|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 08, 2010||referred to finance|
senate Bill S8481
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8481 - Details
S8481 - Sponsor Memo
BILL NUMBER:S8481 TITLE OF BILL: An act to amend the banking law, in relation to establishing the New York state infrastructure development bank; making an appropriation therefor; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: The bill would create a development bank for New York State, a government-owned corporation modeled after the European Investment Bank, with an independent and objective Board of Directors to, among other things, make final infrastructure financing determinations; an Executive Committee to handle the day-to-day operations of the Bank; and Risk Management and Audit Committees to carefully manage risk and monitor the bank's activities. SUMMARY OF SPECIFIC PROVISIONS: Section 1 would name the act the "New York state infrastructure development bank act". Section 2 would amend the banking law by establishing a new article 17 which creates the New York State Infrastructure Development Bank. Section 9100 defines the terms "bank", "board", "chief asset and liability management officer", "chief compliance officer", "chief financial officer", "chief loan origination officer", "chief operations
S8481 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8481 I N S E N A T E September 8, 2010 ___________ Introduced by Sen. C. JOHNSON -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the banking law, in relation to establishing the New York state infrastructure development bank; making an appropriation therefor; and providing for the repeal of such provisions upon expira- tion thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "New York state infrastructure development bank act". S 2. The banking law is amended by adding a new article 17 to read as follows: ARTICLE 17 NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK SECTION 9100. DEFINITIONS. 9101. ESTABLISHMENT. 9102. BOARD OF DIRECTORS; POWERS AND DUTIES. 9103. EXECUTIVE COMMITTEE. 9104. RISK MANAGEMENT COMMITTEE. 9105. AUDIT COMMITTEE. 9106. ELIGIBILITY CRITERIA AND ASSISTANCE. 9107. EXEMPTION FROM LOCAL TAXATION. 9108. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS; FULL FAITH AND CREDIT. 9109. AUDITS AND REPORTS. S 9100. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE: 1. THE TERM "BANK" SHALL MEAN THE NEW YORK STATE INFRASTRUCTURE DEVEL- OPMENT BANK ESTABLISHED PURSUANT TO THIS ARTICLE. 2. THE TERM "BOARD" SHALL MEAN THE NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK BOARD ESTABLISHED UNDER SECTION NINETY-ONE HUNDRED TWO OF THIS ARTICLE. 3. THE TERM "CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER" MEANS THE CHIEF INDIVIDUAL RESPONSIBLE FOR COORDINATING THE MANAGEMENT OF ASSETS AND LIABILITIES OF THE BANK. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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