Assembly Bill A463

2011-2012 Legislative Session

Prohibits state borrowing where such borrowing would aid in the relocation of businesses from economically challenged neighborhoods

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A463 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Add ยง55-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3972, A8874
2013-2014: A687

2011-A463 (ACTIVE) - Summary

Prohibits state borrowing where such borrowing would aid in the relocation of businesses from economically challenged neighborhoods; defines terms.

2011-A463 (ACTIVE) - Bill Text download pdf 

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

                                   463

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by M. of A. GIBSON, CASTRO -- Multi-Sponsored by -- M. of A.
  BRENNAN, HOOPER -- read once and referred to the Committee on Ways and
  Means

AN ACT to amend the state finance law, in relation to restricting  state
  borrowing  where  the purpose or effect of such borrowing would aid in
  the relocation of any enterprise, business or similar activity from an
  economically challenged neighborhood

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

  Section  1.  The  state finance law is amended by adding a new section
55-a to read as follows:
  S 55-A. RESTRICTION ON BORROWING;  ECONOMICALLY  CHALLENGED  NEIGHBOR-
HOOD.  1.  THE  STATE,  ITS AGENCIES AND AUTHORITIES SHALL NOT INCUR ANY
DEBT OR AUTHORIZE OR ISSUE ANY BONDS, THE PURPOSE  OR  EFFECT  OF  WHICH
WOULD  BE TO AID IN THE RELOCATION OF ANY ENTERPRISE, BUSINESS, OR SIMI-
LAR ACTIVITY FROM AN ECONOMICALLY CHALLENGED NEIGHBORHOOD IN  THE  STATE
OF NEW YORK.
  2. DEFINITIONS. (A) FOR THE PURPOSES OF THIS SECTION, AN "ECONOMICALLY
CHALLENGED  NEIGHBORHOOD"  SHALL  MEAN  AN  AREA WITH A POPULATION OF AT
LEAST TWO THOUSAND, WHICH, BASED ON THE MOST RECENT  CENSUS  TRACT  DATA
AVAILABLE  CONSTITUTES  A  SINGLE CENSUS TRACT OR GROUP OF CENSUS TRACTS
HAVING THE FOLLOWING STATISTICAL PROFILE:
  (I) A POVERTY RATE OF AT LEAST TWENTY PERCENT FOR THE  YEAR  TO  WHICH
THE DATA RELATE; OR
  (II)  FOR  WHICH  AT  LEAST  TWENTY PERCENT OF THE POPULATION RECEIVES
PUBLIC ASSISTANCE FOR THE YEAR TO WHICH THE DATA RELATE; AND
  (III) AN UNEMPLOYMENT RATE OF AT LEAST 1.25 TIMES THE STATEWIDE  UNEM-
PLOYMENT RATE FOR THE YEAR TO WHICH THE DATA RELATE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00231-01-1

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