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

    S. 5494--A                                            A. 7517--A

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                              May 14, 2015
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Corporations,
  Authorities  and Commissions -- recommitted to the Committee on Corpo-
  rations, Authorities and Commissions in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Small Business -- recommitted to the Committee  on
  Small Business 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 the regional revolving loan program

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

  Section 1. Section 16-a of 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 subdivision 3-a to read as follows:
  (3-A)  NOTWITHSTANDING SUBDIVISION THREE OF THIS SECTION, WHERE APPLI-
CABLE, THE CORPORATION IS AUTHORIZED TO ENTER INTO AGREEMENTS AS MAY  BE
NECESSARY   FOR  THE  ADMINISTRATION  AND  REPORTING  OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET  FORTH IN SUBDIVISION FOUR OF THIS SECTION, TO PROVIDE
FINANCIAL ASSISTANCE TO ELIGIBLE REGIONAL  CORPORATIONS  AS  DEFINED  IN
SUBDIVISION  EIGHTEEN  OF  SECTION  THREE  OF  THIS  ACT.    OUTSTANDING
EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR  TO  THE  EFFECTIVE
DATE OF THIS SUBDIVISION SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF
THE ORIGINAL CONTRACT OR CONTRACTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08065-02-6
              

S. 5494--A                          2                         A. 7517--A

  S 2. Subdivision 20 of section 16-a of section 1 of chapter 174 of the
laws  of  1968, constituting the New York state urban development corpo-
ration act, as amended by chapter 524 of the laws of 2005, is amended to
read as follows:
  (20)  Reporting.  (A)  THE  LENDING  ORGANIZATION  SHALL SUBMIT TO THE
CORPORATION ANNUAL REPORTS STATING: THE NUMBER OF  PROGRAM  LOANS  MADE;
THE  AMOUNT  OF PROGRAM FUNDING USED FOR LOANS; THE USE OF LOAN PROCEEDS
BY THE BORROWER; THE NUMBER OF JOBS CREATED OR RETAINED;  A  DESCRIPTION
OF  THE  ECONOMIC  DEVELOPMENT GENERATED; THE STATUS OF EACH OUTSTANDING
PROGRAM LOAN, INCLUDING FUND BALANCE; AND SUCH OTHER INFORMATION AS  THE
CORPORATION MAY REQUIRE.
  (B)  The  corporation  shall,  on  or before October 1, 1988 and on or
before each October first thereafter, submit a report  to  the  governor
and  the  legislature  on  the  operations  and  accomplishments  of the
regional revolving loan program. Such report shall include a summary  of
the  information contained in the reports submitted pursuant to subdivi-
sion sixteen of this section and of the results of the audits  performed
by the corporation pursuant to subdivision nineteen of this section, and
shall  set  forth  the status of the regional revolving loan program for
the previous fiscal year, including grants to the regional corporations,
earnings and account balances as reported to the corporation. The report
to be submitted on October 1, 2005 and on or before each  October  first
thereafter  shall  be consolidated with the annual program report of the
corporation required under the provisions of subdivision (b) of  section
thirty of this act, as amended.
  (C)  BEGINNING JANUARY 1, 2017, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION.
  S 3. Subdivision 2 of section 16-c of section 1 of chapter 174 of  the
laws  of  1968, constituting the New York state urban development corpo-
ration act, is amended by adding a new paragraph (i) to read as follows:
  (I) NOTWITHSTANDING ANY OTHER PROVISIONS OF  THIS  SUBDIVISION,  WHERE
APPLICABLE,  THE  CORPORATION  IS AUTHORIZED TO ENTER INTO AGREEMENTS AS
MAY BE NECESSARY FOR THE ADMINISTRATION AND REPORTING OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS IN SECTION SIXTEEN-T OF THIS ACT. THE USE OF  SUCH  FUNDS  BY
THE  CORPORATION  SHALL  BE  CONSISTENT  WITH  THE TERMS, CONDITIONS AND
RESTRICTIONS SET FORTH UNDER  THIS  SUBDIVISION,  TO  PROVIDE  FINANCIAL
ASSISTANCE  TO  ELIGIBLE BUSINESSES AS DEFINED IN SUBDIVISIONS THREE AND
FIVE OF SECTION  TWO  HUNDRED  TEN  OF  THE  ECONOMIC  DEVELOPMENT  LAW.
OUTSTANDING  EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR TO THE
EFFECTIVE DATE OF THIS PARAGRAPH SHALL  BE  SUBJECT  TO  THE  TERMS  AND
CONDITIONS OF THE ORIGINAL CONTRACT OR CONTRACTS.
  (I)  THE  LENDING  ORGANIZATION SHALL SUBMIT TO THE CORPORATION ANNUAL
REPORTS STATING: THE NUMBER OF PROGRAM LOANS MADE; THE AMOUNT OF PROGRAM
FUNDING USED FOR LOANS; THE USE OF LOAN PROCEEDS BY  THE  BORROWER;  THE
NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOMIC DEVEL-
OPMENT GENERATED; THE STATUS OF EACH OUTSTANDING PROGRAM LOAN, INCLUDING
FUND BALANCE; AND SUCH OTHER INFORMATION AS THE CORPORATION MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2017, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
  S  4. Subdivision 3 of section 16-c of section 1 of chapter 174 of the
laws of 1968 constituting the New York state  urban  development  corpo-
ration  act, is amended by adding two new paragraphs (d) and (e) to read
as follows:

