senate Bill S3226A

2013-2014 Legislative Session

Creates the small business technology investment fund

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Sponsored By

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
Feb 10, 2014 print number 3226a
amend and recommit to commerce, economic development and small business
Jan 08, 2014 referred to commerce, economic development and small business
Jan 31, 2013 referred to commerce, economic development and small business

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S3226 - Bill Details

Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, amd §3150, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S5469
2009-2010: A1111A

S3226 - Bill Texts

view summary

Creates the small business technology investment fund; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.

view sponsor memo
BILL NUMBER:S3226

TITLE OF BILL: An act to amend the public authorities law, in
relation to creating the small business technology investment fund

PURPOSE OR GENERAL IDEA OF BILL: Authorizes the New York State
Foundation for Science, Technology and Innovation (hereinafter the
"Foundation") to invest in regional investment funds that provide seed
capital to qualified enterprises

SUMMARY OF SPECIFIC PROVISIONS: The Foundation would issue RFPs to
regional and local economic development organizations, technology
development organizations, research universities, and equity funds and
make awards in regional equity funds to provide seed capital for early
stage commercialization of technologies The equity funds would be
managed by individuals who have such expertise and funds would be
awarded to firms which have the greatest potential for job creation.
Individual investments would not exceed two million dollars and be
matched by at least a one-to-one basis with funds other than state
monies. The foundation would require regional funds to file annual
reports on the use of funds and is required to summarize and evaluate
these reports for the legislature and the governor. The foundation
board is required to prepare a plan for liquidation of the fund within
90 days of the enactment of this legislation.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: None.

JUSTIFICATION: This bill introduces the concept of "investing in
investors" by enabling the Foundation to decentralize its investment
program The State has many successful regional investment funds that
can provide such assistance, which increases the chances of success of
new ventures

PRIOR LEGISLATIVE HISTORY:; 2011-2012: S.5469 - COMMERCE, ECONOMIC
DEVELOPMENT AND SMALL BUSINESS;
A.5147 - Enacting Clause Stricken A.1111-A of 2010 A.1111
of 2009 A.11115A of 2008

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.

EFFECTIVE DATE: Immediately,

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

                                  3226

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment and Small Business

AN  ACT to amend the public authorities law, in relation to creating the
  small business technology investment 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 3154-a to read as follows:
  S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT  FUND.  1.    DEFI-
NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS
SHALL  HAVE  THE  FOLLOWING  MEANINGS  UNLESS THE CONTEXT SHALL INDICATE
ANOTHER OR DIFFERENT MEANING OR INTENT:
  (A) "REGIONAL INVESTMENT FUND" SHALL MEAN  A  LIMITED  PARTNERSHIP,  A
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY  MANAGED  BY  AN  EXPERIENCED
FUND  MANAGER,  IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO
TECHNOLOGY-BASED COMPANIES IN THEIR  FORMATIVE  STAGES,  ENCOMPASSES  AT
LEAST  TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN
NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED  COMPANY
THAT  HAS  OR  WILL  LOCATE  ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK
STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND
DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES  THE  POTENTIAL  FOR
SUBSTANTIAL  GROWTH  AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD
AS DEFINED IN SECTION THIRTY-ONE HUNDRED TWO-E OF  THIS  ARTICLE  OR  AS
ADOPTED BY THE BOARD.
  (C)  "SEED  CAPITAL"  SHALL  MEAN  FINANCIAL ASSISTANCE TO A QUALIFIED
ENTERPRISE,  WHICH  HAS  FORMULATED  A  DETAILED  BUSINESS   PLAN,   FOR
PROOF-OF-CONCEPT OR INITIAL PRODUCT COMMERCIALIZATION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06912-01-3

