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Assembly Bill A1684

2009-2010 Legislative Session

Relates to borrowing by industrial development agencies

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Archive: Last Bill Status - In Assembly Committee

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2009-A1684 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Add ยง858-c, Gen Muni L

2009-A1684 (ACTIVE) - Summary

Relates to borrowing by industrial development agencies.

2009-A1684 (ACTIVE) - Bill Text download pdf 

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

                                  1684

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             January 9, 2009
                               ___________

Introduced  by M. of A. BRODSKY -- read once and referred to the Commit-
  tee on Local Governments

AN ACT to amend the general municipal law, in relation to  borrowing  by
  industrial development agencies

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

  Section 1. The general municipal  law  is  amended  by  adding  a  new
section 858-c to read as follows:
  S 858-C. LIMITATIONS ON BORROWING. NO INDUSTRIAL DEVELOPMENT AGENCY OR
OFFICER  THEREOF  MAY  TAKE  ANY ACTION TO AUTHORIZE, APPROVE, ISSUE, OR
OTHERWISE FACILITATE THE ISSUANCE, MARKETING, SALE, OR APPROVAL  OF  ANY
BOND  OR  BORROWING WHOSE AGGREGATE AMOUNT EXCEEDS FIFTY MILLION DOLLARS
UNLESS (1) THE PROJECTS PROJECTED JOB CREATION AND/OR INVESTMENT IN  THE
PROPOSED  LOCATION  OR LOCATIONS VERSUS THE TOTAL AMOUNT OF BENEFITS THE
BUSINESS ENTERPRISE WILL POTENTIALLY RECEIVE SHALL  BE  A  RATIO  OF  AT
LEAST 20:1, THE NUMERATOR OF WHICH IS THE SUM OF (I) THE ESTIMATED VALUE
OF  ALL  WAGES AND BENEFITS PAID TO ALL EXISTING AND PROJECTED EMPLOYEES
OF THE BUSINESS ENTERPRISE AT THE LOCATION OR  LOCATIONS  AND  (II)  THE
ESTIMATED  VALUE  OF  CAPITAL INVESTMENTS FOR THE LOCATION OR LOCATIONS,
AND THE DENOMINATOR OF WHICH IS THE ESTIMATED AMOUNT OF  TOTAL  BENEFITS
THAT  MAY  BE  USED  BY  THE  BUSINESS  ENTERPRISE;  AND (2) THE COST OF
CREATION OF PERMANENT NEW JOBS IS LESS THAN FIFTY THOUSAND DOLLARS.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05338-01-9

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