|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to banks|
|Feb 01, 2011||referred to banks|
senate Bill S2792
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2792 - Details
- See Assembly Version of this Bill:
- Law Section:
S2792 - Sponsor Memo
BILL NUMBER:S2792 TITLE OF BILL: An act in relation to alternative finance investment bonds PURPOSE: To direct the chair of the Urban Development Corporation in conjunction with the chair of the Dormitory Authority, director of Budget, superintendant of Banking, commissioner of Insurance, and the commissioner of Tax and Finance to create an investment vehicle known as an Alternative Finance Investment Bond. SUMMARY OF PROVISIONS: Section 1 sets,forth the legislative findings. Section 2 defines the Alternative Finance Investment Bond (AFIB) and directs the chair of the Urban Development Corporation (UDC) to create the AFIB. This section also requires the UDC, in consultation with the state Comptroller and Attorney General, to issue regulations for the Alternative Finance Investment Bond. Finally, the chair of the UDC must also submit a report within 90 days of passage, on the potential foreign and domestic market for this investment vehicle. Section 3 establishes the effective date.
S2792 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2792 2011-2012 Regular Sessions I N S E N A T E February 1, 2011 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT in relation to alternative finance investment bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings and intent. 1. New York's historical prosperity has derived from the freedom and innovative nature of the state's capital markets and New York's roles as a center of foreign trade and investment, which has helped build the industries and create the jobs that earned the state the nickname of the Empire State. 2. The legislature finds that in order to bring more jobs to New York in a global economy, and to increase the state's competitiveness, the state must find new sources of capital investment to create opportu- nities throughout the state. An innovative way to accomplish this goal would be to create alternate investment instruments that would attract capital from investors who for personal, moral or religious reasons are unable to use conventional debt instruments such as bonds due to their inability to purchase securities that generate interest. 3. New York has the proud heritage of being a model for the rest of the nation in the areas of ethnic, national, racial, and religious tolerance and diversity. However, over time large numbers of New Yorkers have been unable to participate in investment opportunities offered by the state, or in public-private partnerships due to the lack of diverse means of long term capital investments. Broadening the state's portfolio of investment instruments would not only enfranchise large groups of New Yorkers and lower the costs of state and local borrowing, but would also aid in community renewal and revitalization. Creating more inclusive forms of state financial opportunities would also broaden the streams of capital available to the state, lowering the cost of financing and once again involving the world's investors in the development of our state's economy. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08345-02-1
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