S. 3226                             2

  2.  INVESTMENTS  IN  REGIONAL  INVESTMENT FUNDS. (A) THE FOUNDATION IS
AUTHORIZED TO MAKE INVESTMENTS TO ENCOURAGE AND FACILITATE THE  CREATION
OR  EXPANSION  OF  REGIONAL  INVESTMENT FUNDS THAT SERVE THE PURPOSES OF
THIS SECTION. THE FOUNDATION'S BOARD OF DIRECTORS SHALL  ADOPT  CRITERIA
AND GUIDELINES GOVERNING SUCH INVESTMENTS, WHICH SHALL REQUIRE THAT:
  (I) THERE EXISTS A NEED FOR SEED CAPITAL IN THE REGION SERVED OR TO BE
SERVED BY A REGIONAL INVESTMENT FUND;
  (II)  SUPPORT FOR A REGIONAL INVESTMENT FUND EXISTS FROM LOCAL GOVERN-
MENTS, ECONOMIC DEVELOPMENT AGENCIES, AND  BUSINESS  COMMUNITIES  WITHIN
THE REGION OR AREA TO BE SERVED BY SUCH FUND;
  (III) THE REGIONAL INVESTMENT FUND HAS THE CAPACITY TO PROVIDE MANAGE-
MENT  EXPERTISE  AND  OTHER VALUE-ADDED SERVICES TO ITS PORTFOLIO COMPA-
NIES;
  (IV) THE REGIONAL  INVESTMENT  FUND  ESTABLISHES  CONFLICT-OF-INTEREST
PROVISIONS ACCEPTABLE TO THE FOUNDATION;
  (V)  TO THE MAXIMUM EXTENT FEASIBLE, THE REGIONAL INVESTMENT FUND WILL
INVEST IN FIRMS WHICH HAVE THE GREATEST POTENTIAL FOR JOB CREATION;
  (VI) INVESTMENTS MADE BY THE FOUNDATION IN A REGIONAL INVESTMENT  FUND
SHALL  NOT  EXCEED  TWO  MILLION  DOLLARS  AND  SHALL  BE MATCHED BY THE
REGIONAL FUND ON AT LEAST A ONE-TO-ONE BASIS  WITH  MONIES,  OTHER  THAN
STATE MONIES; AND
  (VII)  INVESTMENTS  MADE  BY  A  REGIONAL INVESTMENT FUND THAT INCLUDE
FUNDS RECEIVED FROM THE FOUNDATION SHALL BE MADE ONLY FOR THE  FINANCING
AUTHORIZED BY SUBDIVISION THREE OF THIS SECTION.
  (B)  THE  FOUNDATION  SHALL  MAKE  INVESTMENTS  IN  QUALIFIED REGIONAL
INVESTMENT FUNDS VIA THE ISSUANCE OF A REQUEST FOR PROPOSALS TO REGIONAL
AND LOCAL ECONOMIC  DEVELOPMENT  ORGANIZATIONS,  TECHNOLOGY  DEVELOPMENT
ORGANIZATIONS,  RESEARCH UNIVERSITIES, AND INVESTMENT FUNDS THAT PROVIDE
SMALL-SCALE INVESTMENTS IN HIGH-TECHNOLOGY COMPANIES IN NEW YORK STATE.
  3. REGIONAL INVESTMENT FUNDS. (A) REGIONAL INVESTMENT FUNDS  RECEIVING
INVESTMENTS  FROM THE FOUNDATION UNDER THIS SECTION SHALL USE SUCH FUNDS
AND THE REQUIRED MATCHING FUNDS TO PROVIDE SEED  CAPITAL  AND  FOLLOW-ON
FINANCING  TO  QUALIFIED ENTERPRISES, PROVIDED THAT THE REGIONAL INVEST-
MENT FUND SHALL NOT: (I) INVEST AN AMOUNT IN ANY SINGLE QUALIFIED ENTER-
PRISE THAT EXCEEDS FIFTY PERCENT OF THE TOTAL INVESTMENT FROM ALL  OTHER
SOURCES  IN  ANY SUCH ENTERPRISE; OR (II) INVEST OVER FIVE HUNDRED THOU-
SAND DOLLARS IN ANY ONE COMPANY.
  (B) A REGIONAL INVESTMENT FUND, BEFORE APPROVING ANY  APPLICATION  FOR
FINANCIAL  ASSISTANCE UNDER THIS SECTION SHALL FIND THAT: (I) THE QUALI-
FIED ENTERPRISE AND ITS PRODUCT OR PROCESS HAVE A REASONABLE  CHANCE  OF
BEING  COMMERCIALLY SUCCESSFUL; AND (II) THE EMPLOYMENT CREATED OR MAIN-
TAINED AS A RESULT OF THE FUND'S INVESTMENT WILL BE IN NEW  YORK  STATE.
THE REGIONAL INVESTMENT FUND SHALL FURTHER ENSURE THAT PROVISIONS ARE IN
PLACE FOR THE REPAYMENT OF THE FUNDS IF THE COMPANY RECEIVING ASSISTANCE
LEAVES THE STATE.
  4.  REGIONAL  INVESTMENT  FUND REPORTING. THE FOUNDATION SHALL REQUIRE
ANY REGIONAL INVESTMENT FUND RECEIVING INVESTMENTS UNDER THIS SECTION TO
FILE A REPORT WITH  THE  FOUNDATION  BY  DECEMBER  FIRST,  TWO  THOUSAND
FIFTEEN AND ANNUALLY THEREAFTER UNTIL DECEMBER FIRST, TWO THOUSAND TWEN-
TY. SUCH REPORT SHALL INCLUDE:
  (A)  THE  TOTAL  AMOUNT  OF FUNDS COMMITTED TO THE REGIONAL INVESTMENT
FUND AND THE AMOUNT THAT HAS BEEN INVESTED;
  (B) THE NET ASSET VALUE OF THE FUND;
  (C) THE AMOUNT INVESTED IN EACH PORTFOLIO COMPANY FROM  THE  FUND  AND
FROM OTHER SOURCES;

