senate Bill S2792

2011-2012 Legislative Session

Relates to alternative investment bonds

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Feb 01, 2011 referred to banks

Co-Sponsors

S2792 - Details

See Assembly Version of this Bill:
A5836
Current Committee:
Law Section:
Banks

S2792 - Summary

Relates to alternative finance investment bonds.

S2792 - Sponsor Memo

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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