S T A T E   O F   N E W   Y O R K
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                                  5737

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              June 1, 2015
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to  amend the urban development corporation act, in relation to
  allowing businesses to  use  funds  received  from  the  minority  and
  women-owned  business  development and lending program for the purpose
  of refinancing existing debt

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

  Section  1.  Subparagraphs (vi) and (vii) of paragraph (c) of subdivi-
sion 1 of section 16-c of section 1 of chapter 174 of the laws of  1968,
constituting  the  urban  development  corporation  act,  as  amended by
section 1 of part AA of chapter 55 of the laws of 2014, are  amended  to
read as follows:
  (vi) overnight lodging facilities[;
  (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
project].
  S 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision  1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting  the  urban  development  corporation  act, subparagraph (vii) as
amended and subparagraph (viii) as added by section  1  of  part  AA  of
chapter  55 of the laws of 2014, are amended and a new subparagraph (ix)
is added to read as follows:
  (vii) establish a comprehensive technical assistance program in  coop-
eration  with the department of economic development to assist minority-
and women-owned businesses and potential minority  and  women-entrepren-
eurs; [and]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical
financial  support  to  foster the development of new and emerging ideas
and products of minority- and women-owned business enterprises  as  well

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08086-01-5
              

S. 5737                             2

as  to  promote the long-term financial performance and success of early
stage enterprises that are  minority-  and  women-owned  start-ups.  The
selection  of  an  eligible  applicant and beneficiary companies for the
minority-  and women-owned business investment fund shall be selected by
the process established pursuant to subdivisions  two  through  four  of
section  sixteen-u of this act. Minority- or women-owned business enter-
prises who  participate  in  such  minority-  and  women-owned  business
investment fund under this subdivision shall not be precluded from qual-
ifying  for  any other assistance, grant or loan made available from the
state[.]; AND
  (IX) PROVIDE FOR THE REFINANCING OF DEBT  OR  EQUITY  INVESTED  IN  AN
ENTERPRISE OR PROJECT.
  S  3.  This  act shall take effect on the ninetieth day after it shall
have become a law; provided, however, that  effective  immediately,  the
addition,  amendment  and/or  repeal of any rule or regulation necessary
for the implementation of this act on its effective date are  authorized
and directed to be made and completed on or before such effective date.