S. 3226                             3

  (D)  THE TYPE OF PRODUCT OR TECHNOLOGY BEING DEVELOPED BY EACH PORTFO-
LIO COMPANY;
  (E) THE LOCATION OF EACH PORTFOLIO COMPANY;
  (F) THE NUMBER OF JOBS PROJECTED TO BE CREATED AND RETAINED; AND
  (G) SUCH OTHER INFORMATION AS THE FOUNDATION DEEMS NECESSARY.
  5.  ASSETS  AND  LIABILITIES. ALL OF THE ASSETS AND LIABILITIES OF THE
SMALL BUSINESS TECHNOLOGY INVESTMENT FUND SHALL BE  MADE  AVAILABLE  FOR
THE  PURPOSES  OF  THIS  SECTION.  THE BOARD SHALL PREPARE A PLAN WITHIN
NINETY DAYS FOLLOWING THE EFFECTIVE DATE OF THIS  SECTION  TO  LIQUIDATE
ALL  CURRENT  ASSETS  AND  LIABILITIES  OF THE FUND. THE PUBLICLY-TRADED
ASSETS AND ANY WORKING CAPITAL SHALL BE MADE FULLY AVAILABLE  FOR  ALLO-
CATION  TO  REGIONAL  INVESTMENT FUNDS AS SOON AS PRACTICABLE. THE BOARD
SHALL ALSO TAKE WHATEVER ACTIONS ARE NECESSARY TO LIQUIDATE THE  REMAIN-
ING  ASSETS  OF THE SMALL BUSINESS TECHNOLOGY INVESTMENT FUND AS SOON AS
PRACTICABLE, BUT NOT MORE THAN TWO YEARS FOLLOWING THE EFFECTIVE DATE OF
THIS SECTION.
  6. REPORT OF THE FOUNDATION. THE FOUNDATION SHALL SUBMIT TO THE GOVER-
NOR AND THE LEGISLATURE A SUMMARY AND EVALUATION OF THE REPORTS  SUBMIT-
TED  TO  THE FOUNDATION PURSUANT TO SUBDIVISION FOUR OF THIS SECTION AND
AN EVALUATION OF THE PERFORMANCE OF THE REGIONAL INVESTMENT FUNDS ON  OR
BEFORE  FEBRUARY  FIRST,  TWO  THOUSAND  SIXTEEN AND ANNUALLY THEREAFTER
UNTIL FEBRUARY FIRST, TWO THOUSAND TWENTY-ONE.
  S 2. The opening paragraph of section 3150 of the  public  authorities
law,  as  amended  by  section  4 of part C of chapter 63 of the laws of
2005, is amended to read as follows:
  As used in this [section] TITLE:
  S 3. This act shall take effect immediately.

