Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to local government |
Jan 04, 2023 |
referred to local government |
Senate Bill S184
2023-2024 Legislative Session
Sponsored By
(R, C) 60th Senate District
Current Bill Status - In Senate Committee Local Government 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
Actions
co-Sponsors
(R, C) 53rd Senate District
2023-S184 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7315
- Current Committee:
- Senate Local Government
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd §858, Gen Muni L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S6230
2019-2020: S1067
2021-2022: S1711
2023-S184 (ACTIVE) - Sponsor Memo
BILL NUMBER: S184 SPONSOR: GALLIVAN TITLE OF BILL: An act to amend the general municipal law, in relation to the powers of the New York state industrial development agency PURPOSE OR GENERAL IDEA OF BILL: This bill would provide the necessary authority to Industrial Develop- ment Agencies to provide loans, grants or early-stage equity funding to public or private entities. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends subdivision (14) of Section 854 of the General Munici- pal Law by changing the definition of the term "Financial assistance" to include the proceeds of a loan, the proceeds of a grant, with certain exceptions, and equity funding, thus making funds held for an IDA's own use and account available for IDA corporate purposes.
2023-S184 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 184 2023-2024 Regular Sessions I N S E N A T E (PREFILED) January 4, 2023 ___________ Introduced by Sens. GALLIVAN, GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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. Subdivision 19 of section 858 of the general municipal law, as amended by chapter 109 of the laws of 2020, is renumbered subdivision 22 and three new subdivisions 19, 20 and 21 are added to read as follows: (19) 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; (20) 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; (21) 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; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00180-01-3
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