senate Bill S5001

2021-2022 Legislative Session

Creates the New York state social impact bond initiative

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 22, 2021 referred to finance

S5001 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add Art 5-G §§69-p - 69-t, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5523
2015-2016: S1888
2017-2018: S3634
2019-2020: S4613

S5001 (ACTIVE) - Summary

Establishes a statewide pilot program modeled after the NYC social impact bond project to lower recidivism and improve the lives of 16-18 year olds in New York's correctional facilities.

S5001 (ACTIVE) - Sponsor Memo

S5001 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5001
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 22, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the state finance law, in relation to creating the  "New
   York state social impact bond initiative"
 
   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 social impact bond initiative".
   §  2.  The state finance law is amended by adding a new article 5-G to
 read as follows:
                                 ARTICLE 5-G
               NEW YORK STATE SOCIAL IMPACT BOND INITIATIVE
 SECTION 69-P. LEGISLATIVE INTENT.
         69-Q. DEFINITIONS.
         69-R. THE NEW YORK STATE SOCIAL IMPACT BOND TASK FORCE.
         69-S. THE DUTIES AND RESPONSIBILITIES OF THE TASK FORCE.
         69-T. SOCIAL IMPACT BOND ISSUANCE.
   § 69-P. LEGISLATIVE INTENT. IT IS THE INTENT  OF  THE  LEGISLATURE  TO
 ESTABLISH  A  STATEWIDE  PILOT  PROGRAM  MODELED AFTER THE NEW YORK CITY
 SOCIAL IMPACT BOND PROJECT TO LOWER RECIDIVISM AND IMPROVE THE LIVES  OF
 SIXTEEN TO EIGHTEEN YEAR OLDS IN NEW YORK'S CORRECTIONAL FACILITIES. THE
 FIRST  STATEWIDE  PROGRAM OF ITS KIND IN THE UNITED STATES, THIS PROGRAM
 WILL CREATE FINANCING ARRANGEMENTS THAT AIM TO INCREASE  FUNDING  AVAIL-
 ABLE FOR PREVENTATIVE SERVICES THROUGH PUBLIC-PRIVATE PARTNERSHIPS.
   §  69-Q.  DEFINITIONS.  "SOCIAL  IMPACT  BOND"  SHALL MEAN A FINANCIAL
 ARRANGEMENT BETWEEN ONE OR MORE  GOVERNMENT  AGENCIES  AND  AN  EXTERNAL
 ORGANIZATION THAT CAN BE EITHER A NONPROFIT OR A FOR-PROFIT ENTITY.
   §  69-R.  THE  NEW YORK STATE SOCIAL IMPACT BOND TASK FORCE. 1.  THERE
 SHALL BE HEREBY ESTABLISHED A PERMANENT TASK FORCE ON THE NEW YORK STATE
 SOCIAL IMPACT TASK FORCE.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09255-01-1

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