S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9695
 
                           I N  A S S E M B L Y
 
                             February 2, 2018
                                ___________
 
 Introduced  by  M.  of A. ROZIC, WEPRIN -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  establishing  the  New
   York  state  infrastructure  development bank; making an appropriation
   therefor; and providing for the repeal of such provisions upon expira-
   tion thereof

   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 infrastructure development bank act".
   § 2. The banking law is amended by adding a new article 17 to read  as
 follows:
                                ARTICLE 17
              NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK
 SECTION 9100. DEFINITIONS.
         9101. ESTABLISHMENT.
         9102. BOARD OF DIRECTORS; POWERS AND DUTIES.
         9103. EXECUTIVE COMMITTEE.
         9104. RISK MANAGEMENT COMMITTEE.
         9105. AUDIT COMMITTEE.
         9106. ELIGIBILITY CRITERIA AND ASSISTANCE.
         9107. EXEMPTION FROM LOCAL TAXATION.
         9108. STATUS  AND  APPLICABILITY  OF  CERTAIN FEDERAL LAWS; FULL
                 FAITH AND CREDIT.
         9109. AUDITS AND REPORTS.
   § 9100. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1. THE TERM "BANK" SHALL MEAN THE NEW YORK STATE INFRASTRUCTURE DEVEL-
 OPMENT BANK ESTABLISHED PURSUANT TO THIS ARTICLE.
   2. THE TERM "BOARD" SHALL  MEAN  THE  NEW  YORK  STATE  INFRASTRUCTURE
 DEVELOPMENT  BANK BOARD ESTABLISHED UNDER SECTION NINETY-ONE HUNDRED TWO
 OF THIS ARTICLE.
   3. THE TERM "CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER"  MEANS  THE
 CHIEF  INDIVIDUAL  RESPONSIBLE FOR COORDINATING THE MANAGEMENT OF ASSETS
 AND LIABILITIES OF THE BANK.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD00447-01-7

 A. 9695                             2
 
   4. THE TERM "CHIEF COMPLIANCE OFFICER" OR "CCO" MEANS THE CHIEF  INDI-
 VIDUAL  RESPONSIBLE FOR OVERSEEING AND MANAGING THE COMPLIANCE AND REGU-
 LATORY AFFAIRS ISSUES OF THE BANK.
   5.  THE  TERM  "CHIEF  FINANCIAL  OFFICER"  MEANS THE CHIEF INDIVIDUAL
 RESPONSIBLE FOR MANAGING THE FINANCIAL RISKS, PLANNING, AND REPORTING OF
 THE BANK.
   6. THE TERM "CHIEF LOAN ORIGINATION OFFICER" MEANS THE CHIEF  INDIVID-
 UAL RESPONSIBLE FOR THE PROCESSING OF NEW LOANS PROVIDED BY THE BANK.
   7.  THE  TERM  "CHIEF  OPERATIONS  OFFICER" MEANS THE CHIEF INDIVIDUAL
 RESPONSIBLE FOR INFORMATION TECHNOLOGY AND THE DAY TO DAY OPERATIONS  OF
 THE BANK.
   8.  THE  TERM "CHIEF RISK OFFICER" OR "CRO" MEANS THE CHIEF INDIVIDUAL
 RESPONSIBLE FOR MANAGING OPERATIONAL AND COMPLIANCE-RELATED RISKS OF THE
 BANK.
   9. THE TERM  "CHIEF  TREASURY  OFFICER"  MEANS  THE  CHIEF  INDIVIDUAL
 RESPONSIBLE FOR MANAGING THE BANK'S TREASURY OPERATIONS.
   10.  THE  TERMS  "DEVELOPMENT"  AND "DEVELOP" MEAN, WITH RESPECT TO AN
 INFRASTRUCTURE PROJECT, ANY:
   (A) PRECONSTRUCTION PLANNING, FEASIBILITY REVIEW,  PERMITTING,  DESIGN
 WORK, AND OTHER PRECONSTRUCTION ACTIVITIES; AND
   (B)  CONSTRUCTION,  RECONSTRUCTION,  REHABILITATION,  REPLACEMENT,  OR
 EXPANSION.
   11. THE TERM "DISADVANTAGED COMMUNITY" MEANS A COMMUNITY WITH A MEDIAN
 HOUSEHOLD INCOME OF LESS THAN EIGHTY PERCENT  OF  THE  STATEWIDE  MEDIAN
 HOUSEHOLD INCOME FOR THE STATE.
   12.  THE  TERM  "ENERGY  INFRASTRUCTURE PROJECT" MEANS ANY PROJECT FOR
 ENERGY TRANSMISSION, ENERGY EFFICIENCY ENHANCEMENT FOR BUILDINGS, PUBLIC
 HOUSING, AND SCHOOLS, RENEWABLE ENERGY, AND ENERGY STORAGE.
   13. THE TERM "ENTITY" MEANS AN  INDIVIDUAL,  CORPORATION,  PARTNERSHIP
 (INCLUDING  A  PUBLIC-PRIVATE  PARTNERSHIP),  JOINT  VENTURE, TRUST, THE
 STATE OR OTHER GOVERNMENTAL ENTITY, INCLUDING A POLITICAL SUBDIVISION OR
 ANY OTHER INSTRUMENTALITY OF THE STATE OR A REVOLVING FUND.
   14. THE TERM "ENVIRONMENTAL INFRASTRUCTURE PROJECT" MEANS ANY  PROJECT
 FOR THE ESTABLISHMENT, MAINTENANCE, OR ENHANCEMENT OF ANY DRINKING WATER
 AND  WASTEWATER  TREATMENT FACILITY, STORM WATER MANAGEMENT SYSTEM, DAM,
 LEVEE, OPEN SPACE MANAGEMENT  SYSTEM,  SOLID  WASTE  DISPOSAL  FACILITY,
 HAZARDOUS WASTE FACILITY, OR INDUSTRIAL SITE CLEANUP.
   15.  THE TERM "EXECUTIVE DIRECTOR" MEANS THE INDIVIDUAL SERVING AS THE
 CHIEF EXECUTIVE OFFICER OF THE BANK.
   16. THE TERM "GENERAL COUNSEL" MEANS THE INDIVIDUAL WHO SERVES AS  THE
 CHIEF LAWYER FOR THE BANK.
   17. THE TERM "INFRASTRUCTURE PROJECT" MEANS ANY ENERGY, ENVIRONMENTAL,
 TELECOMMUNICATIONS, OR TRANSPORTATION INFRASTRUCTURE PROJECT.
   18. THE TERM "PUBLIC BENEFIT BOND" MEANS A BOND ISSUED WITH RESPECT TO
 AN INFRASTRUCTURE PROJECT IN ACCORDANCE WITH THIS ARTICLE:
   (A)  THE NET SPENDABLE PROCEEDS FROM THE SALE OF THE ISSUE MAY BE USED
 FOR EXPENDITURES INCURRED AFTER THE DATE OF ISSUANCE WITH RESPECT TO THE
 PROJECT, SUBJECT TO THE RULES OF THE BANK;
   (B) THE BOND ISSUED BY THE BANK IS IN REGISTERED FORM  AND  MEETS  THE
 REQUIREMENTS OF THIS ARTICLE AND OTHERWISE APPLICABLE LAW;
   (C)  THE  TERM OF EACH BOND WHICH IS PART OF THE ISSUE IS GREATER THAN
 THIRTY YEARS; AND
   (D) THE PAYMENT OF PRINCIPAL WITH RESPECT TO THE  BOND  IS  THE  OBLI-
 GATION OF THE BANK.
   19. THE TERM "PUBLIC-PRIVATE PARTNERSHIP" MEANS ANY ENTITY:

