Senate Bill S5703

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S5703 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §51, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7697
2019-2020: S2766
2023-2024: S2535

2021-S5703 (ACTIVE) - Summary

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

2021-S5703 (ACTIVE) - Sponsor Memo

2021-S5703 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5703
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2021
                                ___________
 
 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, 5 and 6 of  section  51  of  the
 public authorities law are renumbered subdivisions 6, 7, 8, 9, 10 and 11
 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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