Senate Bill S5281

2023-2024 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 Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-S5281 (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
2021-2022: S5001

2023-S5281 (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.

2023-S5281 (ACTIVE) - Sponsor Memo

2023-S5281 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5281
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 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.
                                                            LBD07577-01-3
 S. 5281                             2
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.