSIONS, AND THE CHAIR OF THE ASSEMBLY
COMMITTEE  ON CORPORATIONS, AUTHORITIES AND COMMISSIONS an evaluation of
the activities of industrial development agencies and authorities in the
state prepared by an entity independent of the department.  Such  evalu-
ation  shall identify the effect of agencies and authorities on: (a) job
creation and retention in the state, including the types of jobs created
and retained; (b) the value of tax exemptions provided by such  agencies
and  authorities;  (c)  the  value of payments received in lieu of taxes
received by municipalities and school districts as a result of  projects
sponsored  by such entities; (d) a summary of the types of projects that
received financial assistance; (e) a summary of the types  of  financial
assistance  provided  by  the agencies and authorities; (f) a summary of
criteria for evaluation of projects used by  agencies  and  authorities;
(g) a summary of tax exemption policies of agencies and authorities; and
(h)  such  other  factors  as  may  be  relevant to an assessment of the
performance of such agencies and authorities in creating  and  retaining
job opportunities for residents of the state. Such evaluation shall also
assess  the  process  by which agencies and authorities grant exemptions
from state taxes and make recommendations for  the  most  efficient  and
effective  procedures  for  the  use of such exemptions. Such evaluation
shall further include any recommendations for changes in laws  governing
the  operations of industrial development agencies and authorities which
would enhance the creation and retention of jobs in the state.
  S 12. This act shall take effect immediately.

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