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This entry was published on 2014-09-22
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SECTION 214
Establishment and purpose; linked deposit program authorization
State Finance (STF) CHAPTER 56, ARTICLE 15
§ 214. Establishment and purpose; linked deposit program
authorization. The excelsior linked deposit program is hereby created.
The purpose of the program is to encourage and assist eligible
businesses within the state to undertake eligible projects that will
materially contribute to improving their performance and
competitiveness. The comptroller is hereby authorized to use any moneys
of the state the comptroller is authorized to invest pursuant to section
ninety-eight-a of this chapter as linked deposits for the program. Not
more than four hundred sixty million dollars of such moneys shall be on
deposit pursuant to the program at any given time. The commissioner of
taxation and finance is hereby authorized to use funds in the linked
deposit program fund established pursuant to section ninety-two-v of
this chapter as linked deposits for the program. Not more than one
hundred million dollars from the linked deposit program fund shall be on
deposit pursuant to the program at any given time.