S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7039--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 19, 2025
                                ___________
 
 Introduced by M. of A. BRAUNSTEIN, OTIS -- read once and referred to the
   Committee on Corporations, Authorities and Commissions -- reported and
   referred  to  the Committee on Ways and Means -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee

 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 7, 8, 9, 10, 11 and
 12 and five new subdivisions 2, 3, 4, 5 and  6  are  added  to  read  as
 follows:
   2. ANY APPLICATION MADE CONCERNING A PROPOSED PROJECT INVOLVING A LOAN
 SHALL  INCLUDE, TO THE EXTENT PRACTICABLE, 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,
 TO THE EXTENT PRACTICABLE, 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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05340-04-5
              

 A. 7039--A                          2
 
   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
   G. ANY GUARANTEE ASSOCIATED WITH SUCH LOAN.
   3.  ANY  APPLICATION  MADE  CONCERNING  A PROPOSED PROJECT INVOLVING A
 GRANT SHALL INCLUDE TO THE EXTENT PRACTICABLE, EXPRESSLY AND IN WRITING,
 THE TERMS AND CONDITIONS  OF  STATE  APPROPRIATIONS  AUTHORIZED  BY  LAW
 PURSUANT  TO  A  GRANT  DISBURSEMENT AGREEMENT AND PURSUANT TO ANY OTHER
 AGREEMENTS WHICH WOULD RELATE TO SUCH GRANT. IN ANY SUCH APPLICATION THE
 TERMS AND CONDITIONS, PROVIDED EXPRESSLY AND IN WRITING,  SHALL  INCLUDE
 TO THE EXTENT PRACTICABLE, BUT NOT BE LIMITED TO:
   A. ANY JOB RETENTION OR JOB CREATION REQUIREMENTS AND THE TERMS OF ANY
 SUCH  REQUIREMENTS,  WHERE  SUCH  GRANT  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. A FULL DESCRIPTION OF THE PROJECT AND HOW THE GRANT FUNDS WOULD  BE
 USED BY THE GRANTEE;
   C.  WHERE  SUCH PROJECT WOULD INVOLVE THE PURCHASE OF REAL PROPERTY, A
 DESCRIPTION OF WHO WOULD OWN THE PROPERTY;
   D. TOTAL COST OF THE PROJECT;
   E. A LIST OF ALL SOURCES OF FUNDS FOR SUCH PROJECT AND  A  DESCRIPTION
 OF EACH SOURCE OF FUNDS;
   F.  A  LIST OF ALL USES OF FUNDS FOR SUCH PROJECT AND A DESCRIPTION OF
 EACH USE OF FUNDS;
   G. ANY CONDITIONS OR RESTRICTIONS ON THE GRANTEE, THE  TERMS  OF  SUCH
 CONDITIONS OR RESTRICTIONS, AND ANY CONTRACTUAL REMEDIES IN THE EVENT OF
 A BREACH OF SUCH TERMS;
   H. A DESCRIPTION OF THE OWNERSHIP;
   I. A DESCRIPTION OF ANY LEASE AGREEMENTS;
   J. ANY SECURITY PROVISIONS; AND
   K. ANY GUARANTEES ASSOCIATED WITH SUCH GRANT.
   4.  NOTWITHSTANDING  ANY LAW TO THE CONTRARY, ANY PROJECT SUBMITTED TO
 THE PUBLIC AUTHORITIES CONTROL BOARD INVOLVING A  LOAN  OR  GRANT  WHERE
 SUCH LOAN OR GRANT WOULD BE CONDITIONAL ON JOB RETENTION OR JOB CREATION
 REQUIREMENTS  SHALL INCLUDE CLAWBACK PROVISIONS IF SUCH JOB REQUIREMENTS
 ARE NOT MET. THE BOARD MAY APPROVE SUCH PROJECTS ONLY UPON ITS  DETERMI-
 NATION THAT:
   A. SUCH SUBMITTED PROJECT INCLUDES, EXPRESSLY AND IN WRITING, CLAWBACK
 PROVISIONS,  IN THE EVENT JOB RETENTION OR JOB CREATION REQUIREMENTS ARE
 NOT MET; AND
   B. PRIOR TO DISBURSEMENT, SUCH APPLICANT WILL  SUBMIT  TO  THE  PUBLIC
 AUTHORITIES  CONTROL  BOARD  A  BINDING  LETTER OF AGREEMENT BETWEEN THE
 APPLICANT AND THE GRANTEE OR LOAN RECIPIENT,  OR  ANY  BENEFICIARIES  OF
 SUCH  LOAN  OR  GRANT  WHO  WOULD  BE EXPECTED TO RETAIN OR CREATE JOBS,
 EXPRESSLY AND IN WRITING ATTESTING THAT THEY AGREED TO THE JOB  CREATION
 OR  JOB  RETENTION  CLAWBACK REQUIREMENTS AS A PRECONDITION TO RECEIVING
 THE GRANT OR LOAN.
   5. IF ANY OF THE INFORMATION REQUIRED BY SUBDIVISIONS TWO, THREE,  AND
 FOUR OF THIS SECTION IS NOT INCLUDED IN SUCH APPLICATION BECAUSE OBTAIN-
 ING  SUCH INFORMATION IS NOT PRACTICABLE OR WILL SIGNIFICANTLY DELAY THE
 APPLICATION'S SUBMISSION, THE APPLICANT SHALL INCLUDE WITHIN SUCH APPLI-
 CATION A STATEMENT, EXPRESSLY AND IN WRITING, DETAILING THE REASONS SUCH
 INFORMATION COULD NOT BE PROVIDED, THE DELAY THAT INCLUDING SUCH  INFOR-
 MATION WOULD CAUSE, AND ANY RELEVANT DETAILS THE BOARD DEEMS NECESSARY.
 A. 7039--A                          3
 