 A. 9695                             3
 
   (A)  (I)  WHICH  IS  UNDERTAKING  THE DEVELOPMENT OF ALL OR PART OF AN
 INFRASTRUCTURE PROJECT, WHICH WILL HAVE A PUBLIC  BENEFIT,  PURSUANT  TO
 REQUIREMENTS ESTABLISHED IN ONE OR MORE CONTRACTS BETWEEN THE ENTITY AND
 THE STATE OR AN INSTRUMENTALITY OF THE STATE; OR
   (II)  THE  ACTIVITIES OF WHICH, WITH RESPECT TO SUCH AN INFRASTRUCTURE
 PROJECT, ARE SUBJECT TO REGULATION BY THE STATE OR  ANY  INSTRUMENTALITY
 OF THE STATE; AND
   (B)  WHICH  OWNS, LEASES, OR OPERATES, OR WILL OWN, LEASE, OR OPERATE,
 THE PROJECT IN WHOLE OR IN PART, AND AT LEAST ONE OF THE PARTICIPANTS IN
 THE ENTITY IS A NONGOVERNMENTAL ENTITY.
   20. THE TERM "REVOLVING FUND" MEANS A FUND OR PROGRAM  ESTABLISHED  BY
 THE  STATE  OR  A  POLITICAL SUBDIVISION OR OTHER INSTRUMENTALITY OF THE
 STATE, THE PRINCIPAL ACTIVITY OF WHICH IS TO MAKE LOANS, COMMITMENTS, OR
 OTHER FINANCIAL ACCOMMODATION AVAILABLE FOR THE DEVELOPMENT  OF  ONE  OR
 MORE CATEGORIES OF INFRASTRUCTURE PROJECTS.
   21. THE TERM "SMART GRID" MEANS AN ELECTRICITY DELIVERY SYSTEM USING A
 TWO-WAY DIGITAL COMMUNICATIONS SYSTEM AND ASSOCIATED EQUIPMENT AND SOFT-
 WARE, INSTALLED ON THE ELECTRICAL DELIVERY SYSTEM AND ON THE PREMISES OF
 RETAIL  END-USE CUSTOMERS, WHICH PROVIDES REAL-TIME MONITORING, DIAGNOS-
 TIC, AND CONTROL INFORMATION AND SERVICES THAT  IMPROVE  THE  EFFICIENCY
 AND RELIABILITY OF THE DISTRIBUTION AND USE OF ELECTRICITY.
   22. THE TERM "SMART GROWTH" MEANS AN URBAN PLANNING AND TRANSPORTATION
 THEORY  THAT  CONCENTRATES GROWTH IN THE CENTER OF A CITY TO AVOID URBAN
 SPRAWL.
   23. THE TERM "STATE" MEANS THE STATE OF NEW YORK.
   24. THE TERM "TELECOMMUNICATIONS  INFRASTRUCTURE  PROJECT"  MEANS  ANY
 PROJECT  INVOLVING  INFRASTRUCTURE REQUIRED TO PROVIDE COMMUNICATIONS BY
 WIRE OR RADIO.
   25. THE TERM "TRANSPORTATION INFRASTRUCTURE PROJECT" MEANS ANY PROJECT
 FOR THE CONSTRUCTION, MAINTENANCE, OR ENHANCEMENT  OF  HIGHWAYS,  ROADS,
 BRIDGES,  TRANSIT  AND  INTERMODAL SYSTEMS, INLAND WATERWAYS, COMMERCIAL
 PORTS, AIRPORTS, HIGH SPEED RAIL AND FREIGHT RAIL SYSTEMS.
   § 9101. ESTABLISHMENT. THERE IS HEREBY ESTABLISHED WITHIN THE  DEPART-
 MENT THE NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK.
   §  9102.  BOARD OF DIRECTORS; POWERS AND DUTIES. 1. (A) THE BANK SHALL
 HAVE A BOARD  OF  DIRECTORS  CONSISTING  OF  FIVE  MEMBERS  REPRESENTING
 DIFFERENT  REGIONS  OF  THE  STATE  TO  BE  APPOINTED BY THE GOVERNOR AS
 FOLLOWS:
   (I) TWO MEMBERS SHALL HAVE PUBLIC SECTOR EXPERIENCE; AND
   (II) THREE MEMBERS SHALL HAVE PRIVATE SECTOR EXPERIENCE.
   (B) AS DESIGNATED AT THE TIME OF APPOINTMENT, ONE OF THE DIRECTORS  OF
 THE  BOARD  SHALL BE DESIGNATED CHAIRPERSON OF THE BOARD BY THE GOVERNOR
 AND ONE SHALL BE DESIGNATED AS VICE CHAIRPERSON  OF  THE  BOARD  BY  THE
 GOVERNOR.
   (C)  (I)  EXCEPT  AS  PROVIDED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH,
 EACH DIRECTOR SHALL BE APPOINTED FOR A TERM OF SIX YEARS.
   (II) OF THE INITIAL MEMBERS OF THE BOARD:
   (A) THE CHAIRPERSON AND THE VICE CHAIRPERSON SHALL  BE  APPOINTED  FOR
 TERMS OF SIX YEARS;
   (B) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF FIVE YEARS;
   (C) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF FOUR YEARS;
   (D) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF THREE YEARS.
   (D)  THE  INITIAL APPOINTMENTS BY THE GOVERNOR SHALL BE MADE NOT LATER
 THAN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS ARTICLE.
   (E) A VACANCY ON THE BOARD SHALL BE FILLED IN THE MANNER IN WHICH  THE
 ORIGINAL  APPOINTMENT WAS MADE. ANY DIRECTOR APPOINTED TO FILL A VACANCY

