S. 5820--A 2
appointed by the governor specifically] UNLESS ALL OF THE GOVERNOR'S
APPOINTMENTS MUST BE MADE upon the NOMINATION OR recommendation of [the]
ONE OR MORE local [government or] governments OR LOCAL GOVERNMENT OFFI-
CIALS, ARE LIMITED TO LOCAL GOVERNMENT OFFICIALS, OR ANY COMBINATION
THEREOF; (b) a not-for-profit corporation, OTHER THAN A FIRE CORPORATION
OR A STATEWIDE ASSOCIATION OF LOCAL GOVERNMENTS OR LOCAL GOVERNMENT
OFFICIALS, affiliated with, sponsored by, or created by [a county, city,
town or village government] ONE OR MORE LOCAL GOVERNMENTS, OTHER LOCAL
AUTHORITIES, OR ANY COMBINATION THEREOF; (c) [a local industrial devel-
opmental agency or authority or other local public benefit corporation]
A NOT-FOR-PROFIT CORPORATION FORMED TO ACHIEVE A LAWFUL PUBLIC OR
QUASI-PUBLIC OBJECTIVE THAT RECEIVES FUNDS OR IN-KIND SERVICES FROM OR
THROUGH NEW YORK STATE, A LOCAL GOVERNMENT, OR A LOCAL AUTHORITY OR ANY
COMBINATION THEREOF, AND IS FORMED AND OPERATING, ALONE OR IN CONCERT
WITH GOVERNMENT, FOR THE PURPOSE OF (I) RELIEVING OR REDUCING UNEMPLOY-
MENT; (II) PROMOTING AND PROVIDING FOR ADDITIONAL EMPLOYMENT, ECONOMIC
GROWTH, OR BUSINESS PROSPERITY; (III) MAINTAINING OR CREATING EMPLOYMENT
OPPORTUNITIES; (IV) ATTRACTING NEW BUSINESSES TO THE TERRITORY IN WHICH
ITS OPERATIONS ARE PRINCIPALLY LOCATED; (V) INCREASING THE LOCAL PROPER-
TY TAX BASE AND SALES TAX REVENUE; (VI) DEVELOPING, STRENGTHENING, OR
RETAINING INDUSTRY AND COMMERCE; (VII) LESSENING THE BURDENS, COSTS OR
OBLIGATIONS OF GOVERNMENT; OR (VIII) PURSUING ANY OF THE PURPOSES OF A
LOCAL DEVELOPMENT CORPORATION; (d) an affiliate of such local authority;
or (e) a land bank corporation created pursuant to article sixteen of
the not-for-profit corporation law.
S 2. Paragraphs (a) and (b) of subdivision 1 and subdivision 2 of
section 2800 of the public authorities law, as amended by chapter 506 of
the laws of 2009, are amended to read as follows:
(a) For the purpose of furnishing the state with systematic informa-
tion regarding the status and the activities of public authorities,
every state authority continued or created by this chapter or any other
chapter of the laws of the state of New York shall submit to the gover-
nor, the chairman and ranking minority member of the senate finance
committee, the chairman and ranking minority member of the assembly ways
and means committee, the state comptroller, and the authorities budget
office, within ninety days after the end of its fiscal year, a complete
and detailed report or reports setting forth: (1) its operations and
accomplishments; (2) its financial reports, including (i) audited finan-
cials in accordance with all applicable regulations and following gener-
ally accepted accounting principles as defined in subdivision ten of
section two of the state finance law, (ii) grant and subsidy programs,
(iii) operating and financial risks, (iv) current ratings, if any, of
its bonds issued by recognized municipal bond rating agencies and notice
of changes in such ratings, and (v) long-term liabilities, including
leases and employee benefit plans; (3) its mission statement and meas-
urements including its most recent measurement report; (4) a schedule of
its bonds and notes outstanding at the end of its fiscal year, together
with a statement of the amounts redeemed and incurred during such fiscal
year as part of a schedule of debt issuance that includes the date of
issuance, term, amount, interest rate and means of repayment. Addi-
tionally, the debt schedule shall also include all refinancings, calls,
refundings, defeasements and interest rate exchange or other such agree-
ments, and for any debt issued during the reporting year, the schedule
shall also include a detailed list of costs of issuance for such debt;
(5) a compensation schedule, [in addition to the report described in
section twenty-eight hundred six of this title,] that shall include, (I)
S. 5820--A 3
by position, title and name of the person holding such position or
title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
PERSON, AND (II) benefits provided to any officer, director or employee
in a decision making or managerial position of such authority whose
salary is in excess of one hundred thousand dollars; [(5-a) biographical
information, not including confidential personal information, for all
directors and officers and employees for whom salary reporting is
required under subparagraph five of this paragraph;] (6) the projects
undertaken by such authority during the past year; (7) a listing and
description[, in addition to the report required by paragraph a of
subdivision three of section twenty-eight hundred ninety-six of this
article] of all real property of such authority having an estimated fair
market value in excess of fifteen thousand dollars that the authority
acquires or disposes of during such period. The report shall contain the
price received or paid by the authority and the name of the purchaser,
LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
the authority during such period; (8) such authority's code of ethics;
