Assembly Bill A6167

2011-2012 Legislative Session

Creates the seed-NY investment fund

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Sponsored By

Archive: Last Bill Status - In Assembly 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

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Bill Amendments

co-Sponsors

2011-A6167 - Details

Current Committee:
Assembly Economic Development
Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, Pub Auth L

2011-A6167 - Summary

Creates the seed-NY investment fund to encourage and facilitate the creation or expansion of regional investment funds for research colleges, high-technology development and local development organizations.

2011-A6167 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6167

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2011
                               ___________

Introduced  by  M.  of A. SCHIMMINGER, MORELLE, LUPARDO -- read once and
  referred to the Committee on Economic Development

AN ACT to amend the public authorities law, in relation to creating  the
  seed-NY investment fund

  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 3154-a to read as follows:
  S  3154-A.    THE  SEED-NY  INVESTMENT  FUND.  1. DEFINITIONS. FOR THE
PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL  HAVE  THE
FOLLOWING  MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFER-
ENT MEANING OR INTENT:
  (A) "REGIONAL INVESTMENT  FUND"  SHALL  MEAN  A  LIMITED  PARTNERSHIP,
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND UNDER EXPERIENCED PROFESSIONAL  MANAGEMENT  THAT  IS
FAMILIAR  WITH  SEED  CAPITAL INVESTMENT, APPROPRIATE BUSINESS PRACTICES
AND TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR  THE
PURPOSE  OF  PROVIDING  PRIVATE  EQUITY TO TECHNOLOGY-BASED COMPANIES IN
THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES,  AND  INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I)  A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRIN-
CIPAL PLACE OF BUSINESS IN NEW YORK STATE, AND THAT IS, OR  PROPOSES  TO
BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY
MANUFACTURING,  AND  THAT  DEMONSTRATES  THE  POTENTIAL  FOR SUBSTANTIAL
GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN
SECTION THIRTY-ONE HUNDRED TWO-E OF THIS ARTICLE OR AS  ADOPTED  BY  THE
BOARD; AND
  (II)  IS FORMULATING, HAS FORMULATED, OR IS EXECUTING A DETAILED BUSI-
NESS PLAN FOR PROOF-OF-CONCEPT OR INITIAL PRODUCT COMMERCIALIZATION.
  (C) "SEED CAPITAL" SHALL MEAN  FINANCIAL  ASSISTANCE  TO  A  QUALIFIED
ENTERPRISE, IN RETURN FOR EQUITY OR DEBT SECURITIES OR ROYALTIES.
  2.  INVESTMENTS IN REGIONAL INVESTMENT FUNDS. (A) THE FOUNDATION SHALL
MAKE INVESTMENTS TO ENCOURAGE AND FACILITATE THE CREATION  OR  EXPANSION

co-Sponsors

multi-Sponsors

2011-A6167A - Details

Current Committee:
Assembly Economic Development
Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, Pub Auth L

2011-A6167A - Summary

Creates the seed-NY investment fund to encourage and facilitate the creation or expansion of regional investment funds for research colleges, high-technology development and local development organizations.

2011-A6167A - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6167--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2011
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER, MORELLE, LUPARDO, SCARBOROUGH --
  read once and referred to the Committee  on  Economic  Development  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to creating the seed-NY investment fund

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Chapter 174 of the laws of 1968 constituting the New York
state urban development corporation act, is  amended  by  adding  a  new
section 44 to read as follows:
  S  44.   THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR THE PURPOSES
OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE  FOLLOWING
MEANINGS  UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT MEANING
OR INTENT:
  (A) "REGIONAL INVESTMENT  FUND"  SHALL  MEAN  A  LIMITED  PARTNERSHIP,
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND UNDER EXPERIENCED PROFESSIONAL  MANAGEMENT  THAT  IS
FAMILIAR  WITH  SEED  CAPITAL INVESTMENT, APPROPRIATE BUSINESS PRACTICES
AND TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR  THE
PURPOSE  OF  PROVIDING  PRIVATE  EQUITY TO TECHNOLOGY-BASED COMPANIES IN
THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES,  AND  INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I)  A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRIN-
CIPAL PLACE OF BUSINESS IN NEW YORK STATE, AND THAT IS, OR  PROPOSES  TO
BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY
MANUFACTURING,  AND  THAT  DEMONSTRATES  THE  POTENTIAL  FOR SUBSTANTIAL
GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN
SECTION THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC  AUTHORITIES  LAW  OR  AS
ADOPTED BY THE CORPORATION; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09996-04-1

co-Sponsors

multi-Sponsors

2011-A6167B (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, Pub Auth L

2011-A6167B (ACTIVE) - Summary

Creates the seed-NY investment fund to encourage and facilitate the creation or expansion of regional investment funds for research colleges, high-technology development and local development organizations.

2011-A6167B (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6167--B

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 8, 2011
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER, MORELLE, LUPARDO, SCARBOROUGH --
  Multi-Sponsored by --  M.  of  A.  PEOPLES-STOKES  --  read  once  and
  referred  to  the  Committee  on  Economic  Development  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- recommitted to the Committee on Economic Develop-
  ment  in  accordance  with  Assembly  Rule  3,  sec.  2  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to creating the seed-NY investment fund

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 1 of chapter 174 of the laws of  1968  constituting
the  New  York  state  urban  development corporation act, is amended by
adding a new section 46 to read as follows:
  S 46.  THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR  THE  PURPOSES
OF  THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT  MEANING
OR INTENT:
  (A)  "REGIONAL  INVESTMENT  FUND"  SHALL  MEAN  A LIMITED PARTNERSHIP,
LIMITED  LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR   A
NOT-FOR-PROFIT  FUND  UNDER  EXPERIENCED PROFESSIONAL MANAGEMENT THAT IS
FAMILIAR WITH SEED CAPITAL INVESTMENT,  APPROPRIATE  BUSINESS  PRACTICES
AND  TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR THE
PURPOSE OF PROVIDING PRIVATE EQUITY  TO  TECHNOLOGY-BASED  COMPANIES  IN
THEIR  FORMATIVE  STAGES, ENCOMPASSES AT LEAST TWO COUNTIES, AND INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I) A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS  PRIN-
CIPAL  PLACE  OF BUSINESS IN NEW YORK STATE, AND THAT IS, OR PROPOSES TO
BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09996-10-2

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