Senate Bill S6737

                                 BILL NUMBER:  S6737

 TITLE OF BILL :  An act authorizing the forgiveness of loans received
by the Ogdensburg Bridge and Port Authority

 PURPOSE :

To forgive advances the Oswego Port Authority received from the State
of New York going back to 1950, 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 Ogdensburg Bridge and Port Authority
between the years 1950 and 1960.

Section two provides for an immediate effective date.

 EXISTING LAW :

Currently the Ogdensburg Bridge and Port Authority is obligated to
repay outstanding debt owed to the State of New York for advances made
dating back to 1950.

 JUSTIFICATION :
              

The Ogdensburg Bridge and Port Authority received loans from the State
of New York, beginning in 1950. The loans were used for improvements
and purchases associated with the Ogdensburg Bridge and Port
Authority, a public benefit corporation established in 1950 to improve
transportation in Northern New York on the border with Ontario,
Canada. By relieving the Bridge and Port of its obligations to repay
these advances or legacy costs, more funding may be directed to job
development in communities surrounding the Authority.

The Ogdensburg Bridge and Port Authority has been recognized as an
economic driver both locally and for the entire state. The Authority
operates two industrial parks, an international airport, a railroad, a
deep water international port on the St. Lawrence Seaway and an
international 1.5 mile suspension bridge over the St. Lawrence River
connecting New York State to Canada. By forgiving 60-year-old loans,
the authority will be able to focus its efforts on enhancing its
economic development and job creation efforts. The Authority has an
established track record of convincing Canadian companies to locate
new operations in its industrial parks and using its international
bridge and deep water port to ship goods between New York and Canada.

This legislation will help to pump needed funds back into the local
economy surrounding the Ogdensburg Bridge and 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 Ogdensburg Bridge and Port Authority.
 EFFECTIVE DATE :
Immediately.