S. 5354 2
POLLUTION PREVENTION AND/OR COMPLIANCE WITH FEDERAL OR STATE ENVIRON-
MENTAL LAWS.
2. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE CORPORATION A
SPECIAL FUND TO BE KNOWN AS THE SMALL BUSINESS ENVIRONMENTAL FUND.
MONEYS IN SUCH FUND SHALL BE SEGREGATED FROM ALL OTHER FUNDS OF OR IN
THE CUSTODY OF THE CORPORATION SUBJECT TO ANY RIGHTS OF HOLDERS OF
CORPORATION BONDS OR NOTES ISSUED FOR THE PURPOSES OF THIS SECTION.
MONEYS IN SUCH FUND SHALL ONLY BE USED IN ACCORDANCE WITH THE PROVISIONS
OF THIS SECTION. THE MONEYS IN SUCH FUND SHALL BE APPLIED TO OR PAID OUT
FOR AUTHORIZED PURPOSES OF SUCH FUND ON THE DIRECTION OF THE CHAIRMAN OF
THE CORPORATION IN ACCORDANCE WITH SUBDIVISION FOUR OF THIS SECTION, OR
SUCH OTHER PERSON AS THE CORPORATION SHALL AUTHORIZE TO MAKE SUCH DIREC-
TION.
3. SUCH FUND SHALL CONSIST OF ALL OF THE FOLLOWING: (A) MONEYS APPRO-
PRIATED BY THE STATE LEGISLATURE FOR THE PURPOSE OF SUCH FUND OR OTHER-
WISE TRANSFERRED BY THE STATE FOR DEPOSIT THEREIN BY THE COMPTROLLER AS
REQUIRED BY LAW; (B) PAYMENTS OF THE LOAN ORIGINATION FEE AUTHORIZED
PURSUANT TO SUBDIVISION SIX OF THIS SECTION; (C) INVESTMENT EARNINGS ON
AMOUNTS IN SUCH FUND; (D) THE PROCEEDS OF BONDS OR NOTES ISSUED BY THE
CORPORATION FOR PURPOSES OF LEVERAGING CAPITAL ON BEHALF OF SMALL BUSI-
NESSES SEEKING TO ACHIEVE POLLUTION PREVENTION AND/OR COMPLY WITH FEDER-
AL OR STATE ENVIRONMENTAL LAWS; AND (E) ANY OTHER PAYMENTS RECEIVED FROM
THE FEDERAL GOVERNMENT OR OTHER SOURCES FOR THE PURPOSES OF THE FUND.
4. (A) MONEYS IN SUCH FUND SHALL BE APPLIED BY THE CORPORATION AS A
LOAN LOSS RESERVE FUND, TO PROVIDE CREDIT ENHANCEMENT TO ENCOURAGE
FINANCIAL INSTITUTIONS TO MAKE POLLUTION PREVENTION OR COMPLIANCE LOANS
INCLUDING SUCH LOANS AS MAY BE NECESSARY TO PURCHASE, LEASE, INSTALL OR
ACQUIRE POLLUTION CONTROL EQUIPMENT TO SMALL BUSINESSES.
(B) THE CORPORATION IS HEREBY AUTHORIZED TO PROVIDE ASSISTANCE IN THE
FORM OF A LOAN LOSS RESERVE FUND FOR LOANS BY FINANCIAL INSTITUTIONS TO
SMALL BUSINESSES THAT OTHERWISE FIND IT DIFFICULT TO OBTAIN BANK FINANC-
ING FOR POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES CONTROL. THE
CORPORATION MAY USE MONEYS IN THE FUND TO GUARANTEE UP TO NINETY PERCENT
OF THE OUTSTANDING PRINCIPAL OF EACH LOAN TO BE MADE BY A FINANCIAL
INSTITUTION TO A SMALL BUSINESS FOR POLLUTION PREVENTION OR COMPLIANCE
ACTIVITIES, PROVIDED, HOWEVER, THAT NO LOAN BY A FINANCIAL INSTITUTION
PURSUANT TO THIS SECTION SHALL EXCEED FIVE HUNDRED THOUSAND DOLLARS.
