S T A T E O F N E W Y O R K
________________________________________________________________________
5962
2009-2010 Regular Sessions
I N A S S E M B L Y
February 23, 2009
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Introduced by M. of A. SCHIMMINGER, MORELLE, WEPRIN, MAGNARELLI, DESTI-
TO, STIRPE, ORTIZ -- Multi-Sponsored by -- M. of A. AUBRY, CAHILL,
DelMONTE, GANTT, HOOPER, KOON, LIFTON, RAMOS -- read once and referred
to the Committee on Economic Development, Job Creation, Commerce and
Industry
CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY
proposing an amendment to the constitution, in relation to direct peti-
tion and response
Section 1. Resolved (if the Senate concur), That subdivision 3 of
section 8 of article 7 of the constitution be amended to read as
follows:
3. Nothing in this constitution contained shall prevent the legisla-
ture from authorizing the loan of the money of the state to a public
corporation to be organized for the purpose of making loans to non-pro-
fit corporations AND TO ELIGIBLE BUSINESSES or for the purpose of guar-
anteeing loans made by banking organizations, as [that term] THESE TERMS
shall be defined by the legislature, to finance the construction of new
industrial or manufacturing plants, the construction of new buildings to
be used for research and development, the construction of other eligible
business facilities, and for the purchase of machinery and equipment
related to such new industrial or manufacturing plants, research and
development buildings, and other eligible business facilities in this
state or the acquisition, rehabilitation or improvement of former or
existing industrial or manufacturing plants, buildings to be used for
research and development, other eligible business facilities, and
machinery and equipment in this state, OR TO FINANCE THE CONSTRUCTION OF
INFRASTRUCTURE FOR ELIGIBLE BUSINESSES, INCLUDING WATER AND SEWER
SYSTEMS, UTILITY LINES AND TELECOMMUNICATIONS LINKS, OR TO FINANCE ENER-
GY EFFICIENCY, POLLUTION PREVENTION, POLLUTION CONTROL OR ALTERNATIVE
ENERGY SYSTEMS FOR ELIGIBLE BUSINESSES including the acquisition of real
property therefor, and the use of such money by such public corporation
for such purposes, to improve employment opportunities in any area of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD89111-01-9
A. 5962 2
the state, provided, however, that any such plants, buildings or facili-
ties or machinery and equipment therefor shall not be (i) primarily used
in making retail sales of goods or services to customers who personally
visit such facilities to obtain such goods or services or (ii) used
primarily as a hotel, apartment house or other place of business which
furnishes dwelling space or accommodations to either residents or tran-
sients, and provided further that [any loan by such public corporation
shall not exceed sixty per centum of the cost of any such project and
the repayment of which shall be secured by a mortgage thereon which
shall not be a junior encumbrance thereon by more than fifty per centum
of such cost or by a security interest if personalty, and that] the
amount of any guarantee of a loan made by a banking organization shall
not exceed eighty per centum of the cost of any such project, AND THAT
SUCH LOANS OR LOAN GUARANTEES BY SUCH PUBLIC CORPORATION ARE EVIDENCED
BY A BOND, NOTE OR OTHER OBLIGATION SECURED BY A SECURITY INTEREST
DEEMED APPROPRIATE BY THE LEGISLATURE TO PROTECT THE INTEREST OF THE
PUBLIC CORPORATION AND THE STATE.
S 2. Resolved (if the Senate concur), That the foregoing amendment be
referred to the first regular legislative session convening after the
next succeeding general election of members of the assembly, and, in
conformity with section 1 of article 19 of the constitution, be
published for 3 months previous to the time of such election.