 A. 9695                             4
 
 OCCURRING BEFORE THE EXPIRATION OF THE TERM  FOR  WHICH  THE  DIRECTOR'S
 PREDECESSOR  WAS  APPOINTED SHALL BE APPOINTED ONLY FOR THE REMAINDER OF
 SUCH TERM.
   (F)  A DIRECTOR MAY SERVE AFTER THE EXPIRATION OF THAT DIRECTOR'S TERM
 UNTIL A SUCCESSOR HAS TAKEN OFFICE.
   (G) ANY DIRECTOR OF THE BOARD MAY BE REAPPOINTED ONCE BY THE  GOVERNOR
 IN ACCORDANCE WITH THIS SUBDIVISION.
   2. THREE DIRECTORS SHALL CONSTITUTE A QUORUM.
   3.  DIRECTORS  OF THE BOARD SHALL SERVE ON A PART-TIME BASIS AND SHALL
 RECEIVE A PER DIEM WHEN ENGAGED IN THE ACTUAL PERFORMANCE OF BANK  BUSI-
 NESS,  PLUS  REASONABLE  REIMBURSEMENT FOR TRAVEL, SUBSISTENCE AND OTHER
 NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES.
   4. NO DIRECTOR OF THE BOARD MAY PARTICIPATE IN ANY REVIEW OR  DECISION
 AFFECTING  A PROJECT UNDER CONSIDERATION FOR ASSISTANCE UNDER THIS ARTI-
 CLE IF THE DIRECTOR HAS OR IS AFFILIATED WITH  ANY  PERSON  WHO  HAS  AN
 INTEREST IN SUCH PROJECT.
   5. (A) IN ORDER TO CARRY OUT THE PURPOSES OF THE BANK, THE BOARD SHALL
 BE  RESPONSIBLE  FOR  MONITORING AND OVERSEEING INFRASTRUCTURE PROJECTS,
 SHALL ESTABLISH CRITERIA FOR DETERMINING PROJECT ELIGIBILITY FOR  FINAN-
 CIAL ASSISTANCE UNDER THIS ARTICLE AND SHALL HAVE THE FOLLOWING POWERS:
   (I)  TO  ISSUE  PUBLIC  BENEFIT  BONDS AND PROVIDE DIRECT SUBSIDIES TO
 INFRASTRUCTURE PROJECTS;
   (II) TO BORROW ON THE GLOBAL CAPITAL MARKET AND LEND TO  ENTITIES  AND
 COMMERCIAL BANKS FOR FUNDING INFRASTRUCTURE PROJECTS; AND
   (III)  TO  PURCHASE,  POOL  AND  SELL INFRASTRUCTURE-RELATED LOANS AND
 SECURITIES ON SUCH MARKET.
   (B) THE BOARD SHALL CONDUCT ITS BUSINESS IN A MANNER  CONSISTENT  WITH
 THE REQUIREMENTS OF THIS SECTION.
   (C)  THE  PROVISION  OF  FINANCIAL ASSISTANCE BY THE BOARD PURSUANT TO
 THIS ARTICLE SHALL NOT BE CONSTRUED AS:
   (I) LIMITING THE RIGHT OF THE STATE OR ANY  POLITICAL  SUBDIVISION  OR
 OTHER  INSTRUMENTALITY  OF THE STATE TO APPROVE OR REGULATE THE RATES OF
 RETURN ON PRIVATE EQUITY INVESTED IN A PROJECT; OR
   (II) OTHERWISE SUPERSEDING ANY LAW, RULE OR REGULATION  OF  THE  STATE
 APPLICABLE TO A PROJECT.
   (D)  THE  BOARD  SHALL  HAVE THE POWER TO REQUEST THE ASSISTANCE, ON A
 REIMBURSABLE BASIS, OF PERSONNEL FROM ANY STATE AGENCIES  WITH  SPECIFIC
 EXPERTISE  NOT  AVAILABLE FROM WITHIN THE BANK OR ELSEWHERE. THE HEAD OF
 ANY STATE AGENCY MAY ASSIGN, ON A REIMBURSABLE BASIS, ANY  PERSONNEL  OF
 SUCH AGENCY REQUESTED BY THE BOARD AND SHALL NOT UNREASONABLY REFUSE THE
 ASSISTANCE OF ANY PERSONNEL REQUESTED BY THE BOARD.
   6.  (A)  ALL MEETINGS OF THE BOARD HELD TO CONDUCT THE BUSINESS OF THE
 BANK SHALL BE OPEN TO THE PUBLIC AND SHALL  BE  PRECEDED  BY  REASONABLE
 NOTICE.
   (B)  THE BOARD SHALL MEET NOT LATER THAN NINETY DAYS AFTER THE DATE ON
 WHICH ALL OF THE DIRECTORS OF THE BOARD ARE FIRST APPOINTED  AND  OTHER-
 WISE AT THE CALL OF THE CHAIRPERSON.
   (C)  PURSUANT  TO  SUCH RULES AS THE BOARD MAY ESTABLISH THROUGH THEIR
 BYLAWS, THE DIRECTORS MAY CLOSE A MEETING OF THE BOARD IF, AT THE  MEET-
 ING,  THERE  IS LIKELY TO BE DISCLOSED INFORMATION WHICH COULD ADVERSELY
 AFFECT OR LEAD TO SPECULATION  RELATING  TO  AN  INFRASTRUCTURE  PROJECT
 UNDER CONSIDERATION FOR ASSISTANCE UNDER THIS ARTICLE OR IN FINANCIAL OR
 SECURITIES  OR  COMMODITIES  MARKETS OR INSTITUTIONS, UTILITIES, OR REAL
 ESTATE. THE DETERMINATION TO CLOSE ANY MEETING OF  THE  BOARD  SHALL  BE
 MADE  IN A MEETING OF THE BOARD, OPEN TO THE THE PUBLIC, AND PRECEDED BY
 REASONABLE NOTICE. THE BOARD SHALL PREPARE MINUTES OF ANY MEETING  WHICH

