S T A T E   O F   N E W   Y O R K
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     S. 4046                                                  A. 4253
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             February 2, 2017
                                ___________
 
 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
 
 IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
   to the Committee on Small Business

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

                                                            LBD04124-01-7

 S. 4046                             2                            A. 4253
 
 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, 2018, 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.
   §  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, 2018, NOTWITHSTANDING ANY LAW TO THE CONTRA-
 RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
 UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   § 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:
   (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

 S. 4046                             3                            A. 4253
 
 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, 2018, NOTWITHSTANDING ANY LAW TO THE CONTRA-
 RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
 UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   § 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.
   § 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,
 INCLUDING  FUND  BALANCE;  AND SUCH OTHER INFORMATION AS THE CORPORATION
 MAY REQUIRE.
   (II) BEGINNING JANUARY 1, 2018, 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.
   § 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-

 S. 4046                             4                            A. 4253
 
 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,  2018,  NOTWITHSTANDING  ANY  LAW TO THE
 CONTRARY, THE CORPORATION SHALL PUBLISH ON ITS  WEBSITE  ANNUAL  REPORTS
 REQUIRED UNDER SUBDIVISION FOURTEEN OF THIS SECTION.
   § 8. This act shall take effect immediately.