(9) an assessment of the effectiveness of its internal control structure
and procedures; (10) [a copy of the legislation that forms the statutory
basis of the authority; (11) a description of the authority and its
board structure, including (i) names of committees and committee
members, (ii) lists of board meetings and attendance, (iii) descriptions
of major authority units, subsidiaries, and (iv) number of employees;
(12) its charter, if any, and by-laws; (13) a listing of material chang-
es in operations and programs during the reporting year; (14) at a mini-
mum a four-year financial plan, including (i) a current and projected
capital budget, and (ii) an operating budget report, including an actual
versus estimated budget, with an analysis and measurement of financial
and operating performance; (15)] its board performance evaluations;
provided, however, that such evaluations shall not be subject to disclo-
sure under article six of the public officers law; [(16)] (11) a
description of the total amounts of assets, services or both assets and
services bought or sold without competitive bidding, including (i) the
nature of those assets and services, (ii) the names of the counterpar-
ties, and (iii) where the contract price for assets purchased exceeds
fair market value, or where the contract price for assets sold is less
than fair market value, a detailed explanation of the justification for
making the purchase or sale without competitive bidding, and a certif-
ication by the chief executive officer and chief financial officer of
the public authority that they have reviewed the terms of such purchase
or sale and determined that it complies with applicable law and procure-
ment guidelines; and [(17)] (12) a description of any material pending
litigation in which the authority is involved as a party during the
reporting year, except that no hospital need disclose information about
pending malpractice claims beyond the existence of such claims.
(b) Each state authority shall make accessible to the public, via its
official or shared internet web site, (1) documentation pertaining to
its mission[,] AND current activities[,]; (2) ITS most recent annual
REPORT AND financial [reports] STATEMENTS, AND current [year] budget
[and] REPORTS; (3) its most recent independent audit report AND ANY
OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
information is covered by subdivision two of section eighty-seven of the
public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
S. 5820--A 4
DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
(10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE STATE COMPTROLLER
OR AUTHORITIES BUDGET OFFICE.
2. Local authorities. (a) Every local authority[, continued or created
by this chapter or any other chapter of the laws of the state of New
York] shall submit to the chief executive officer, the chief fiscal
officer, the chairperson of the legislative body of the local government
or local governments, THE STATE COMPTROLLER and the authorities budget
office, within ninety days after the end of its fiscal year, a complete
and detailed report or reports setting forth: (1) its operations and
accomplishments; (2) its financial reports, including (i) audited finan-
cials in accordance with all applicable regulations and following gener-
ally accepted accounting principles as defined in subdivision ten of
section two of the state finance law, (ii) grants and subsidy programs,
(iii) operating and financial risks, (iv) current ratings if any, of its
bonds issued by recognized municipal bond rating agencies and notice of
changes in such ratings, and (v) long-term liabilities, including leases
and employee benefit plans; (3) its mission statement and measurements
including its most recent measurement report; (4) a schedule of its
bonds and notes outstanding at the end of its fiscal year, together with
a statement of the amounts redeemed and incurred during such fiscal year
as part of a schedule of debt issuance that includes the date of issu-
ance, term, amount, interest rate and means of repayment. Additionally,
the debt schedule shall also include all refinancings, calls,
refundings, defeasements and interest rate exchange or other such agree-
ments, and for any debt issued during the reporting year, the schedule
shall also include a detailed list of costs of issuance for such debt;
(5) a compensation schedule [in addition to the report described in
section twenty-eight hundred six of this title] that shall include, (I)
by position, title and name of the person holding such position or
title, the salary, compensation, AND allowance [and/or] PAID TO SUCH
PERSON, AND (II) benefits provided to any officer, director or employee
in a decision making or managerial position of such authority whose
salary is in excess of one hundred thousand dollars; [(5-a) biographical
information, not including confidential personal information, for all
directors and officers and employees for whom salary reporting is
required under subparagraph five of this paragraph;] (6) the projects