S. 5494--A                          3                         A. 7517--A

  (D) NOTWITHSTANDING ANY OTHER PROVISIONS OF  THIS  SUBDIVISION,  WHERE
APPLICABLE,  THE  CORPORATION  IS AUTHORIZED TO ENTER INTO AGREEMENTS AS
MAY BE NECESSARY FOR THE ADMINISTRATION AND REPORTING OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET  FORTH  UNDER  THIS  SUBDIVISION, TO PROVIDE FINANCIAL
ASSISTANCE TO ELIGIBLE BUSINESSES AS DEFINED IN SUBDIVISIONS  THREE  AND
FIVE  OF  SECTION  TWO  HUNDRED  TEN  OF  THE  ECONOMIC DEVELOPMENT LAW.
OUTSTANDING EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR TO  THE
EFFECTIVE  DATE  OF  THIS  PARAGRAPH  SHALL  BE SUBJECT TO THE TERMS AND
CONDITIONS OF THE ORIGINAL CONTRACT OR CONTRACTS.
  (E)(I) THE LENDING ORGANIZATION SHALL SUBMIT TO THE CORPORATION ANNUAL
REPORTS STATING: THE NUMBER OF PROGRAM LOANS MADE; THE AMOUNT OF PROGRAM
FUNDING USED FOR LOANS; THE USE OF LOAN PROCEEDS BY  THE  BORROWER;  THE
NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOMIC DEVEL-
OPMENT GENERATED; THE STATUS OF EACH OUTSTANDING PROGRAM LOAN, INCLUDING
FUND BALANCE; AND SUCH OTHER INFORMATION AS THE CORPORATION MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2017, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
  S  5. Subdivision 8 of section 16-d of section 1 of chapter 174 of the
laws of 1968, constituting the New York state urban  development  corpo-
ration  act,  is amended by adding two new paragraphs (g-1) and (k-1) to
read as follows:
  (G-1) NOTWITHSTANDING ANY OTHER PROVISION IN THIS  SUBDIVISION,  WHERE
APPLICABLE,  THE  CORPORATION  IS AUTHORIZED TO ENTER INTO AGREEMENTS AS
MAY BE NECESSARY FOR THE ADMINISTRATION AND REPORTING OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS IN SECTION SIXTEEN-T OF THIS ACT. THE USE OF  SUCH  FUNDS  BY
THE  CORPORATION  SHALL  BE  CONSISTENT  WITH  THE TERMS, CONDITIONS AND
RESTRICTIONS SET FORTH IN THIS SECTION, TO PROVIDE FINANCIAL  ASSISTANCE
TO  ELIGIBLE  ENTITIES AS DESIGNATED UNDER THIS SUBDIVISION. OUTSTANDING
EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR  TO  THE  EFFECTIVE
DATE  OF  THIS PARAGRAPH SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF
THE ORIGINAL CONTRACT OR CONTRACTS.
  (K-1) NOTWITHSTANDING ANY OTHER PROVISION IN THIS  SUBDIVISION,  WHERE
APPLICABLE,  THE  CORPORATION  IS AUTHORIZED TO ENTER INTO AGREEMENTS AS
MAY BE NECESSARY FOR THE ADMINISTRATION AND REPORTING OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS IN SECTION SIXTEEN-T OF THIS ACT. THE USE OF  SUCH  FUNDS  BY
THE  CORPORATION  SHALL  BE  CONSISTENT  WITH  THE TERMS, CONDITIONS AND
RESTRICTIONS SET FORTH IN THIS SECTION, TO PROVIDE FINANCIAL  ASSISTANCE
TO  ELIGIBLE  ENTITIES AS DESIGNATED UNDER THIS SUBDIVISION. OUTSTANDING
EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR  TO  THE  EFFECTIVE
DATE  OF  THIS PARAGRAPH SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF
THE ORIGINAL CONTRACT OR CONTRACTS.
  S 6. Subdivision 14 of section 16-d of section 1 of chapter 174 of the
laws of 1968, constituting the New York State urban  development  corpo-
ration act, is amended by adding a new paragraph (c) to read as follows:
  (C) (I) THE LENDING ORGANIZATION SHALL SUBMIT TO THE CORPORATION ANNU-
AL  REPORTS  STATING:  THE  NUMBER  OF PROGRAM LOANS MADE; THE AMOUNT OF
PROGRAM FUNDING USED FOR LOANS; THE USE OF LOAN PROCEEDS BY THE  BORROW-
ER; THE NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOM-
IC  DEVELOPMENT  GENERATED; THE STATUS OF EACH OUTSTANDING PROGRAM LOAN,

S. 5494--A                          4                         A. 7517--A

INCLUDING FUND BALANCE; AND SUCH OTHER INFORMATION  AS  THE  CORPORATION
MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2017, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER THIS PARAGRAPH AND PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION.
  S 7. Subdivision 14 of section 16-t of section 1 of chapter 174 of the
laws  of  1968, constituting the New York state urban development corpo-
ration act, as amended by section 1 of part II of chapter 59 of the laws
of 2013, is amended and a new subdivision  14-a  is  added  to  read  as
follows:
  14.  The  lending  organization shall submit to the corporation annual
reports stating: the number of program loans made; the amount of program
funding used for loans; the use of loan proceeds by  the  borrower;  the
number of jobs created or retained; a description of the economic devel-
opment generated; the status of each outstanding program loan, INCLUDING
FUND BALANCE; and such other information as the corporation may require.
  14-A.  BEGINNING  JANUARY  1,  2017,  NOTWITHSTANDING  ANY  LAW TO THE
CONTRARY, THE CORPORATION SHALL PUBLISH ON ITS  WEBSITE  ANNUAL  REPORTS
REQUIRED UNDER SUBDIVISION FOURTEEN OF THIS SECTION.
  S 8. This act shall take effect immediately.