   6.  A  PUBLIC  BENEFIT  CORPORATION  SUBJECT TO THE PROVISIONS OF THIS
 SECTION MAY SUBMIT TO THE PUBLIC AUTHORITIES CONTROL BOARD  A  POTENTIAL
 PROJECT  FOR  COMMENT  FROM  THE  PUBLIC AUTHORITIES CONTROL BOARD. SUCH
 PRELIMINARY PROJECT SHALL BE SUBMITTED TO ALL PUBLIC AUTHORITIES CONTROL
 BOARD MEMBERS AND ALL MEMBERS AS WELL AS THE STATE COMPTROLLER, AND EACH
 SHALL HAVE THIRTY DAYS TO COMMENT ON THE PRELIMINARY PROJECT, IF THEY SO
 CHOOSE.  ANY  SUCH  COMMENTS  SHALL  BE  FILED BY THE PUBLIC AUTHORITIES
 CONTROL BOARD AND TRANSMITTED TO  THE  RELEVANT  PUBLIC  BENEFIT  CORPO-
 RATION. ANY SUCH COMMENT SHALL BE PURELY ADVISORY, SHALL HAVE NO BINDING
 EFFECT  ON  ANY FUTURE DECISION OF THE PUBLIC AUTHORITIES CONTROL BOARD,
 AND SHALL NOT PROVIDE APPROVAL FOR ANY PROJECT.
   § 2. Subdivisions 10 and 11 of section 51 of  the  public  authorities
 law,  as  added  by chapter 838 of the laws of 1983 and as renumbered by
 section one of this act, are amended to read as follows:
   10. Notwithstanding any other provisions of this section, the require-
 ments of subdivisions one, [two] SEVEN and [three] EIGHT of this section
 shall not apply with regard to any project of the New York  state  envi-
 ronmental  facilities  corporation,  the  New York state housing finance
 agency, the New York state medical care facilities finance agency or the
 dormitory authority in progress on the  first  day  of  April,  nineteen
 hundred  seventy-six,  with  regard to any project of the New York state
 project finance agency or the New York state  urban  development  corpo-
 ration  in progress on the first day of April, nineteen hundred seventy-
 eight, with regard to any project of the job  development  authority  or
 the  battery  park  city authority in progress on the first day of July,
 nineteen hundred eighty, and with regard  to  a  project  of  any  other
 public  benefit corporation subject to the provisions of this section in
 progress on the first day of July,  nineteen  hundred  eighty-three,  as
 determined  by the New York state public authorities control board whose
 affirmative determination shall be conclusive as to all matters  of  law
 and fact for the purpose of the limitations of this section.
   11.  Nothing  contained  in  subdivisions one, [two] SEVEN and [three]
 EIGHT of this section shall limit the right or obligation of any  public
 benefit  corporation subject to the provisions of this section to comply
 with the provisions of any existing  contract,  including  any  existing
 contract  with  or  for the benefit of the holders of any obligations of
 any public benefit corporation.
   § 3. This act shall take effect immediately.