undertaken by such authority during the past year; (7) a listing and
description[, in addition to the report required by paragraph a of
subdivision three of section twenty-eight hundred ninety-six of this
article] of all real property of such authority having an estimated fair
market value in excess of fifteen thousand dollars that the authority
acquires or disposes of during such period. The report shall contain the
price received or paid by the authority and the name of the purchaser,
LESSEE, LESSOR or seller for all such property sold, LEASED or bought by
the authority during such period; (8) such authority's code of ethics;
(9) an assessment of the effectiveness of its internal control structure
and procedures; (10) [a copy of the legislation that forms the statutory
basis of the authority; (11) a description of the authority and its
board structure, including (i) names of committees and committee
members, (ii) lists of board meetings and attendance, (iii) descriptions
S. 5820--A 5
of major authority units, subsidiaries, (iv) number of employees, and
(v) organizational chart; (12) its charter, if any, and by-laws; (13) a
listing of material changes in operations and programs during the
reporting year; (14) at a minimum a four-year financial plan, including
(i) a current and projected capital budget, and (ii) an operating budget
report, including an actual versus estimated budget, with an analysis
and measurement of financial and operating performance; (15)] its board
performance evaluations provided, however, that such evaluations shall
not be subject to disclosure under article six of the public officers
law; [(16)] (11) a description of the total amounts of assets, services
or both assets and services bought or sold without competitive bidding,
including (i) the nature of those assets and services, (ii) the names of
the counterparties, and (iii) where the contract price for assets
purchased exceeds fair market value, or where the contract price for
assets sold is less than fair market value, a detailed explanation of
the justification for making the purchase or sale without competitive
bidding, and a certification by the chief executive officer and chief
financial officer of the public authority that they have reviewed the
terms of such purchase or sale and determined that it complies with
applicable law and procurement guidelines; and [(17)] (12) a description
of any material pending litigation in which the authority is involved as
a party during the reporting year, except that no provider of medical
services need disclose information about pending malpractice claims
beyond the existence of such claims.
(b) Each local authority shall make accessible to the public, via its
official or shared internet web site, (1) documentation pertaining to
its mission[,] AND current activities[,]; (2) ITS most recent annual
REPORT AND financial [reports] STATEMENTS, AND current [year] budget
[and] REPORTS; (3) its most recent independent audit report AND ANY
OTHER REPORT PROVIDED TO THE AUTHORITIES BUDGET OFFICE unless such
information is covered by subdivision two of section eighty-seven of the
public officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL QUALIFICA-
TIONS AND EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
LEGISLATION THAT FORMS THE STATUTORY BASIS OF THE AUTHORITY; (6) A
DESCRIPTION OF THE AUTHORITY AND ITS BOARD STRUCTURE, INCLUDING (I)
NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF BOARD MEET-
INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
NUMBER OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; (9) A LISTING OF MATERI-
AL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR; AND
(10) ANY OTHER INFORMATION AS MAY BE REQUIRED BY THE AUTHORITIES BUDGET
OFFICE.
S 2-a. Subdivision 4 of section 2800 of the public authorities law, as
added by chapter 506 of the laws of 2009, is amended to read as follows:
4. The authorities budget office may, upon application of any authori-
ty, waive any requirements of this section upon a showing that the
authority meets the criteria for such a waiver established by regu-
lations of the authorities budget office. Such regulations shall provide
for consideration of: (a) the number of employees of the authority; (b)
the annual budget of the authority; (c) the ability of the authority to
prepare the required reports using existing staff; and (d) such other
factors as the authorities budget office deems to reflect the relevance
of the required disclosures to evaluation of an authority's effective
operation, and the burden such disclosures place on an authority. A
WAIVER GRANTED PURSUANT TO THIS SUBDIVISION SHALL NOT APPLY TO THE
S. 5820--A 6
FILING REQUIREMENT IMPOSED ON AN INDUSTRIAL DEVELOPMENT AGENCY BY
SECTION EIGHT HUNDRED FIFTY-NINE OF THE GENERAL MUNICIPAL LAW OR TO ANY
OTHER REQUIREMENT THAT A STATE OR LOCAL AUTHORITY FILE OR SUBMIT DOCU-
MENTS OR INFORMATION TO THE STATE COMPTROLLER. Each waiver granted
pursuant to this subdivision shall be disclosed in the reports of such
office issued pursuant to section seven of this chapter.