 A. 9695                             5
 
 IS  CLOSED  TO THE PUBLIC AND MAKE SUCH MINUTES AVAILABLE AS SOON AS THE
 CONSIDERATIONS NECESSITATING CLOSING SUCH MEETING NO LONGER APPLY.
   7. THE CHAIRPERSON OF THE BOARD, EXECUTIVE DIRECTOR, CRO AND CCO SHALL
 APPOINT,  REMOVE,  FIX THE COMPENSATION OF AND DEFINE THE DUTIES OF SUCH
 QUALIFIED PERSONNEL TO SERVE UNDER THE BOARD, EXECUTIVE COMMITTEE,  RISK
 MANAGEMENT  COMMITTEE  OR AUDIT COMMITTEE, AS THE CASE MAY BE, AS NECES-
 SARY AND PRESCRIBED BY THIS ARTICLE, THE BYLAWS  OF  THE  BANK  AND  THE
 BOARD.
   §  9103.  EXECUTIVE  COMMITTEE.  1.  THE BOARD SHALL HAVE AN EXECUTIVE
 COMMITTEE CONSISTING OF NINE MEMBERS, HEADED BY THE  EXECUTIVE  DIRECTOR
 OF THE BANK.
   2.  A  MAJORITY  OF  THE BOARD SHALL HAVE THE AUTHORITY TO APPOINT AND
 REAPPOINT THE EXECUTIVE DIRECTOR.
   3. THE EXECUTIVE DIRECTOR SHALL BE THE CHIEF EXECUTIVE OFFICER OF  THE
 BANK,  WITH  SUCH  EXECUTIVE  FUNCTIONS,  POWERS  AND  DUTIES  AS MAY BE
 PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK OR THE BOARD.
   4. THE BOARD SHALL APPOINT, REMOVE, FIX THE  COMPENSATION  AND  DEFINE
 THE  DUTIES  OF EIGHT OTHER EXECUTIVE OFFICERS TO SERVE ON THE EXECUTIVE
 COMMITTEE AS THE:
   (A) CHIEF COMPLIANCE OFFICER;
   (B) CHIEF FINANCIAL OFFICER;
   (C) CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER;
   (D) CHIEF LOAN ORIGINATION OFFICER;
   (E) CHIEF OPERATIONS OFFICER;
   (F) CHIEF RISK OFFICER;
   (G) CHIEF TREASURY OFFICER; AND
   (H) GENERAL COUNSEL.
   5. THE EXECUTIVE DIRECTOR AND  OTHER  EXECUTIVE  OFFICERS  SHALL  HAVE
 DEMONSTRATED EXPERIENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   (A) TRANSPORTATION INFRASTRUCTURE.
   (B) ENVIRONMENTAL INFRASTRUCTURE.
   (C) ENERGY INFRASTRUCTURE.
   (D) TELECOMMUNICATIONS INFRASTRUCTURE.
   (E) ECONOMIC DEVELOPMENT.
   (F) WORKFORCE  DEVELOPMENT.
   (G) PUBLIC HEALTH.
   (H) PRIVATE OR PUBLIC FINANCE.
   6.  IN  ORDER  TO  CARRY  OUT  THE PURPOSES OF THE BANK, THE EXECUTIVE
 COMMITTEE SHALL:
   (A) ESTABLISH DISCLOSURE AND APPLICATION PROCEDURES FOR ENTITIES NOMI-
 NATING PROJECTS FOR ASSISTANCE UNDER THIS ARTICLE;
   (B) ACCEPT, FOR  CONSIDERATION,  PROJECT  PROPOSALS  RELATING  TO  THE
 DEVELOPMENT  OF  INFRASTRUCTURE  PROJECTS, WHICH MEET THE BASIC CRITERIA
 ESTABLISHED BY THE BOARD, AND WHICH ARE SUBMITTED BY AN ENTITY;
   (C) PROVIDE RECOMMENDATIONS TO THE BOARD AND PLACE  PROJECT  PROPOSALS
 ACCEPTED  BY  THE  EXECUTIVE COMMITTEE ON THE LIST FOR CONSIDERATION FOR
 FINANCIAL ASSISTANCE FROM THE BOARD;
   (D) PROVIDE TECHNICAL ASSISTANCE TO ENTITIES RECEIVING FINANCING  FROM
 THE BANK AND OTHERWISE IMPLEMENT DECISIONS OF THE BOARD.
   7.  A VACANCY IN THE POSITION OF EXECUTIVE DIRECTOR SHALL BE FILLED IN
 THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
   8. THE COMPENSATION OF THE EXECUTIVE COMMITTEE SHALL BE DETERMINED  BY
 THE BOARD.
   9. THE EXECUTIVE OFFICERS MAY BE REMOVED AT THE DISCRETION OF A MAJOR-
 ITY OF THE BOARD.