5. (A) THE CORPORATION SHALL ENTER INTO AGREEMENTS WITH FINANCIAL
INSTITUTIONS GOVERNING PARTICIPATION IN THE FUND WHICH SHALL INCLUDE,
BUT NOT BE LIMITED TO, THE TERMS OF THE PAYMENT OF CLAIMS PURSUANT TO
SUBDIVISION SEVEN OF THIS SECTION. SUCH AGREEMENTS SHALL SET FORTH ANY
LOAN APPLICATION FEE TO BE CHARGED BY THE FINANCIAL INSTITUTION TO THE
APPLICANT AND THE LOAN ORIGINATION FEE TO BE PAID TO THE CORPORATION FOR
LOANS PURSUANT TO THIS SECTION. IN ENTERING INTO AGREEMENTS WITH FINAN-
CIAL INSTITUTIONS, THE CORPORATION SHALL GIVE PRIORITY TO THE EXECUTION
OF AGREEMENTS WHICH PROVIDE FOR THE PARTICIPATION OF A CONSORTIUM OF
FINANCIAL INSTITUTIONS SERVING AN ENTIRE ECONOMIC DEVELOPMENT REGION AS
DEFINED IN SECTION TWO HUNDRED THIRTY OF THE ECONOMIC DEVELOPMENT LAW.
(B) THE CORPORATION SHALL ALSO ESTABLISH PROCEDURES AND OTHER REQUIRE-
MENTS FOR SMALL BUSINESS PARTICIPATION. SUCH PROCEDURES SHALL INCLUDE A
SIMPLIFIED APPLICATION FORM FOR SMALL BUSINESSES SEEKING ASSISTANCE.
SUCH APPLICATION SHALL REQUIRE A DEMONSTRATION BY THE APPLICANT THAT
DIFFICULTY IN OBTAINING CONVENTIONAL BANK FINANCING FOR POLLUTION
PREVENTION OR COMPLIANCE ACTIVITIES IN THE PURCHASE, LEASE, INSTALLATION
OR ACQUISITION OF POLLUTION CONTROL EQUIPMENT IMPEDES THE ABILITY OF THE
APPLICANT TO ACHIEVE POLLUTION PREVENTION OR COMPLY WITH FEDERAL OR
S. 5354 3
STATE ENVIRONMENTAL LAWS. SUCH APPLICATION SHALL ALSO INCLUDE SUCH
SPECIFIC INFORMATION AS THE CORPORATION MAY REQUIRE, WITH REGARD TO THE
POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES PROPOSED, AND THE ESTI-
MATED COST OF FINANCING SUCH ACTIVITIES.
(C) WITHIN TWENTY-EIGHT DAYS OF RECEIPT OF AN APPLICATION PURSUANT TO
THIS SECTION, THE CORPORATION SHALL EITHER APPROVE OR REJECT SUCH APPLI-
CATION. THE CORPORATION SHALL APPROVE AN APPLICATION PURSUANT TO PARA-
GRAPH (B) OF THIS SUBDIVISION BASED UPON A DETERMINATION THAT:
(1) THE PROPOSED POLLUTION PREVENTION OR COMPLIANCE ACTIVITIES WILL
ASSIST THE SMALL BUSINESS IN ACHIEVING POLLUTION PREVENTION AND/OR FULL
COMPLIANCE WITH FEDERAL OR STATE ENVIRONMENTAL LAWS;
(2) A LOAN IS REQUIRED TO FINANCE THE POLLUTION PREVENTION OR COMPLI-
ANCE ACTIVITIES OR TO FINANCE THE PURCHASE, LEASE, INSTALLMENT OR ACQUI-
SITION OF POLLUTION CONTROL EQUIPMENT;
(3) APPROVAL IS NOT SOUGHT FOR AN OUTSTANDING LOAN PREVIOUSLY MADE BY
A FINANCIAL INSTITUTION TO THE SMALL BUSINESS; AND
(4) NO CONCURRENT LOAN HAS BEEN MADE TO THE SMALL BUSINESS PURSUANT TO
THIS SECTION.