S 3. Subdivision 3 of section 2801 of the public authorities law is
REPEALED and subdivisions 1 and 2, as amended by chapter 506 of the laws
of 2009, are amended to read as follows:
1. State authorities. Every state authority or commission heretofore
or hereafter continued or created by this chapter or any other chapter
of the laws of the state of New York shall submit to the governor, the
chair and ranking minority member of the senate finance committee, the
chair and ranking minority member of the assembly ways and means commit-
tee, THE STATE COMPTROLLER and the authorities budget office, for their
information, annually [not more than one hundred twenty days and] not
less than [ninety] THIRTY days before the commencement of its fiscal
year, in the form submitted to its members or trustees, AN ADOPTED BUDG-
ET PLAN OF AT LEAST SIX YEARS AND budget information on operations and
capital construction setting forth the estimated receipts and expendi-
tures for the next fiscal year [and], the current fiscal year, AND THE
NEXT THREE FISCAL YEARS, and the actual receipts and expenditures for
the last completed fiscal year.
2. Local authorities. For the local authority fiscal year ending on or
after December thirty-first, two thousand seven and annually thereafter,
every local authority [heretofore or hereafter continued or created by
this chapter or any other chapter of the laws of the state of New York]
shall submit to the chief executive officer, the chief fiscal officer,
the chairperson of the legislative body of the local government or
governments, THE STATE COMPTROLLER and the authorities budget office for
their information, annually [not more than ninety days and not less than
sixty] THIRTY days before the commencement of its fiscal year, in the
form submitted to its members or trustees, AN ADOPTED BUDGET PLAN OF AT
LEAST SIX YEARS AND budget information on operations and capital
construction setting forth the estimated receipts and expenditures for
the next fiscal year [and], the current fiscal year, and THE NEXT THREE
FISCAL YEARS, AND the actual receipts and expenditures for the last
completed fiscal year.
S 3-a. Subdivisions 2 and 7 of section 2802 of the public authorities
law, subdivision 2 as amended by chapter 506 of the laws of 2009 and
subdivision 7 as added by chapter 766 of the laws of 2005, are amended
to read as follows:
2. Local authorities. For the local authority fiscal year ending on or
after December thirty-first, two thousand seven and annually thereafter,
every local authority [heretofore or hereafter continued or created by
this chapter or any other chapter of the laws of the state of New York]
shall submit to the chief executive officer, the chief fiscal officer,
the chairperson of the legislative body of the local government or local
governments and the authorities budget office, together with the report
described in section twenty-eight hundred of this title, a copy of the
annual independent audit report, performed by a certified public
accounting firm in accordance with generally accepted auditing standards
as defined in subdivision eleven of section two of the state finance
law, and management letter and any other external examination of the
books and accounts of such authority other than copies of the reports of
any examinations made by the state comptroller.
S. 5820--A 7
7. Notwithstanding any provision of law to the contrary, a [public]
STATE OR LOCAL authority may exempt information from disclosure or
report, if the counsel of such authority deems that such information is
covered by subdivision two of section eighty-seven of the public offi-
cers law.
S 4. Section 2806 of the public authorities law is REPEALED.