 A. 9695                             6
 
   10. THE EXECUTIVE OFFICERS SHALL SERVE FOR A TERM OF SIX YEARS AND MAY
 BE REAPPOINTED ONCE IN ACCORDANCE WITH THIS SECTION.
   11. THE EXECUTIVE OFFICERS SHALL NOT:
   (A) HOLD ANY OTHER PUBLIC OFFICE;
   (B)  HAVE  ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED BY THE
 BOARD;
   (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
 OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
 FROM THE BANK; AND
   (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
 DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
   § 9104. RISK MANAGEMENT COMMITTEE. 1. THE BANK SHALL ESTABLISH A  RISK
 MANAGEMENT  COMMITTEE  CONSISTING  OF  FIVE MEMBERS, HEADED BY THE CHIEF
 RISK OFFICER.
   2. A MAJORITY OF THE BOARD SHALL HAVE THE  AUTHORITY  TO  APPOINT  AND
 REAPPOINT THE CRO OF THE BANK.
   3.  (A) THE CRO SHALL HAVE SUCH FUNCTIONS, POWERS AND DUTIES AS MAY BE
 PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK AND  THE  BOARD.  THE
 CRO SHALL REPORT DIRECTLY TO THE BOARD.
   (B)  IN  ORDER  TO  CARRY  OUT  THE PURPOSES OF THIS ARTICLE, THE RISK
 MANAGEMENT COMMITTEE SHALL:
   (I) CREATE FINANCIAL, CREDIT AND OPERATIONAL  RISK  MANAGEMENT  GUIDE-
 LINES FOR THE BANK;
   (II)  SET STANDARDS TO ENSURE DIVERSIFICATION OF LENDING ACTIVITIES BY
 BOTH REGION AND INFRASTRUCTURE PROJECT TYPE; AND
   (III) CREATE CONFORMING STANDARDS FOR INFRASTRUCTURE  FINANCE  SECURI-
 TIES.
   4.  (A)  THE  BOARD  SHALL  APPOINT,  REMOVE, FIX THE COMPENSATION AND
 DEFINE THE DUTIES OF FOUR OTHER RISK MANAGEMENT  OFFICERS  TO  SERVE  ON
 SUCH COMMITTEE.
   (B) THE CRO AND OTHER RISK MANAGEMENT OFFICERS SHALL HAVE DEMONSTRATED
 EXPERIENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   (I) TREASURY AND ASSET AND LIABILITY MANAGEMENT.
   (II) INVESTMENT REGULATIONS.
   (III) CREDIT RISK MANAGEMENT AND CREDIT EVALUATIONS.
   (IV) RELATED DISCIPLINES.
   5.  A  VACANCY IN THE POSITION OF ANY RISK MANAGEMENT OFFICER SHALL BE
 FILLED IN THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
   6. THE COMPENSATION OF THE RISK MANAGEMENT OFFICERS  SHALL  BE  DETER-
 MINED BY THE BOARD.
   7.  THE  RISK  MANAGEMENT OFFICERS MAY BE REMOVED AT THE DISCRETION OF
 THE MAJORITY OF THE BOARD.
   8. THE RISK MANAGEMENT OFFICERS SHALL SERVE A SIX YEAR TERM AND MAY BE
 REAPPOINTED ONCE IN ACCORDANCE WITH THIS SECTION.
   9. THE RISK MANAGEMENT OFFICERS SHALL NOT:
   (A) HOLD ANY OTHER PUBLIC OFFICE;
   (B) HAVE ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED  BY  THE
 BOARD;
   (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
 OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
 FROM THE BANK; AND
   (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
 DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
   §  9105. AUDIT COMMITTEE. 1. THE BANK SHALL ESTABLISH AN AUDIT COMMIT-
 TEE CONSISTING OF FIVE MEMBERS, HEADED BY THE CHIEF COMPLIANCE OFFICER.

