S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10275
 
                           I N  A S S E M B L Y
 
                               May 16, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Sillitti) --
   (at  request of the Environmental Facilities Corporation) -- read once
   and referred to the Committee on Environmental Conservation
 
 AN ACT to amend the environmental conservation law, in relation to water
   pollution control revolving fund agreements
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  a  of  subdivision 3 of section 17-1909 of the
 environmental conservation law, as amended by chapter 259 of the laws of
 2021, is amended to read as follows:
   a. The corporation is authorized to promulgate regulations,  developed
 in  consultation  with the commissioner and the director of the division
 of the budget, for the purpose  of  carrying  out  its  responsibilities
 under  this  section,  including establishing criteria and standards for
 determining the amount of financial assistance to a municipality for  an
 eligible  project.  To the extent financial assistance to a municipality
 for an eligible project is provided as a loan from the proceeds of bonds
 or notes of the corporation, the amount of an allocation  applicable  to
 the  portion  of such eligible project financed with such loan shall be,
 subject to such maximum financial limitations as may otherwise be neces-
 sary and prescribed by the commissioner and the director of the division
 of the budget, thirty-three  and  one-third  percent  of  the  principal
 amount  of  such loan outstanding at any time for such eligible project,
 to the extent reasonably practicable, and subject to such  deviation  as
 may  be  necessary, in connection with the administration and investment
 of moneys in the fund,  unless  allocations  in  differing  amounts  are
 necessary  to preclude a determination by the commissioner or the corpo-
 ration pursuant to paragraph e of subdivision eight of this  section  or
 unless an allocation in a differing amount is required for an innovative
 technology demonstration project; provided, however, that in the case of
 any  municipality which has, during the period commencing on June first,
 nineteen hundred ninety-two and ending on September thirtieth, two thou-
 sand [twenty-four] TWENTY-SEVEN, (i) submitted an application for finan-
 cial assistance in the form of such a  loan  for  an  eligible  project,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14288-01-4
 A. 10275                            2
 
 which  application  has been accepted by the corporation, (ii) closed on
 such loan, and (iii) commenced construction of  such  eligible  project,
 the  allocation  applicable to the portion of such project financed with
 such  loan  shall  be,  subject  to maximum financial limitations as may
 otherwise be necessary and prescribed by the commissioner and the direc-
 tor of the division of  the  budget,  fifty  percent  of  the  principal
 balance  outstanding on such loan at any time for such eligible project,
 to the extent reasonably practicable, and subject to such  deviation  as
 may  be  necessary, in connection with the administration and investment
 of moneys in the fund,  unless  allocations  in  differing  amounts  are
 necessary  to preclude a determination by the commissioner or the corpo-
 ration pursuant to paragraph e of subdivision eight of this  section  or
 unless an allocation in a differing amount is required for an innovative
 technology demonstration project.
   §  2. The closing paragraph of subdivision 8 of section 17-1909 of the
 environmental conservation law, as amended by chapter 259 of the laws of
 2021, is amended to read as follows:
   The interest rate charged on any loan made by the corporation pursuant
 to this subdivision shall be no more than two-thirds of the market  rate
 of interest otherwise applicable thereto, provided, however, that in the
 case of any municipality which has, during the period commencing on June
 first,  nineteen  hundred  ninety-two and ending on September thirtieth,
 two thousand [twenty-four] TWENTY-SEVEN, (i)  submitted  an  application
 for  financial  assistance  in  the  form of a loan from the corporation
 pursuant to this subdivision, for an eligible project, which application
 has been accepted by the corporation, (ii)  closed  on  such  loan,  and
 (iii) commenced construction of such eligible project, the interest rate
 charged  on  such loan shall be no more than one-half of the market rate
 otherwise applicable thereto.
   § 3. This act shall take effect immediately.