Senate Bill S3421

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

                                  3421

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 18, 2009
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the general municipal law  and  the  education  law,  in
  relation  to  authorizing  industrial development agencies created for
  the benefit of a town to establish a scholarship program for  students
  engaged  in  a  course  of  study  for  an  associate's, bachelor's or
  master's degree in a business related field

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

  Section 1. The opening paragraph of section 858 of the general munici-
pal  law,  as  amended by chapter 659 of the laws of 1997, is amended to
read as follows:
  The purposes of the agency shall be to promote, develop, encourage and
assist in the acquiring, constructing, reconstructing, improving,  main-
taining,  equipping  and furnishing industrial, manufacturing, warehous-
ing, commercial, research and recreation facilities including industrial
pollution control facilities, educational or cultural facilities,  rail-
road  facilities, horse racing facilities and continuing care retirement
communities, AND PROVIDE SCHOLARSHIPS  OR  INTERN  SUPPORT  TO  ELIGIBLE
STUDENTS  IN  A  BUSINESS OR INDUSTRY RELATED FIELD OF STUDY PURSUANT TO
SECTION EIGHT HUNDRED FIFTY-EIGHT-C OF THIS  TITLE;  provided,  however,
that,  of  agencies  governed by this article, only agencies created for
the benefit of a county and the agency created for the  benefit  of  the
city  of New York shall be authorized to provide financial assistance in
any respect to a continuing care  retirement  community;  AND  PROVIDED,
FURTHER,  THAT,  OF  AGENCIES  GOVERNED  BY  THIS ARTICLE, ONLY AGENCIES
CREATED FOR THE BENEFIT OF A TOWN SHALL BE AUTHORIZED TO PROVIDE  FINAN-
CIAL  ASSISTANCE  IN RESPECT TO ANY SCHOLARSHIP AND/OR INTERN SUPPORT TO
AN ELIGIBLE STUDENT IN A BUSINESS OR INDUSTRY RELATED  FIELD  OF  STUDY,
and  thereby  advance  the job opportunities, health, general prosperity
and economic welfare of the people of the  state  of  New  York  and  to

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05171-01-9
              

S. 3421                             2

improve  their  recreation  opportunities,  prosperity  and  standard of
living; and to carry out the aforesaid purposes, each agency shall  have
the following powers:
  S  2.  The  general  municipal  law is amended by adding a new section
858-c to read as follows:
  S 858-C. SCHOLARSHIP OF STUDENTS ENGAGED IN A BUSINESS  RELATED  FIELD
OF  STUDY.  1. AN AGENCY CREATED FOR THE BENEFIT OF A TOWN SHALL PROVIDE
FINANCIAL ASSISTANCE TO AN EDUCATIONAL INSTITUTION OFFERING A COURSE  OF
STUDY  FOR A BUSINESS RELATED ASSOCIATE'S, BACHELOR'S OR MASTER'S DEGREE
TO ELIGIBLE STUDENTS. SUCH FINANCIAL ASSISTANCE SHALL ONLY  BE  PROVIDED
TO THE EXTENT THAT THE AGENCY HAS MONEYS AVAILABLE FROM ACCUMULATED FEES
COLLECTED,  NOT  OTHERWISE REQUIRED TO BE EXPENDED FOR ANY OTHER PURPOSE
PURSUANT TO THIS ARTICLE.
  2. FOR THE PURPOSES OF THIS SECTION, "ELIGIBLE STUDENT" MEANS:
  (A) A STUDENT MAINTAINING A 3.25 AVERAGE IN A COURSE OF STUDY  LEADING
TO  AN  ASSOCIATE'S,  BACHELOR'S OR MASTER'S DEGREE IN BUSINESS ADMINIS-
TRATION, MANAGEMENT, ACCOUNTING, ECONOMICS, ENGINEERING, ANY NATURAL  OR
PHYSICAL SCIENCE, OR ENVIRONMENTAL STUDIES; AND
  (B)  A  STUDENT  WHO  IS  PURSUING ONE OF THESE FIELDS IN THE LAST TWO
YEARS OF A COURSE OF STUDY LEADING  TO  AN  ASSOCIATE'S,  BACHELOR'S  OR
MASTER'S DEGREE.
  S  3.  Section  653  of  the  education law is amended by adding a new
subdivision 8-a to read as follows:
  8-A. TO PROMULGATE RULES AND REGULATIONS TO  GOVERN  THE  AWARDING  OF
FINANCIAL  ASSISTANCE PURSUANT TO SECTION EIGHT HUNDRED FIFTY-EIGHT-C OF
THE GENERAL MUNICIPAL LAW.
  S 4. This act shall take effect immediately.