BILL NUMBER:  S6869

 TITLE OF BILL :  An act to authorize the continuance of the existence
of the Hamilton county industrial development agency for an additional
10 years

 PURPOSE :

To continue the existence of the Hamilton County IDA for an additional
10 years.

 SUMMARY OF PROVISIONS :

The bill provides that the Hamilton County Industrial Development
Agency shall continue in existence until July 21, 2016,
notwithstanding the provisions of section 856(1)(b) of the General
Municipal Law.

 EXISTING LAW :

Section 926-r of the General Municipal Law establishes the Hamilton
County Industrial Development Agency (IDA).

Section 856(1)(b) of the General Municipal Law provides that all IDAs
established by special act of the Legislature shall be perpetual in
duration except that they shall terminate and dissolve in certain
              

situations, such as if there shall be no outstanding bonds or
obligations at the expiration of 10 years subsequent to the effective
date of the special enabling act.

 JUSTIFICATION :

Chapter 461 of the Laws of 1986 added Section 926-r to the General
Municipal Law, authorizing the establishment of the Hamilton County
Industrial Development Agency in accordance with the provisions of
Title 1 of Article 18-A of the General Municipal Law. The members of
the IDA are appointed by the governing body of Hamilton County.

In 1996, the IDA was facing possible statutory termination in
accordance with the provisions of Section 856(1)(b) of the General
Municipal Law, as it did not have any outstanding bonds at that time.
Special legislation was enacted in 1996 (Chapter 351) and in 2006
(Chapter 141) to extend the authorization of the Hamilton County IDA
for an additional 10 years.

The Hamilton County Board of Supervisors is again requesting that the
IDA's existence be extended for another 10 years.

Hamilton County is one of the largest counties in the state by
physical size, but is by far the smallest in terms of population. It
is also one of only two counties which are located entirely within the
boundaries of the Adirondack Park. These factors create unique
economic challenges.

The IDA is active in promoting and developing economic activity
throughout the county, and manages a small business revolving loan
fund in addition to its authority to issue bonds. The continued
existence of this agency is important for the economic growth and
health of the County.

 LEGISLATIVE HISTORY :

New bill. Similar to previous extensions in 1996 and 2006.

 FISCAL IMPLICATIONS :

None to the State

 EFFECTIVE DATE :
Immediately