S 4-a. The opening paragraph of subdivision 2 of section 2825 of the
public authorities law, as amended by chapter 174 of the laws of 2010,
is amended to read as follows:
Except for members who serve as members by virtue of holding a civil
office of the state OR LOCAL GOVERNMENT, the majority of the remaining
members of the governing body of every state or local authority shall be
independent members; provided, however, that this provision shall apply
to appointments made on or after the effective date of chapter seven
hundred sixty-six of the laws of two thousand five which added this
subdivision. The official or officials having the authority to appoint
or remove such remaining members shall take such actions as may be
necessary to satisfy this requirement and further, shall consider the
prospective diversity of the members of a state authority when making
their determinations to appoint any member. For the purposes of this
section, an independent member is one who:
S 5. The opening paragraph of subdivision 6 of section 2827-a of the
public authorities law, as added by chapter 506 of the laws of 2009, is
amended to read as follows:
On or before the first day of January, two thousand eleven, and annu-
ally on such day thereafter, any subsidiary public benefit corporation,
in cooperation with its parent public benefit corporation, shall provide
to THE STATE COMPTROLLER, THE DIRECTOR OF THE AUTHORITIES BUDGET OFFICE,
the chair and ranking minority member of the senate finance committee,
the chair and ranking minority member of the assembly ways and means
committee, and each chair and ranking member of the assembly and senate
committees on corporations, authorities and commissions a report on the
subsidiary public benefit corporation. Such report shall include for
each subsidiary:
S 6. Subdivision 1 and paragraph (a) of subdivision 8 of section 2879
of the public authorities law, subdivision 1 as amended by chapter 564
of the laws of 1988 and paragraph (a) of subdivision 8 as amended by
chapter 844 of the laws of 1992, are amended to read as follows:
1. Every [public] STATE AND LOCAL authority and public benefit corpo-
ration, [a majority of the members of which consist of persons either
appointed by the governor or who serve as members by virtue of holding a
civil office of the state, or a combination thereof,] (such entities to
be hereinafter in this section referred to as "corporation") shall adopt
by resolution comprehensive guidelines which detail the corporation's
operative policy and instructions regarding the use, awarding, monitor-
ing and reporting of procurement contracts. Guidelines approved by the
corporation shall be annually reviewed and approved by the corporation.
(a) Each corporation shall [annually] submit WITHIN NINETY DAYS OF THE
END OF ITS FISCAL YEAR its report on procurement contracts to the divi-
sion of the budget AND THE AUTHORITIES BUDGET OFFICE and copies thereof
to the department of audit and control, the department of economic
development, the senate finance committee and the assembly ways and
means committee.
S 7. Subdivision 3 of section 2896 of the public authorities law, as
amended by chapter 506 of the laws of 2009, is amended to read as
follows:
S. 5820--A 8
3. a. Each [public] STATE AND LOCAL authority shall [publish, not less
frequently than annually] PREPARE WITHIN NINETY DAYS OF THE END OF ITS
FISCAL YEAR AS PART OF THE ANNUAL REPORT PURSUANT TO SECTION
TWENTY-EIGHT HUNDRED OF THIS ARTICLE, a report listing all real property
of the [public] STATE AND LOCAL authority. Such report shall include a
list and full description of all real and personal property disposed of
during such period. The report shall contain the price received by the
[public] STATE AND LOCAL authority and the name of the purchaser for all
such property sold by the [public] STATE AND LOCAL authority during such
period AND SUCH OTHER INFORMATION AS REQUIRED BY THE AUTHORITIES BUDGET
OFFICE.
b. The [public] STATE OR LOCAL authority shall deliver copies of such
report to the comptroller, the director of the budget, the commissioner
of general services, the legislature and the authorities budget office.
S 8. Paragraphs (a) and (b) of subdivision 7 of section 2925 of the
public authorities law, as added by chapter 838 of the laws of 1983, are
amended to read as follows:
(a) Each corporation, a majority of the members of which consist of
persons appointed by the governor or who serve as members by virtue of
holding a civil office of the state, or a combination thereof, shall
[annually] submit WITHIN NINETY DAYS OF THE END OF ITS FISCAL YEAR its
investment report to the division of the budget AND THE AUTHORITIES
BUDGET OFFICE and copies thereof to the department of audit and control,
the senate finance committee and the assembly ways and means committee.
(b) Each corporation, other than a corporation included under para-
graph (a) of this subdivision, shall [annually] submit WITHIN NINETY
DAYS OF THE END OF ITS FISCAL YEAR its investment report to the chief
executive officer and chief fiscal officer of each municipality for the
benefit of which it was created and to the department of audit and
control AND THE AUTHORITIES BUDGET OFFICE.
S 9. Subdivision 2 of section 561-a of the general municipal law, as
added by chapter 681 of the laws of 1963, is amended to read as follows:
2. Within [sixty] NINETY days after the close of the fiscal year, an
agency shall submit an annual report of its financial condition to the
commissioner, THE AUTHORITIES BUDGET OFFICE and to the state comp-
troller. The report shall be in such form as the comptroller shall
require. The commissioner or the comptroller may require additional
information from the agency or any officer thereof at any time.
