Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to corporations, authorities and commissions |
Feb 11, 2009 |
referred to corporations, authorities and commissions |
Senate Bill S2125
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
Actions
2009-S2125 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §1689-j, Pub Auth L; amd §97-sss, St Fin L
2009-S2125 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2125 TITLE OF BILL : An act to amend the public authorities law and the state finance law, in relation to establishing a loan guarantee program for schools authorized under article 56 of the education law PURPOSE : To establish a capital loan guarantee program for public charter schools. SUMMARY OF PROVISIONS : Adds section 1689-j to the public authorities law to establish a loan guarantee program for the state's public charter schools. JUSTIFICATION : New York State's public charter schools currently educate nearly 11,000 children in nine different cities, and virtually every school has a waiting list of children wanting to enroll. Nationally, there are more than 2,700 charter schools servicing more than 575,000 public school children, Charter schools have become a component of the public education system and a certain number of those schools are authorized by law. However, one of the greatest impediments to the creation of charter schools in New York is inaccessibility to capital financing. Because
2009-S2125 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2125 2009-2010 Regular Sessions I N S E N A T E February 11, 2009 ___________ Introduced by Sen. GOLDEN -- 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 and the state finance law, in relation to establishing a loan guarantee program for schools author- ized under article 56 of the education law THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The public authorities law is amended by adding a new section 1689-j to read as follows: S 1689-J. CHARTER SCHOOL LOAN GUARANTEE PROGRAM. 1. DEFINITIONS. AS USED IN THIS SECTION: (A) "AUTHORITY" SHALL MEAN THE DORMITORY AUTHORITY CREATED BY SECTION SIXTEEN HUNDRED SEVENTY-SEVEN OF THIS TITLE. (B) "CHARTER SCHOOL" SHALL MEAN A SCHOOL AUTHORIZED BY ARTICLE FIFTY- SIX OF THE EDUCATION LAW. (C) "CHARTER SCHOOL PROJECT" SHALL MEAN CONSTRUCTION OF ANY NEW BUILD- ING, PURCHASE OF AN EXISTING BUILDING, OR REFINANCING OF AN EXISTING BUILDING IN ORDER TO FACILITATE SUBSTANTIAL IMPROVEMENT THERETO, THE FINANCING OF REAL PROPERTY DEEMED ESSENTIAL FOR THE CONDUCT OF A CHARTER SCHOOL, THE EXTENSION OR PROVISION OF UTILITIES AND ANY OTHER APPURTEN- ANT FACILITIES TO BE USED BY ANY CHARTER SCHOOL APPROVED PURSUANT TO SECTION TWENTY-EIGHT HUNDRED FIFTY-TWO OF THE EDUCATION LAW. (D) "LENDING INSTITUTION" SHALL MEAN THE ORIGINAL LENDER UNDER THE LOAN AGREEMENT OF PARTICIPANTS THEREIN AND ITS SUCCESSORS AND ASSIGNS, AND MAY INCLUDE BUT IS NOT LIMITED TO, AN INDIVIDUAL LENDER, CORPO- RATION, INSURANCE COMPANY, BANK, INVESTMENT COMPANY, EXECUTOR, TRUSTEE OR OTHER FIDUCIARY, PENSION, PROFIT SHARING, AND RETIREMENT FUND. (E) "PAYMENTS" SHALL MEAN PERIODIC PAYMENTS CALLED FOR UNDER THE TERMS OF A LOAN, AND MAY INCLUDE, BUT IS NOT LIMITED TO, INTEREST, INSTALL- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07741-01-9
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