Senate Bill S1936

2023-2024 Legislative Session

Relates to disposals and contracts for disposal of property

download bill text pdf

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Current Bill Status - Passed Senate


  • 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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2023-S1936 (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd §2897, Pub Auth L
Versions Introduced in 2021-2022 Legislative Session:
S4610

2023-S1936 (ACTIVE) - Summary

Provides for requirements for disposals and contracts for disposal of property.

2023-S1936 (ACTIVE) - Sponsor Memo

2023-S1936 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1936
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2023
                                ___________
 
 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 disposals and
   contracts for disposal of property

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraphs (v) and (vi) of paragraph c of subdivision  6
 of section 2897 of the public authorities law, as amended by chapter 506
 of the laws of 2009, are amended to read as follows:
   (v)  [under  those  circumstances]  THE DISPOSAL WILL BE FOR LESS THAN
 FAIR MARKET VALUE AS permitted by subdivision seven of this section; or
   (vi) [such action is otherwise authorized  by  law]  THE  DISPOSAL  IS
 EXPRESSLY  EXEMPTED FROM PROVISIONS OF PARAGRAPHS A AND B OF THIS SUBDI-
 VISION.
   § 2. Subdivision 6 of section 2897 of the public  authorities  law  is
 amended by adding a new paragraph g to read as follows:
   G. ANY DISPOSALS AND CONTRACTS FOR DISPOSAL OF PROPERTY THAT CONTAIN A
 RIGHT  OF  FIRST REFUSAL MUST ENSURE THAT THE PROPERTY IS TRANSFERRED AT
 OR ABOVE FAIR MARKET VALUE AT THE TIME WHEN SUCH RIGHT IS EXERCISED.
   § 3. Subdivision 7 of section 2897 of the public authorities  law,  as
 added by chapter 506 of the laws of 2009, is amended to read as follows:
   7.  Disposal  of property for less than fair market value. a. No asset
 owned, leased or otherwise in the control of a public authority  may  be
 sold, leased, or otherwise alienated for less than its fair market value
 except if:
   (i)  the  transferee  is  a government or other public entity, and the
 terms and conditions of the transfer require that the ownership and  use
 of the asset will remain with the government or any other public entity;
 OR

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03879-01-3
 S. 1936                             2
              

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