Co-Sponsors

S3226A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, amd §3150, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S5469
2009-2010: A1111A

S3226A (ACTIVE) - Bill Texts

view summary

Creates the small business technology investment fund; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.

view sponsor memo
BILL NUMBER:S3226A

TITLE OF BILL: An act to amend the public authorities law, in
relation to creating the small business technology investment fund

PURPOSE OR GENERAL IDEA OF BILL:

Authorizes the New York State Foundation for Science, Technology and
Innovation (hereinafter the "Foundation") to invest in regional
investment funds that provide seed capital to qualified enterprises

SUMMARY OF SPECIFIC PROVISIONS:

The Foundation would issue RFPs to regional and local economic
development organizations, technology development organizations,
research universities, and equity funds and make awards in regional
equity funds to provide seed capital for early stage commercialization
of technologies The equity funds would be managed by individuals who
have such expertise and funds would be awarded to firms which have the
greatest potential for job creation. Individual investments would not
exceed two million dollars and be matched by at least a one-to-one
basis with funds other than state monies. The foundation would require
regional funds to file annual reports on the use of funds and is
required to summarize and evaluate these reports for the legislature
and the governor. The foundation board is required to prepare a plan
for liquidation of the fund within 90 days of the enactment of this
legislation.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER:

None.

JUSTIFICATION:

This bill introduces the concept of "investing in investors" by
enabling the Foundation to decentralize its investment program The
State has many successful regional investment funds that can provide
such assistance, which increases the chances of success of new
ventures

PRIOR LEGISLATIVE HISTORY:

2011-2012: S.5469 - COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS;
A.5147 - Enacting Clause Stricken A.1111-A of 2010 A.1111 of 2009
A.11115A of 2008

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

EFFECTIVE DATE:

Immediately.

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

                                 3226--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced  by  Sens. PARKER, ADDABBO -- read twice and ordered printed,
  and when printed to be committed to the Committee on Commerce, Econom-
  ic Development and Small Business -- recommitted to the  Committee  on
  Commerce,  Economic  Development and Small Business in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT to amend the public authorities law, in relation to creating the
  small business technology investment 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 3154-a to read as follows:
  S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT  FUND.  1.    DEFI-
NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS
SHALL  HAVE  THE  FOLLOWING  MEANINGS  UNLESS THE CONTEXT SHALL INDICATE
ANOTHER OR DIFFERENT MEANING OR INTENT:
  (A) "REGIONAL INVESTMENT FUND" SHALL MEAN  A  LIMITED  PARTNERSHIP,  A
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY  MANAGED  BY  AN  EXPERIENCED
FUND  MANAGER,  IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO
TECHNOLOGY-BASED COMPANIES IN THEIR  FORMATIVE  STAGES,  ENCOMPASSES  AT
LEAST  TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN
NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED  COMPANY
THAT  HAS  OR  WILL  LOCATE  ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK
STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND
DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES  THE  POTENTIAL  FOR
SUBSTANTIAL  GROWTH  AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD
AS DEFINED IN SECTION THIRTY-ONE HUNDRED TWO-E OF  THIS  ARTICLE  OR  AS
ADOPTED BY THE BOARD.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06912-02-4