 A. 9695                             7
 
   2. A MAJORITY OF THE BOARD SHALL HAVE THE  AUTHORITY  TO  APPOINT  AND
 REAPPOINT THE CCO OF THE BANK.
   3.  (A) THE CCO SHALL HAVE SUCH FUNCTIONS, POWERS AND DUTIES AS MAY BE
 PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK AND  THE  BOARD.  THE
 CCO SHALL REPORT DIRECTLY TO THE BOARD.
   (B)  IN  ORDER  TO  CARRY  OUT THE PURPOSES OF THIS ARTICLE, THE AUDIT
 COMMITTEE SHALL:
   (I) PROVIDE INTERNAL CONTROLS AND INTERNAL AUDITING ACTIVITIES FOR THE
 BANK;
   (II) MAINTAIN RESPONSIBILITY FOR  THE  ACCOUNTING  ACTIVITIES  OF  THE
 BANK;
   (III) ISSUE FINANCIAL REPORTS OF THE BANK; AND
   (IV)  COMPLETE  REPORTS  WITH  OUTSIDE AUDITORS AND PUBLIC ACCOUNTANTS
 APPOINTED BY THE BOARD.
   4. (A) THE BOARD SHALL  APPOINT,  REMOVE,  FIX  THE  COMPENSATION  AND
 DEFINE  THE DUTIES OF FOUR OTHER AUDIT OFFICERS TO SERVE ON SUCH COMMIT-
 TEE.
   (B) THE CCO AND OTHER AUDIT OFFICERS SHALL HAVE  DEMONSTRATED  EXPERI-
 ENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   (I) INTERNAL AUDITING.
   (II) INTERNAL INVESTIGATIONS.
   (III) ACCOUNTING PRACTICES.
   (IV) FINANCING PRACTICES.
   5.  A  VACANCY IN THE POSITION OF ANY AUDIT OFFICER SHALL BE FILLED IN
 THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
   6. THE COMPENSATION OF THE AUDIT OFFICERS SHALL BE DETERMINED  BY  THE
 BOARD.
   7. THE AUDIT OFFICERS MAY BE REMOVED AT THE DISCRETION OF THE MAJORITY
 OF THE BOARD.
   8.  THE  AUDIT  OFFICERS  SHALL SERVE A SIX YEAR TERM AND MAY BE REAP-
 POINTED ONCE IN ACCORDANCE WITH THIS SECTION.
   9. THE AUDIT OFFICERS SHALL NOT:
   (A) HOLD ANY OTHER PUBLIC OFFICE;
   (B) HAVE ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED  BY  THE
 BOARD;
   (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
 OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
 FROM THE BANK; AND
   (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
 DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
   §  9106.  ELIGIBILITY CRITERIA AND ASSISTANCE. 1. NO FINANCIAL ASSIST-
 ANCE SHALL BE AVAILABLE UNDER THIS ARTICLE  FROM  THE  BANK  UNLESS  THE
 APPLICANT  FOR  SUCH  ASSISTANCE HAS DEMONSTRATED TO THE SATISFACTION OF
 THE BOARD THAT THE PROJECT FOR WHICH SUCH  ASSISTANCE  IS  BEING  SOUGHT
 MEETS:
   (A) THE REQUIREMENTS OF THIS ARTICLE; AND
   (B)  ANY  CRITERIA  ESTABLISHED IN ACCORDANCE WITH THIS ARTICLE BY THE
 BOARD.
   2. (A) CONSISTENT WITH THE REQUIREMENTS OF SUBDIVISIONS THREE AND FOUR
 OF THIS SECTION, THE BOARD SHALL ESTABLISH:
   (I) CRITERIA FOR  DETERMINING  ELIGIBILITY  FOR  FINANCIAL  ASSISTANCE
 UNDER THIS ARTICLE;
   (II)  DISCLOSURE AND APPLICATION PROCEDURES TO BE FOLLOWED BY ENTITIES
 TO NOMINATE PROJECTS FOR ASSISTANCE UNDER THIS ARTICLE; AND
   (III) SUCH OTHER CRITERIA AS THE BOARD MAY CONSIDER TO BE  APPROPRIATE
 FOR PURPOSES OF CARRYING OUT THIS ARTICLE.

 A. 9695                             8
 
   (B) (I) THE BANK SHALL CONDUCT AN ANALYSIS THAT TAKES INTO ACCOUNT THE
 ECONOMIC, ENVIRONMENTAL, SOCIAL BENEFITS AND COSTS OF EACH PROJECT UNDER
 CONSIDERATION  FOR FINANCIAL ASSISTANCE UNDER THIS ARTICLE, PRIORITIZING
 PROJECTS THAT CONTRIBUTE TO ECONOMIC GROWTH, LEAD TO  JOB  CREATION  AND
 ARE OF REGIONAL OR LOCAL SIGNIFICANCE.
   (II)  THE  CRITERIA  ESTABLISHED PURSUANT TO SUBPARAGRAPH (I) OF PARA-
 GRAPH (A) OF THIS SUBDIVISION SHALL PROVIDE FOR THE CONSIDERATION OF THE
 FOLLOWING FACTORS IN CONSIDERING ELIGIBILITY  FOR  FINANCIAL  ASSISTANCE
 UNDER THIS ARTICLE:
   (A) THE MEANS BY WHICH DEVELOPMENT OF THE INFRASTRUCTURE PROJECT UNDER
 CONSIDERATION IS BEING FINANCED, INCLUDING:
   (1)  THE  TERMS AND CONDITIONS AND FINANCIAL STRUCTURE OF THE PROPOSED
 FINANCING; AND
   (2) THE FINANCIAL ASSUMPTIONS AND PROJECTIONS ON WHICH THE PROJECT  IS
 BASED.
   (B)  THE  LIKELIHOOD THAT THE PROVISION OF ASSISTANCE BY THE BANK WILL
 CAUSE SUCH DEVELOPMENT TO PROCEED MORE PROMPTLY AND WITH LOWER COSTS FOR
 FINANCING THAN WOULD BE THE CASE WITHOUT SUCH ASSISTANCE.
   (C) THE EXTENT TO WHICH THE PROVISION OF ASSISTANCE BY THE BANK  MAXI-
 MIZES  THE  LEVEL  OF  PRIVATE  INVESTMENT IN THE INFRASTRUCTURE PROJECT
 WHILE PROVIDING A PUBLIC BENEFIT.
   3. (A) FOR ANY TRANSPORTATION INFRASTRUCTURE PROJECT, THE BOARD  SHALL
 CONSIDER THE FOLLOWING:
   (I) JOB CREATION, INCLUDING WORKFORCE DEVELOPMENT FOR WOMEN AND MINOR-
 ITIES, RESPONSIBLE EMPLOYMENT PRACTICES, AND QUALITY JOB TRAINING OPPOR-
 TUNITIES.
   (II) REDUCTION IN CARBON EMISSIONS.
   (III) REDUCTION IN SURFACE AND AIR TRAFFIC CONGESTION.
   (IV) SMART GROWTH IN URBAN AREAS.
   (V)  POVERTY  AND  INEQUALITY  REDUCTION THROUGH TARGETED TRAINING AND
 EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   (VI) USE  OF  SMART  TOLLING,  SUCH  AS  VEHICLE  MILES  TRAVELED  AND
 CONGESTION PRICING, FOR HIGHWAY, ROAD, AND BRIDGE PROJECTS.
   (VII) PUBLIC HEALTH BENEFITS.
   (B)  FOR  ANY  ENVIRONMENTAL  INFRASTRUCTURE  PROJECT, THE BOARD SHALL
 CONSIDER THE FOLLOWING:
   (I) PUBLIC HEALTH BENEFITS.
   (II) POLLUTION REDUCTIONS.
   (III) JOB CREATION, INCLUDING  WORKFORCE  DEVELOPMENT  FOR  WOMEN  AND
 MINORITIES,  RESPONSIBLE  EMPLOYMENT  PRACTICES AND QUALITY JOB TRAINING
 OPPORTUNITIES.
   (IV) POVERTY AND INEQUALITY REDUCTION THROUGH  TARGETED  TRAINING  AND
 EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   (V) ENVIRONMENTAL JUSTICE.
   (C)  FOR  ANY  ENERGY INFRASTRUCTURE PROJECT, THE BOARD SHALL CONSIDER
 THE FOLLOWING:
   (I) JOB CREATION, INCLUDING WORKFORCE DEVELOPMENT FOR WOMEN AND MINOR-
 ITIES, RESPONSIBLE EMPLOYMENT PRACTICES AND QUALITY JOB TRAINING  OPPOR-
 TUNITIES.
   (II)  POVERTY  AND  INEQUALITY REDUCTION THROUGH TARGETED TRAINING AND
 EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   (III) REDUCTION IN CARBON EMISSIONS.
   (IV) ENVIRONMENTAL JUSTICE.
   (V) SMART GROWTH IN URBAN AREAS.
   (VI) EXPANDED USE OF RENEWABLE ENERGY, INCLUDING, BUT NOT  LIMITED  TO
 HYDROELECTRIC, SOLAR, WIND AND WASTE-TO-ENERGY.

