senate Bill S2766

2019-2020 Legislative Session

Relates to project applications and advisory opinions of the public authorities control board

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to corporations, authorities and commissions
Jan 29, 2019 referred to corporations, authorities and commissions

S2766 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §51, Pub Auth L
Versions Introduced in 2017-2018 Legislative Session:
S7697

S2766 (ACTIVE) - Summary

Relates to project applications and advisory opinions of the public authorities control board.

S2766 (ACTIVE) - Sponsor Memo

S2766 (ACTIVE) - Bill Text download pdf


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

                                  2766

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 29, 2019
                               ___________

Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to  amend  the  public  authorities law, in relation to project
  applications and advisory opinions of the public  authorities  control
  board

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

  Section 1. Subdivisions 2, 3, 3-a, 4 and 5 of section 51 of the public
authorities law are renumbered subdivisions 6, 7, 8, 9 and 10  and  four
new subdivisions 2, 3, 4 and 5 are added to read as follows:
  2. ANY APPLICATION MADE CONCERNING A PROPOSED PROJECT INVOLVING A LOAN
SHALL INCLUDE, EXPRESSLY AND IN WRITING, THE TERMS, CONDITIONS AND DATES
OF THE REPAYMENT OF STATE APPROPRIATIONS AUTHORIZED BY LAW PURSUANT TO A
REPAYMENT  AGREEMENT  AND SHALL INCLUDE A COPY OF THE PROPOSED REPAYMENT
AGREEMENT. IN ANY SUCH APPLICATION THE TERMS  AND  CONDITIONS,  PROVIDED
EXPRESSLY AND IN WRITING, SHALL INCLUDE, BUT NOT BE LIMITED TO:
  A. ANY JOB RETENTION OR JOB CREATION REQUIREMENTS AND THE TERMS OF ANY
SUCH  REQUIREMENTS,  WHERE  SUCH  LOAN  WOULD  BE CONDITIONAL ON ANY JOB
RETENTION OR JOB CREATION REQUIREMENTS, A DESCRIPTION OF ANY CONTRACTUAL
CLAWBACK PROVISIONS OR OTHER REMEDIES IN THE EVENT SUCH REQUIREMENTS ARE
NOT MET;
  B. RATE OF INTEREST, FOR FIXED RATE AGREEMENTS;
  C. ALL TERMS NECESSARY TO DETERMINE AND CALCULATE  INTEREST  FOR  NON-
FIXED RATE LOAN AGREEMENTS;
  D. REPAYMENT DATE, OR DATES, AND ASSOCIATED AMOUNTS, FOR THE RETURN OF
LOAN PRINCIPAL;
  E.  ANY CONDITIONS OR RESTRICTIONS ASSOCIATED WITH THE LOAN, THE TERMS
OF SUCH CONDITIONS OR RESTRICTIONS, AND ANY CONTRACTUAL REMEDY  IF  SUCH
CONDITIONS OR RESTRICTIONS IN THE EVENT OF A BREACH OF SUCH TERMS;
  F. ANY SECURITY PROVISION AND A DESCRIPTION OF SUCH PROVISIONS; AND

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

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