Senate Bill S4227

2011-2012 Legislative Session

Relates to increasing the limit of the amount of money which may be on deposit with the excelsior linked deposit program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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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2011-S4227 (ACTIVE) - Details

See Assembly Version of this Bill:
A3139
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Amd §214, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2850
2013-2014: A3054
2015-2016: A7066
2017-2018: A2193
2019-2020: A2243

2011-S4227 (ACTIVE) - Summary

Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

2011-S4227 (ACTIVE) - Sponsor Memo

2011-S4227 (ACTIVE) - Bill Text download pdf 

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

                                  4227

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 24, 2011
                               ___________

Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law,  in  relation  to  the  excelsior
  linked deposit program

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

  Section 1. Section 214 of the state finance law, as amended by section
1 of part P of chapter 59 of the laws of 2007, is  amended  to  read  as
follows:
  S  214.  Establishment  and  purpose;  linked deposit program authori-
zation.  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 comp-
troller  is  hereby  authorized to use any moneys of the state the comp-
troller is authorized to invest pursuant to  section  ninety-eight-a  of
this  chapter  as  linked deposits for the program. Not more than [four]
FIVE hundred [sixty] TWENTY-FIVE 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.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06161-01-1

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