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Assembly Bill A2850

2009-2010 Legislative Session

Relates to increasing the limit of the amount of money which may be on deposit with the excelsior linked deposit program

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Archive: Last Bill Status - In Assembly Committee

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2009-A2850 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Amd ยง214, St Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: A3139
2013-2014: A3054
2015-2016: A7066
2017-2018: A2193
2019-2020: A2243

2009-A2850 (ACTIVE) - Summary

Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

2009-A2850 (ACTIVE) - Bill Text download pdf 

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

                                  2850

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2009
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER, KOON, BENJAMIN, GALEF, MORELLE,
  BING, MAGNARELLI -- Multi-Sponsored by -- M.  of  A.  AUBRY,  BRENNAN,
  CAHILL,  CHRISTENSEN,  COLTON,  DESTITO,  FARRELL,  GOTTFRIED, GREENE,
  HOOPER, HOYT, JOHN, PHEFFER,  ROBINSON,  SWEENEY,  TOWNS,  WEISENBERG,
  WRIGHT -- read once and referred to the Committee on Economic Develop-
  ment, Job Creation, Commerce and Industry

AN  ACT  to  amend  the  state finance law, in relation to the excelsior
  linked deposit program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 214 of the state finance law, as amended by section
1  of  part  P  of chapter 59 of the laws of 2007, is amended to read as
follows:
  S 214. Establishment and  purpose;  linked  deposit  program  authori-
zation.    The  excelsior  linked deposit program is hereby created. The
purpose of the program is to encourage and  assist  eligible  businesses
within  the  state  to  undertake eligible projects that will materially
contribute to improving their performance and competitiveness. The comp-
troller is hereby authorized to use any moneys of the  state  the  comp-
troller  is  authorized  to invest pursuant to section ninety-eight-a of
this chapter as linked deposits for the program. Not  more  than  [four]
FIVE hundred [sixty] TWENTY-FIVE million dollars of such moneys shall be
on  deposit  pursuant to the program at any given time. The commissioner
of taxation and finance is hereby authorized to use funds in the  linked
deposit  program  fund  established  pursuant to section ninety-two-v of
this chapter as linked deposits for  the  program.  Not  more  than  one
hundred million dollars from the linked deposit program fund shall be on
deposit pursuant to the program at any given time.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03945-01-9

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