S 10. Section 859 of the general municipal law, as added by chapter
692 of the laws of 1989, paragraph (b) and the opening paragraph and
subparagraph (v) of paragraph (e) of subdivision 1 as amended by chapter
357 of the laws of 1993, paragraph (e) of subdivision 1 and subdivision
3 as added and subdivision 2 as amended by chapter 356 of the laws of
1993 and paragraph (f) of subdivision 1 as added by section 28 of part
A3 of chapter 62 of the laws of 2003, is amended to read as follows:
S 859. Financial records. 1. (a) Each agency shall maintain books and
records in such form as may be prescribed by the state comptroller.
(b) Within ninety days following the close of its fiscal year, each
agency or authority shall prepare a financial statement for that fiscal
year in such form as may be prescribed by the state comptroller. Such
statement shall be audited within such ninety day period by an independ-
ent certified public accountant in accordance with government accounting
standards established by the United States general accounting office.
The audited financial statement shall include supplemental schedules
listing all straight-lease transactions and bonds and notes issued,
outstanding or retired during the applicable accounting period whether
S. 5820--A 9
or not such bonds, notes or transactions are considered obligations of
the agency. For each issue of bonds or notes such schedules shall
provide the name of each project financed with proceeds of each issue,
and whether the project occupant is a not-for-profit corporation, the
name and address of each owner of each project, the estimated amount of
tax exemptions authorized for each project, the purpose for which each
bond or note was issued, date of issue, interest rate at issuance and if
variable the range of interest rates applicable, maturity date, federal
tax status of each issue, and an estimate of the number of jobs created
and retained by each project. For each straight-lease transaction, such
schedules shall provide the name of each project, and whether the
project occupant is a not-for-profit corporation, the name and address
of each owner of each project, the estimated amount of tax exemptions
authorized for each project, the purpose for which each transaction was
made, the method of financial assistance utilized by the project, other
than the tax exemptions claimed by the project and an estimate of the
number of jobs created and retained by each project.
(c) Within [thirty] NINETY days after [completion] THE END OF THE
FISCAL YEAR, a copy of the audited financial statement shall be trans-
mitted to the commissioner of the department of economic development,
THE AUTHORITIES BUDGET OFFICE, the state comptroller and the governing
body of the municipality for whose benefit the agency was created.
(d) An agency, OTHER THAN AN AGENCY THAT CEASES TO EXIST PURSUANT TO
SECTION EIGHT HUNDRED EIGHTY-TWO OF THIS TITLE, with no bonds or notes
issued or outstanding and no projects during the applicable accounting
period may apply to the state comptroller for a waiver of the required
audited financial statement. Application shall be made on such form as
the comptroller may prescribe. A WAIVER GRANTED PURSUANT TO THIS PARA-
GRAPH SHALL NOT APPLY TO ANY FILING REQUIREMENT IMPOSED ON AN AGENCY BY
OR PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF THE PUBLIC AUTHORITIES
LAW.
(e) If an agency or authority shall fail to file or substantially
complete, as determined by the state comptroller, the financial state-
ment required by this section, the state comptroller shall provide
notice to the agency or authority. The notice shall state the following:
(i) that the failure to file a financial statement as required is a
violation of this section, or in the case of an insufficient financial
statement, the manner in which the financial statement submitted is
deficient;
(ii) that the agency or authority has thirty days to comply with this
section or provide an adequate written explanation to the comptroller of
the agency's or authority's reasons for the inability to comply; and
(iii) that the agency's or authority's failure to provide either the
required financial statement or an adequate explanation will result in
the notification of the chief executive officer of the municipality for
whose benefit the agency or authority was created of the agency's
noncompliance with this section. Where such agency or authority has
failed to file the required statement, the comptroller shall addi-
tionally notify the agency or authority that continued failure to file
the required statement may result in loss of the agency's or authority's
authority to provide exemptions from state taxes.
