S T A T E O F N E W Y O R K
________________________________________________________________________
4314
2011-2012 Regular Sessions
I N A S S E M B L Y
February 3, 2011
___________
Introduced by M. of A. GABRYSZAK -- read once and referred to the
Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to investment of
certain New York power authority surplus revenue in economic develop-
ment and to amend the state finance law, in relation to the creation
of the western New York economic development initiatives fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The public authorities law is amended by adding a new
section 1012-b to read as follows:
S 1012-B. REGIONAL INVESTMENT OF CERTAIN SURPLUS REVENUE. PURSUANT TO
THE PROVISIONS OF THE EIGHTH UNDESIGNATED PARAGRAPH OF SECTION ONE THOU-
SAND FIVE OF THIS TITLE, WITHIN NINETY DAYS AFTER IDENTIFICATION OF NET
PROFITS, THE AUTHORITY IS DIRECTED TO DEPOSIT ANY SURPLUS SO IDENTIFIED
INTO THE "WESTERN NEW YORK ECONOMIC DEVELOPMENT INITIATIVES FUND" ESTAB-
LISHED PURSUANT TO SECTION NINETY-NINE-T OF THE STATE FINANCE LAW FOR
PURPOSES OF INVESTMENT IN ECONOMIC DEVELOPMENT INITIATIVES IN WESTERN
NEW YORK APPROVED BY THE COMPTROLLER AND THE COMMISSIONER OF ECONOMIC
DEVELOPMENT.
S 2. The state finance law is amended by adding a new section 99-t to
read as follows:
S 99-T. WESTERN NEW YORK ECONOMIC DEVELOPMENT INITIATIVES FUND. 1.
THERE IS HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMP-
TROLLER AND THE COMMISSIONER OF ECONOMIC DEVELOPMENT A SPECIAL REVENUE
FUND TO BE KNOWN AS THE "WESTERN NEW YORK ECONOMIC DEVELOPMENT INITI-
ATIVES FUND" FOR THE PURPOSES OF INVESTMENT IN ECONOMIC DEVELOPMENT
INITIATIVES IN WESTERN NEW YORK APPROVED BY THE COMPTROLLER AND THE
COMMISSIONER OF ECONOMIC DEVELOPMENT.
2. SUCH FUND SHALL CONSIST OF ALL MONEYS APPROPRIATED FOR THE PURPOSE
OF SUCH FUND AND ALL MONEYS TRANSFERRED TO SUCH FUND PURSUANT TO SECTION
ONE THOUSAND TWELVE-B OF THE PUBLIC AUTHORITIES LAW. ANY INTEREST EARNED
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07784-01-1
A. 4314 2
BY THE INVESTMENT OF MONEYS IN SUCH FUND SHALL BE ADDED TO SUCH FUND,
BECOME A PART OF SUCH FUND, AND BE USED FOR THE PURPOSE OF SUCH FUND.
3. MONEYS OF SUCH FUND SHALL BE AVAILABLE FOR APPROPRIATION AND ALLO-
CATION ONLY TO ECONOMIC DEVELOPMENT INITIATIVES IN WESTERN NEW YORK
WHICH HAVE BEEN APPROVED BY THE COMPTROLLER AND THE COMMISSIONER OF
ECONOMIC DEVELOPMENT.
4. THE MONEYS OF THE FUND SHALL BE PAID OUT ON THE AUDIT AND WARRANT
OF THE COMPTROLLER ON VOUCHERS CERTIFIED OR APPROVED BY THE COMMISSIONER
OF ECONOMIC DEVELOPMENT.
5. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL OR SPECIAL LAW, NO
MONEYS SHALL BE AVAILABLE FROM THE FUND UNTIL A CERTIFICATE OF ALLO-
CATION AND A SCHEDULE OF AMOUNTS TO BE AVAILABLE THEREFOR SHALL HAVE
BEEN ISSUED BY THE DIRECTOR OF THE BUDGET, AND A COPY OF SUCH CERTIF-
ICATE FILED WITH THE COMPTROLLER. SUCH CERTIFICATE MAY BE AMENDED FROM
TIME TO TIME BY THE DIRECTOR OF THE BUDGET AND A COPY OF EACH SUCH
AMENDMENT SHALL BE FILED WITH THE COMPTROLLER.
S 3. This act shall take effect immediately.