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Assembly Bill A6970

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-A6970 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Amd ยง214, St Fin L

2009-A6970 (ACTIVE) - Summary

Increases from $460 million to $500 million the limit on the amount of money which may be on deposit with the excelsior linked deposit program at any given time.

2009-A6970 (ACTIVE) - Bill Text download pdf 

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

                                  6970

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 18, 2009
                               ___________

Introduced  by M. of A. KOON, ALFANO, BARRA -- read once and referred to
  the Committee on Economic  Development,  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] 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  chap-
ter  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.
                                                           LBD06849-01-9

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