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

                                  4075

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 7, 2013
                               ___________

Introduced  by  Sen. MARCELLINO -- (at request of the State Comptroller)
  -- 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  general  municipal
  law,   in   relation   to  clarifying  and  making  certain  technical
  corrections to the public authorities  reform  act  of  2009;  and  to
  repeal certain provisions of the public authorities law relating ther-
  eto

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

  Section 1.  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05873-01-3
              

S. 4075                             2

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)
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.

S. 4075                             3

  (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
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

S. 4075                             4

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, (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.  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:

S. 4075                             5

  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
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  4.  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

S. 4075                             6

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.
  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 5. Section 2806 of the public authorities law is REPEALED.
  S 6. 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 7. 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 8.  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-

S. 4075                             7

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  9.  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:
  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  10.  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 11. 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 12. 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. 4075                             8

  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
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

S. 4075                             9

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
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.

S. 4075                            10

  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-
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 13. This act shall take effect immediately.