(iv) If an agency or authority after thirty days has failed to file
the required statement or the explanation in the manner required by
subparagraph (i) of this paragraph, or provides an insufficient explana-
tion, the comptroller shall notify the chief executive officer of the
municipality for whose benefit the agency or authority was created and
S. 5820--A 10
the agency of the agency's or authority's noncompliance with this
section. Such notice from the state comptroller shall further delineate
in what respect the agency or authority has failed to comply with this
section. If the agency or authority has failed to file the required
statement, the notice shall additionally state that continued failure to
file the required statement may result in loss of the agency's or
authority's authority to provide exemptions from state taxes.
(v) If, thirty days after notification of the chief executive officer
of the municipality for whose benefit the agency or authority was
created of the agency's or authority's noncompliance, the agency or
authority fails to file the required statement, the comptroller shall
notify the chief executive officer of the municipality for whose benefit
that agency or authority was created and the agency or authority that if
such report is not provided within sixty days, that the agency or
authority will no longer be authorized to provide exemptions from state
taxes.
(vi) If, sixty days after the notification required by subparagraph
(v) of this paragraph, the comptroller has not received the required
statement, the agency or authority shall not offer financial assistance
which provides exemptions from state taxes until such financial state-
ment is filed and the comptroller shall so notify the agency or authori-
ty and the chief executive officer of the municipality for whose benefit
the agency was created. Provided, however, that nothing contained in
this paragraph shall be deemed to modify the terms of any existing
agreements.
(f) Within thirty days after completion, a copy of an audited finan-
cial statement which contains transactions of or bonds or notes of civic
facilities as defined in paragraph (b) of THE FORMER subdivision thir-
teen of section eight hundred fifty-four of this article, shall be tran-
smitted by the agency to the commissioner of health, the chair of the
senate finance committee, the chair of the assembly ways and means
committee, the chair of the senate health committee and the chair of the
assembly health committee.
2. On or before September first of each year, the commissioner of the
department of economic development shall prepare and submit to the
governor, speaker of the assembly, majority leader of the senate, THE
DIRECTOR OF THE AUTHORITIES BUDGET OFFICE, and the state comptroller, a
report setting forth a summary of the significant trends in operations
and financing by agencies and authorities; departures from acceptable
practices by agencies and authorities; a compilation by type of the
bonds and notes outstanding; a compilation of all outstanding straight-
lease transactions; an estimate of the total number of jobs created and
retained by agency or authority projects; and any other information
which in the opinion of the commissioner bears upon the discharge of the
statutory functions of agencies and authorities.
3. On or before April first, nineteen hundred ninety-six, the commis-
sioner shall submit to the director of the division of the budget, THE
DIRECTOR OF THE AUTHORITIES BUDGET OFFICE, the temporary president of
the senate, the speaker of the assembly, the chairman of the senate
finance committee, the chairman of the assembly ways and means commit-
tee, the chairman of the senate local government committee, the chairman
of the senate committee on commerce, economic development and small
business, the chairman of the assembly committee on commerce, industry
and economic development, the chairman of the assembly local governments
committee [and], the chairman of the assembly real property taxation
committee, THE CHAIR OF THE SENATE COMMITTEE ON CORPORATIONS, AUTHORI-
S. 5820--A 11
TIES AND COMMISSIONS, AND THE CHAIR OF THE ASSEMBLY COMMITTEE ON CORPO-
RATIONS, AUTHORITIES AND COMMISSIONS an evaluation of the activities of
industrial development agencies and authorities in the state prepared by
an entity independent of the department. Such evaluation shall identify
the effect of agencies and authorities on: (a) job creation and
retention in the state, including the types of jobs created and
retained; (b) the value of tax exemptions provided by such agencies and
authorities; (c) the value of payments received in lieu of taxes
received by municipalities and school districts as a result of projects
sponsored by such entities; (d) a summary of the types of projects that
received financial assistance; (e) a summary of the types of financial
assistance provided by the agencies and authorities; (f) a summary of
criteria for evaluation of projects used by agencies and authorities;
(g) a summary of tax exemption policies of agencies and authorities; and
(h) such other factors as may be relevant to an assessment of the
performance of such agencies and authorities in creating and retaining
job opportunities for residents of the state. Such evaluation shall also
assess the process by which agencies and authorities grant exemptions
from state taxes and make recommendations for the most efficient and
effective procedures for the use of such exemptions. Such evaluation
shall further include any recommendations for changes in laws governing
the operations of industrial development agencies and authorities which
would enhance the creation and retention of jobs in the state.
S 11. This act shall take effect immediately.