 A. 9695                             9
 
   (VII) DEVELOPMENT OF A SMART GRID.
   (VIII)  ENERGY  EFFICIENT  BUILDING, HOUSING, SCHOOL MODERNIZATION AND
 WEATHERIZATION.
   (IX) IN ANY CASE IN  WHICH  THE  PROJECT  IS  ALSO  A  PUBLIC  HOUSING
 PROJECT:
   (A) IMPROVEMENT OF THE PHYSICAL SHAPE AND LAYOUT;
   (B) ENVIRONMENTAL IMPROVEMENT; AND
   (C) MOBILITY IMPROVEMENTS FOR RESIDENTS.
   (X) PUBLIC HEALTH BENEFITS.
   (D)  FOR  ANY TELECOMMUNICATIONS PROJECT, THE BOARD SHALL CONSIDER THE
 FOLLOWING:
   (I) THE EXTENT TO WHICH ASSISTANCE EXPANDS OR IMPROVES  BROADBAND  AND
 WIRELESS SERVICES IN RURAL AND DISADVANTAGED COMMUNITIES.
   (II)  JOB  CREATION,  INCLUDING  WORKFORCE  DEVELOPMENT  FOR WOMEN AND
 MINORITIES, RESPONSIBLE EMPLOYMENT PRACTICES AND  QUALITY  JOB  TRAINING
 OPPORTUNITIES.
   (III)  POVERTY  AND INEQUALITY REDUCTION THROUGH TARGETED TRAINING AND
 EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   4. (A) CONSIDERATION OF PROJECTS BY THE EXECUTIVE COMMITTEE AND  BOARD
 SHALL BE CONDUCTED WITH PERSONNEL ASSISTING THE BANK FROM RELEVANT STATE
 AND  LOCAL  AGENCIES  FROM  AMONG  INDIVIDUALS WHO ARE FAMILIAR WITH AND
 EXPERIENCED IN THE SELECTION CRITERIA FOR COMPETITIVE PROJECTS.
   (B) A FEE MAY BE CHARGED FOR THE REVIEW OF  ANY  PROJECT  PROPOSAL  IN
 SUCH  AMOUNT AS MAY BE CONSIDERED APPROPRIATE BY THE EXECUTIVE COMMITTEE
 TO COVER THE COST OF SUCH REVIEW.
   5. CONSISTENT WITH OTHER PROVISIONS OF THIS ARTICLE, ANY DETERMINATION
 OF THE BOARD TO PROVIDE ASSISTANCE TO ANY PROJECT,  AND  THE  MANNER  IN
 WHICH SUCH ASSISTANCE IS PROVIDED, INCLUDING THE TERMS, CONDITIONS, FEES
 AND CHARGES SHALL BE AT THE SOLE DISCRETION OF THE BOARD.
   6.  THE  PROVISION  OF ASSISTANCE BY THE BOARD IN ACCORDANCE WITH THIS
 ARTICLE SHALL NOT BE DEEMED TO RELIEVE ANY RECIPIENT  OF  ASSISTANCE  OR
 THE  RELATED  PROJECT OF ANY OBLIGATION TO OBTAIN REQUIRED, STATE, LOCAL
 AND FEDERAL PERMIT AND APPROVALS.
   7. AN ENTITY RECEIVING ASSISTANCE FROM THE  BOARD  SHALL  MAKE  ANNUAL
 REPORTS  TO  THE  BOARD  ON THE USE OF ANY SUCH ASSISTANCE, CRITERIA SET
 FORTH IN THIS SECTION AND A DISCLOSURE OF ALL ENTITIES WITH  A  DEVELOP-
 MENT,  OWNERSHIP  OR  OPERATIONAL  INTEREST  IN  A  PROJECT  ASSISTED OR
 PROPOSED TO BE ASSISTED UNDER THIS ARTICLE.
   § 9107. EXEMPTION FROM LOCAL TAXATION. ALL NOTES, DEBENTURES, BONDS OR
 OTHER SUCH OBLIGATIONS ISSUED BY THE BANK, AND THE INTEREST ON OR  CRED-
 ITS  WITH  RESPECT  TO  SUCH  BONDS  OR  OTHER OBLIGATIONS, SHALL NOT BE
 SUBJECT TO TAXATION BY ANY STATE, COUNTY, MUNICIPALITY OR  LOCAL  TAXING
 AUTHORITY.
   §  9108.  STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS; FULL FAITH
 AND CREDIT. 1. THE BANK SHALL COMPLY WITH ALL  FEDERAL  LAWS  REGULATING
 BUDGETARY  AND AUDITING PRACTICES OF A GOVERNMENT CORPORATION, EXCEPT AS
 OTHERWISE PROVIDED FOR IN THIS ARTICLE.
   2. ANY BOND OR OTHER OBLIGATION ISSUED BY THE BANK UNDER THIS  ARTICLE
 SHALL  BE  AN  OBLIGATION  SUPPORTED BY THE FULL FAITH AND CREDIT OF THE
 UNITED STATES.
   3. ALL DEBT SECURITIES AND OTHER OBLIGATIONS ISSUED BY THE BANK PURSU-
 ANT TO THIS ARTICLE SHALL BE DEEMED TO BE EXEMPT SECURITIES  WITHIN  THE
 MEANING  OF  LAWS ADMINISTERED BY THE SECURITIES AND EXCHANGE COMMISSION
 TO THE SAME EXTENT AS SECURITIES WHICH ARE  DIRECT  OBLIGATIONS  OF,  OR
 OBLIGATIONS  FULLY GUARANTEED AS TO PRINCIPAL OR INTEREST BY, THE UNITED
 STATES.

