Assembly Bill A8358

2017-2018 Legislative Session

Relates to the powers of the New York state industrial development agency

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2017-A8358 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Amd §858, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:
A6763

2017-A8358 (ACTIVE) - Summary

Relates to the powers of the New York state industrial development agency.

2017-A8358 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8358
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 12, 2017
                                ___________
 
 Introduced by M. of A. MAGNARELLI, SCHIMMINGER -- read once and referred
   to the Committee on Local Governments
 
 AN  ACT to amend the general municipal law, in relation to the powers of
   the New York state industrial development agency
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 16 and 17 of section 858 of the general munic-
 ipal  law,  as renumbered by chapter 356 of the laws of 1993, are renum-
 bered subdivisions 19 and 20 and three new subdivisions 16,  17  and  18
 are added to read as follows:
   (16)  TO  PROVIDE  LOANS  TO  ANY PRIVATE OR PUBLIC CORPORATION OR ANY
 LEGAL ENTITY PROVIDED SAID LOAN IS MEMORIALIZED IN AN  APPROPRIATE  LOAN
 AGREEMENT AND FURTHER PROVIDED THAT THE LOAN PROCEEDS ARE USED IN FURTH-
 ERANCE OF THE AGENCY'S CORPORATE PURPOSES;
   (17)  TO  PROVIDE  GRANTS  TO ANY PRIVATE OR PUBLIC CORPORATION OR ANY
 LEGAL ENTITY PROVIDED SAID GRANT IS MEMORIALIZED IN AN APPROPRIATE GRANT
 AGREEMENT STIPULATING THE SERVICES TO BE PROVIDED IN FURTHERANCE OF  THE
 AGENCY'S CORPORATE PURPOSES;
   (18)  NOTWITHSTANDING  ANY  OTHER LAW, TO PROVIDE SEED AND EARLY-STAGE
 EQUITY FUNDING TO ANY  PRIVATE  CORPORATION  OR  ANY  LEGAL  ENTITY,  IN
 ACCORDANCE WITH A PLAN TO BE DEVELOPED BY THE AGENCY, LOCATED WITHIN, OR
 TO  BE LOCATED WITHIN, THE MUNICIPALITY FOR WHOSE BENEFIT THE AGENCY WAS
 CREATED AND THAT IS IN THE SEED, EARLY STAGE OR VENTURE STAGE OF  DEVEL-
 OPMENT AND THAT HAS THE POTENTIAL TO GENERATE ADDITIONAL ECONOMIC ACTIV-
 ITY  IN  NEW  YORK  STATE  PROVIDED, HOWEVER, THAT FUNDS RECEIVED BY THE
 BENEFICIARY PRIVATE CORPORATION OR LEGAL ENTITY SHALL BE RETURNED IF THE
 BENEFICIARY PRIVATE CORPORATION OR LEGAL ENTITY LEAVES THE  MUNICIPALITY
 FOR  WHOSE  BENEFIT THE AGENCY WAS CREATED WITHIN A PERIOD OF TIME TO BE
 ESTABLISHED BY THE AGENCY;
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11693-02-7

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