Assembly Bill A8874

2009-2010 Legislative Session

Prohibits state borrowing where such borrowing would aid in the relocation of businesses from economically challenged neighborhoods

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A8874 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Add ยง55-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: A463
2013-2014: A687

2009-A8874 (ACTIVE) - Summary

Prohibits state borrowing where such borrowing would aid in the relocation of businesses from economically challenged neighborhoods; defines terms.

2009-A8874 (ACTIVE) - Sponsor Memo

2009-A8874 (ACTIVE) - Bill Text download pdf 

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

                                  8874

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 12, 2009
                               ___________

Introduced by M. of A. GIBSON -- read once and referred to the Committee
  on Ways and Means

AN  ACT to amend the state finance law, in relation to restricting state
  borrowing where the purpose or effect of such borrowing would  aid  in
  the relocation of any enterprise, business or similar activity from an
  economically challenged neighborhood

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

  Section 1. The state finance law is amended by adding  a  new  section
55-a to read as follows:
  S  55-A.  RESTRICTION  ON BORROWING; ECONOMICALLY CHALLENGED NEIGHBOR-
HOOD. 1. THE STATE, ITS AGENCIES AND AUTHORITIES  SHALL  NOT  INCUR  ANY
DEBT  OR  AUTHORIZE  OR  ISSUE ANY BONDS, THE PURPOSE OR EFFECT OF WHICH
WOULD BE TO AID IN THE RELOCATION OF ANY ENTERPRISE, BUSINESS, OR  SIMI-
LAR  ACTIVITY  FROM AN ECONOMICALLY CHALLENGED NEIGHBORHOOD IN THE STATE
OF NEW YORK.
  2. DEFINITIONS. (A) FOR THE PURPOSES OF THIS SECTION, AN "ECONOMICALLY
CHALLENGED NEIGHBORHOOD" SHALL MEAN AN AREA  WITH  A  POPULATION  OF  AT
LEAST  TWO  THOUSAND,  WHICH, BASED ON THE MOST RECENT CENSUS TRACT DATA
AVAILABLE CONSTITUTES A SINGLE CENSUS TRACT OR GROUP  OF  CENSUS  TRACTS
HAVING THE FOLLOWING STATISTICAL PROFILE:
  (I)  A  POVERTY  RATE OF AT LEAST TWENTY PERCENT FOR THE YEAR TO WHICH
THE DATA RELATE; OR
  (II) FOR WHICH AT LEAST TWENTY  PERCENT  OF  THE  POPULATION  RECEIVES
PUBLIC ASSISTANCE FOR THE YEAR TO WHICH THE DATA RELATE; AND
  (III)  AN UNEMPLOYMENT RATE OF AT LEAST 1.25 TIMES THE STATEWIDE UNEM-
PLOYMENT RATE FOR THE YEAR TO WHICH THE DATA RELATE.
  (B) FOR THE PURPOSES OF THIS SECTION, A CENSUS TRACT WHICH IS  CONTIG-
UOUS TO AN AREA WHICH MEETS THE CRITERIA IN PARAGRAPH (A) OF THIS SUBDI-
VISION SHALL BE DEEMED TO BE AN ECONOMICALLY CHALLENGED NEIGHBORHOOD.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06352-01-9

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