S. 3226--A                          2

  (C)  "SEED  CAPITAL"  SHALL  MEAN  FINANCIAL ASSISTANCE TO A QUALIFIED
ENTERPRISE,  WHICH  HAS  FORMULATED  A  DETAILED  BUSINESS   PLAN,   FOR
PROOF-OF-CONCEPT OR INITIAL PRODUCT COMMERCIALIZATION.
  2.  INVESTMENTS  IN  REGIONAL  INVESTMENT FUNDS. (A) THE FOUNDATION IS
AUTHORIZED TO MAKE INVESTMENTS TO ENCOURAGE AND FACILITATE THE  CREATION
OR  EXPANSION  OF  REGIONAL  INVESTMENT FUNDS THAT SERVE THE PURPOSES OF
THIS SECTION. THE FOUNDATION'S BOARD OF DIRECTORS SHALL  ADOPT  CRITERIA
AND GUIDELINES GOVERNING SUCH INVESTMENTS, WHICH SHALL REQUIRE THAT:
  (I) THERE EXISTS A NEED FOR SEED CAPITAL IN THE REGION SERVED OR TO BE
SERVED BY A REGIONAL INVESTMENT FUND;
  (II)  SUPPORT FOR A REGIONAL INVESTMENT FUND EXISTS FROM LOCAL GOVERN-
MENTS, ECONOMIC DEVELOPMENT AGENCIES, AND  BUSINESS  COMMUNITIES  WITHIN
THE REGION OR AREA TO BE SERVED BY SUCH FUND;
  (III) THE REGIONAL INVESTMENT FUND HAS THE CAPACITY TO PROVIDE MANAGE-
MENT  EXPERTISE  AND  OTHER VALUE-ADDED SERVICES TO ITS PORTFOLIO COMPA-
NIES;
  (IV) THE REGIONAL  INVESTMENT  FUND  ESTABLISHES  CONFLICT-OF-INTEREST
PROVISIONS ACCEPTABLE TO THE FOUNDATION;
  (V)  TO THE MAXIMUM EXTENT FEASIBLE, THE REGIONAL INVESTMENT FUND WILL
INVEST IN FIRMS WHICH HAVE THE GREATEST POTENTIAL FOR JOB CREATION;
  (VI) INVESTMENTS MADE BY THE FOUNDATION IN A REGIONAL INVESTMENT  FUND
SHALL  NOT  EXCEED  TWO  MILLION  DOLLARS  AND  SHALL  BE MATCHED BY THE
REGIONAL FUND ON AT LEAST A ONE-TO-ONE BASIS  WITH  MONIES,  OTHER  THAN
STATE MONIES; AND
  (VII)  INVESTMENTS  MADE  BY  A  REGIONAL INVESTMENT FUND THAT INCLUDE
FUNDS RECEIVED FROM THE FOUNDATION SHALL BE MADE ONLY FOR THE  FINANCING
AUTHORIZED BY SUBDIVISION THREE OF THIS SECTION.
  (B)  THE  FOUNDATION  SHALL  MAKE  INVESTMENTS  IN  QUALIFIED REGIONAL
INVESTMENT FUNDS VIA THE ISSUANCE OF A REQUEST FOR PROPOSALS TO REGIONAL
AND LOCAL ECONOMIC  DEVELOPMENT  ORGANIZATIONS,  TECHNOLOGY  DEVELOPMENT
ORGANIZATIONS,  RESEARCH UNIVERSITIES, AND INVESTMENT FUNDS THAT PROVIDE
SMALL-SCALE INVESTMENTS IN HIGH-TECHNOLOGY COMPANIES IN NEW YORK STATE.
  3. REGIONAL INVESTMENT FUNDS. (A) REGIONAL INVESTMENT FUNDS  RECEIVING
INVESTMENTS  FROM THE FOUNDATION UNDER THIS SECTION SHALL USE SUCH FUNDS
AND THE REQUIRED MATCHING FUNDS TO PROVIDE SEED  CAPITAL  AND  FOLLOW-ON
FINANCING  TO  QUALIFIED ENTERPRISES, PROVIDED THAT THE REGIONAL INVEST-
MENT FUND SHALL NOT: (I) INVEST AN AMOUNT IN ANY SINGLE QUALIFIED ENTER-
PRISE THAT EXCEEDS FIFTY PERCENT OF THE TOTAL INVESTMENT FROM ALL  OTHER
SOURCES  IN  ANY SUCH ENTERPRISE; OR (II) INVEST OVER FIVE HUNDRED THOU-
SAND DOLLARS IN ANY ONE COMPANY.
  (B) A REGIONAL INVESTMENT FUND, BEFORE APPROVING ANY  APPLICATION  FOR
FINANCIAL  ASSISTANCE UNDER THIS SECTION SHALL FIND THAT: (I) THE QUALI-
FIED ENTERPRISE AND ITS PRODUCT OR PROCESS HAVE A REASONABLE  CHANCE  OF
BEING  COMMERCIALLY SUCCESSFUL; AND (II) THE EMPLOYMENT CREATED OR MAIN-
TAINED AS A RESULT OF THE FUND'S INVESTMENT WILL BE IN NEW  YORK  STATE.
THE REGIONAL INVESTMENT FUND SHALL FURTHER ENSURE THAT PROVISIONS ARE IN
PLACE FOR THE REPAYMENT OF THE FUNDS IF THE COMPANY RECEIVING ASSISTANCE
LEAVES THE STATE.
  4.  REGIONAL  INVESTMENT  FUND REPORTING. THE FOUNDATION SHALL REQUIRE
ANY REGIONAL INVESTMENT FUND RECEIVING INVESTMENTS UNDER THIS SECTION TO
FILE A REPORT WITH  THE  FOUNDATION  BY  DECEMBER  FIRST,  TWO  THOUSAND
SIXTEEN AND ANNUALLY THEREAFTER UNTIL DECEMBER FIRST, TWO THOUSAND TWEN-
TY-ONE. SUCH REPORT SHALL INCLUDE:
  (A)  THE  TOTAL  AMOUNT  OF FUNDS COMMITTED TO THE REGIONAL INVESTMENT
FUND AND THE AMOUNT THAT HAS BEEN INVESTED;
  (B) THE NET ASSET VALUE OF THE FUND;

