Senate Bill S6629

                                 BILL NUMBER:  S6629

 TITLE OF BILL :

An act authorizing the forgiveness of loans received by the Oswego
Port Authority

 PURPOSE :

To forgive advances the Oswego Port Authority received from the State
of New York going back to 1958, so that the repayment costs may
instead be used for infrastructure improvements and new jobs.

 SUMMARY OF PROVISIONS :

Section one of the bill authorizes the State of New York to forgive
outstanding loans made to the Oswego Port Authority between the years
1958 and 1981.

Section two provides for an immediate effective date.

 EXISTING LAW :

Currently the Oswego Port Authority is obligated to repay outstanding
debt owed to the State of New York for advances made dating back to
1958.
              

 JUSTIFICATION :

The Oswego Port Authority received loans from the State of New York,
beginning in 1958 and going back to the Port's inception. The loans
were used for improvements and purchases associated with the Port
Authority. By relieving the Port of its obligations to repay these
advances or legacy costs, more funding may be directed by the Port to
infrastructure improvements and jobs in the community surrounding the
Port.

The Port has been recognized as an economic driver both locally and
for the entire state. The Port has confidence that it has the capacity
to do more for economic development and also made an effort to provide
students with in-depth job training and provide local employment. This
small Port has the potential to become an economic powerhouse, not
only in Oswego and in Central New York, but for the entire state.

This legislation will help to pump needed funds back into the local
economy surrounding the Oswego Port Authority, lessening the Port's
annual fiscal obligations and allowing it to focus on growth.

 LEGISLATIVE HISTORY :

None. This is a new bill.

 FISCAL IMPLICATIONS :

Minimal to the State since these loans date back nearly 60 years and
are being repaid at a very small rate and without interest.

 LOCAL FISCAL IMPLICATIONS :

This bill will have a positive fiscal impact on the local economy
surrounding the Oswego Port Authority.

 EFFECTIVE DATE :
Immediately.