 A. 9695                            10
 
   4. THE OBLIGATIONS OF THE BANK ISSUED PURSUANT TO THIS  ARTICLE  SHALL
 BE DEEMED TO BE OBLIGATIONS OF THE STATE.
   §  9109. AUDITS AND REPORTS. 1. THE BOOKS OF ACCOUNT OF THE BANK SHALL
 BE MAINTAINED IN ACCORDANCE WITH GENERALLY ACCEPTED  ACCOUNTING  PRINCI-
 PLES  AND  SHALL  BE  SUBJECT  TO  AN ANNUAL AUDIT BY INDEPENDENT PUBLIC
 ACCOUNTANTS APPOINTED BY THE BOARD AND OF NATIONALLY  RECOGNIZED  STAND-
 ING.
   2.  (A) THE BOARD SHALL SUBMIT TO THE GOVERNOR AND LEGISLATURE, WITHIN
 NINETY DAYS AFTER THE LAST DAY OF  EACH  FISCAL  YEAR,  A  COMPLETE  AND
 DETAILED  REPORT  WITH  RESPECT  TO  THE  PRECEDING FISCAL YEAR, SETTING
 FORTH:
   (I) A SUMMARY OF THE BANK'S OPERATIONS FOR SUCH PRECEDING FISCAL YEAR;
   (II) A SCHEDULE OF  THE  BANK'S  OBLIGATIONS  AND  CAPITAL  SECURITIES
 OUTSTANDING  AT  THE END OF SUCH PRECEDING FISCAL YEAR, WITH A STATEMENT
 OF THE AMOUNTS ISSUED AND REDEEMED OR PAID DURING SUCH PRECEDING  FISCAL
 YEAR; AND
   (III)  THE  STATUS  OF  PROJECTS RECEIVING FUNDING OR OTHER ASSISTANCE
 PURSUANT TO THIS ARTICLE, INCLUDING, BUT NOT LIMITED  TO  DISCLOSURE  OF
 ALL  ENTITIES  WITH  A DEVELOPMENT, OWNERSHIP OR OPERATIONAL INTEREST IN
 SUCH PROJECTS.
   (B) NOT LATER THAN FIVE YEARS AFTER THE EFFECTIVE DATE OF  THIS  ARTI-
 CLE,  THE  NEW  YORK  STATE COMPTROLLER SHALL SUBMIT TO THE GOVERNOR AND
 LEGISLATURE A REPORT EVALUATING ACTIVITIES OF THE BANK  FOR  THE  FISCAL
 YEARS  COVERED  BY  THE REPORT THAT INCLUDES AN ASSESSMENT OF THE IMPACT
 AND BENEFITS OF EACH FUNDED PROJECT, INCLUDING A REVIEW  OF  HOW  EFFEC-
 TIVELY  EACH  PROJECT  ACCOMPLISHED  THE GOALS PRIORITIZED BY THE BANK'S
 PROJECT CRITERIA.
   3. (A) THE BANK SHALL MAINTAIN ADEQUATE BOOKS AND RECORDS  TO  SUPPORT
 THE  FINANCIAL  TRANSACTIONS OF THE BANK WITH A DESCRIPTION OF FINANCIAL
 TRANSACTIONS AND INFRASTRUCTURE  PROJECTS  RECEIVING  FUNDING,  AND  THE
 AMOUNT  OF  FUNDING FOR EACH PROJECT MAINTAINED ON A PUBLICLY ACCESSIBLE
 DATABASE.
   (B) THE BOOKS AND RECORDS OF THE BANK SHALL BE MAINTAINED  IN  ACCORD-
 ANCE  WITH  RECOMMENDED  ACCOUNTING  PRACTICES  AND  SHALL  BE  OPEN  TO
 INSPECTION BY THE SUPERINTENDENT AND THE NEW YORK STATE COMPTROLLER.
   § 3. The sum of two hundred fifty million  dollars  ($250,000,000)  is
 hereby  appropriated  to the banking department out of any moneys in the
 state treasury in the general fund to the credit of the  state  purposes
 account, not otherwise appropriated, and made immediately available, for
 the  purpose  of  carrying  out  the provisions of this act. Such moneys
 shall be payable on the audit and warrant of the comptroller on vouchers
 certified or approved by the superintendent of banking department in the
 manner prescribed by law.
   § 4. This act shall take effect on the sixtieth  day  after  it  shall
 have  become  a law and shall expire and be deemed repealed December 31,
 2032.