S. 3226--A                          3

  (C) THE AMOUNT INVESTED IN EACH PORTFOLIO COMPANY FROM  THE  FUND  AND
FROM OTHER SOURCES;
  (D)  THE TYPE OF PRODUCT OR TECHNOLOGY BEING DEVELOPED BY EACH PORTFO-
LIO COMPANY;
  (E) THE LOCATION OF EACH PORTFOLIO COMPANY;
  (F) THE NUMBER OF JOBS PROJECTED TO BE CREATED AND RETAINED; AND
  (G) SUCH OTHER INFORMATION AS THE FOUNDATION DEEMS NECESSARY.
  5. ASSETS AND LIABILITIES. ALL OF THE ASSETS AND  LIABILITIES  OF  THE
SMALL  BUSINESS  TECHNOLOGY  INVESTMENT FUND SHALL BE MADE AVAILABLE FOR
THE PURPOSES OF THIS SECTION. THE BOARD  SHALL  PREPARE  A  PLAN  WITHIN
NINETY  DAYS  FOLLOWING  THE EFFECTIVE DATE OF THIS SECTION TO LIQUIDATE
ALL CURRENT ASSETS AND LIABILITIES  OF  THE  FUND.  THE  PUBLICLY-TRADED
ASSETS  AND  ANY WORKING CAPITAL SHALL BE MADE FULLY AVAILABLE FOR ALLO-
CATION TO REGIONAL INVESTMENT FUNDS AS SOON AS  PRACTICABLE.  THE  BOARD
SHALL  ALSO TAKE WHATEVER ACTIONS ARE NECESSARY TO LIQUIDATE THE REMAIN-
ING ASSETS OF THE SMALL BUSINESS TECHNOLOGY INVESTMENT FUND AS  SOON  AS
PRACTICABLE, BUT NOT MORE THAN TWO YEARS FOLLOWING THE EFFECTIVE DATE OF
THIS SECTION.
  6. REPORT OF THE FOUNDATION. THE FOUNDATION SHALL SUBMIT TO THE GOVER-
NOR  AND THE LEGISLATURE A SUMMARY AND EVALUATION OF THE REPORTS SUBMIT-
TED TO THE FOUNDATION PURSUANT TO SUBDIVISION FOUR OF THIS  SECTION  AND
AN  EVALUATION OF THE PERFORMANCE OF THE REGIONAL INVESTMENT FUNDS ON OR
BEFORE FEBRUARY FIRST, TWO THOUSAND SEVENTEEN  AND  ANNUALLY  THEREAFTER
UNTIL FEBRUARY FIRST, TWO THOUSAND TWENTY-TWO.
  S  2.  The opening paragraph of section 3150 of the public authorities
law, as amended by section 4 of part C of chapter  63  of  the  laws  of
2005, is amended to read as follows:
  As used in this [section] TITLE:
  S 3. This act shall take effect immediately.

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