senate Bill S5523

2013-2014 Legislative Session

Relates to creating the New York state social impact bond initiative

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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 08, 2014 referred to finance
May 16, 2013 referred to finance

S5523 - Details

Current Committee:
Law Section:
State Finance Law
Laws Affected:
Add Art 5-G ยงยง69-p - 69-t, St Fin L

S5523 - Summary

Relates to creating the "New York state social impact bond initiative".

S5523 - Sponsor Memo

S5523 - Bill Text download pdf

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

                                  5523

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law, in relation to creating the  "New
  York state social impact bond" initiative

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

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York state social impact bond initiative."
  S  2.  The state finance law is amended by adding a new article 5-G to
read as follows:
                                ARTICLE 5-G
              NEW YORK STATE SOCIAL IMPACT BOND INITIATIVE
SECTION 69-P. LEGISLATIVE INTENT.
        69-Q. DEFINITIONS.
        69-R. THE NEW YORK STATE SOCIAL IMPACT BOND TASK FORCE.
        69-S. THE DUTIES AND RESPONSIBILITIES OF THE TASK FORCE.
        69-T. SOCIAL IMPACT BOND ISSUANCE.
  S 69-P. LEGISLATIVE INTENT. IT IS THE INTENT  OF  THE  LEGISLATURE  TO
ESTABLISH  A  STATEWIDE  PILOT  PROGRAM  MODELED AFTER THE NEW YORK CITY
SOCIAL IMPACT BOND PROJECT TO LOWER RECIDIVISM AND IMPROVE THE LIVES  OF
SIXTEEN TO EIGHTEEN YEAR OLDS IN NEW YORK'S CORRECTIONAL FACILITIES. THE
FIRST  STATEWIDE  PROGRAM OF ITS KIND IN THE UNITED STATES, THIS PROGRAM
WILL CREATE FINANCING ARRANGEMENTS THAT AIM TO INCREASE  FUNDING  AVAIL-
ABLE FOR PREVENTATIVE SERVICES THROUGH PUBLIC-PRIVATE PARTNERSHIPS.
  S  69-Q.  DEFINITIONS.  "SOCIAL  IMPACT  BOND"  SHALL MEAN A FINANCIAL
ARRANGEMENT BETWEEN ONE OR MORE  GOVERNMENT  AGENCIES  AND  AN  EXTERNAL
ORGANIZATION THAT CAN BE EITHER A NONPROFIT OR A FOR-PROFIT ENTITY.
  S  69-R.  THE  NEW YORK STATE SOCIAL IMPACT BOND TASK FORCE. 1.  THERE
SHALL BE HEREBY ESTABLISHED A PERMANENT TASK FORCE ON THE NEW YORK STATE
SOCIAL IMPACT TASK FORCE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11138-01-3

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