(D) IN THE APPROVAL OF APPLICATIONS, THE CORPORATION SHALL GIVE PREF-
ERENCE TO THOSE SMALL BUSINESSES WHICH ARE:
(1) SEEKING TO COMPLY WITH NEW REQUIREMENTS IMPOSED PURSUANT TO THE
FEDERAL CLEAN AIR ACT (42 U.S.C. 7401 ET SEQ. AS AMENDED BY P.L. 101-
549), THE NEW YORK STATE CLEAN AIR COMPLIANCE ACT, AS ESTABLISHED PURSU-
ANT TO CHAPTER SIX HUNDRED EIGHT OF THE LAWS OF NINETEEN HUNDRED NINE-
TY-THREE, THE PROVISIONS OF ARTICLE SEVENTEEN OF THE ENVIRONMENTAL
CONSERVATION LAW, RELATING TO WATER POLLUTION CONTROL, AND THE
PROVISIONS OF TITLE NINE OF ARTICLE TWENTY-SEVEN OF THE ENVIRONMENTAL
CONSERVATION LAW, RELATING TO INDUSTRIAL HAZARDOUS WASTE MANAGEMENT, OR
ANY RULES AND REGULATIONS PROMULGATED THEREUNDER; AND ARE
(2) SEEKING TO COMPLY WITH NEW REQUIREMENTS IMPOSED PURSUANT TO FEDER-
AL OR STATE ENVIRONMENTAL LAWS; AND ARE
(3) IN HIGHLY DISTRESSED AREAS OR MINORITY-OWNED BUSINESS ENTERPRISES
OR WOMEN-OWNED BUSINESS ENTERPRISES.
(E) UPON APPROVAL OR DENIAL OF AN APPLICATION, THE CORPORATION SHALL
NOTIFY THE APPLICANT OF SUCH ACTION BY REGULAR MAIL. THE CORPORATION MAY
ALSO NOTIFY ANY FINANCIAL INSTITUTION OF THE APPROVAL OR DENIAL OF AN
APPLICATION.
6. (A) DECISIONS TO EXECUTE A LOAN PURSUANT TO THIS SECTION SHALL BE
MADE SOLELY BY THE FINANCIAL INSTITUTION AND MAY PROVIDE FOR SUCH INTER-
EST RATE, FEES AND OTHER TERMS AND CONDITIONS AS THE FINANCIAL INSTITU-
TION AND BORROWER MAY AGREE, PROVIDED, HOWEVER, THAT:
(1) UNLESS APPROVED BY THE CORPORATION, THE TERM OF THE LOAN SHALL NOT
EXCEED SEVEN YEARS OR THE ESTIMATED USEFUL LIFE OF ANY FINANCED CHANGES
IN POLLUTION PREVENTION OR CONTROL METHODS OR EQUIPMENT, WHICHEVER IS
LESS; AND
(2) IF THE AMOUNT OF THE LOAN IS DETERMINED BY A COMMITMENT AGREEMENT
THAT ESTABLISHES A LINE OF CREDIT, THE AMOUNT OF THE ACTUAL LOAN IS THE
MAXIMUM AMOUNT AVAILABLE TO THE BORROWER UNDER THE AGREEMENT.
(B) A SMALL BUSINESS, IN RECEIPT OF A LOAN PURSUANT TO THIS SECTION,
SHALL PAY AN ORIGINATION FEE TO THE CORPORATION UPON DISTRIBUTION OF
LOAN PROCEEDS. MONEYS FROM SUCH A FEE SHALL BE DEPOSITED IN THE FUND;
PROVIDED, HOWEVER, THAT THE CORPORATION, IN CONSULTATION WITH THE DIREC-
TOR OF THE DIVISION OF THE BUDGET, MAY USE A PORTION OF SUCH MONEYS FOR
THE ADMINISTRATION OF THE FUND. NOTHING CONTAINED IN THIS SECTION SHALL
PROHIBIT THE FINANCING OF THE ORIGINATION FEE IN THE TERMS OF THE LOAN.
S. 5354 4
7. (A) UPON THE DEFAULT OF A LOAN MADE PURSUANT TO THIS SECTION, A
FINANCIAL INSTITUTION MAY FILE CONTEMPORANEOUSLY WITH A NOTICE OF
DEFAULT TO THE SMALL BUSINESS, A CLAIM WITH THE CORPORATION TO RECOVER
THE OUTSTANDING PRINCIPAL PLUS ACCRUED INTEREST AND ONE-HALF OF THE
DOCUMENTED OUT-OF-POCKET EXPENSES INCURRED IN PURSUING LOAN COLLECTION
EFFORTS, INCLUDING PRESERVATION OF COLLATERAL. THE AMOUNT OF PRINCIPAL
AND ACCRUED INTEREST INCLUDED IN THE CLAIM MAY NOT EXCEED THE PRINCIPAL
AMOUNT AGREED UPON AT THE TIME OF CLOSING, PLUS ACCRUED INTEREST ATTRIB-
UTABLE TO SUCH AGREED UPON AMOUNTS, CONSISTENT WITH THE REQUIREMENTS OF
THIS SECTION.
(B) FOR LOANS MADE PURSUANT TO THIS SECTION, THE FINANCIAL INSTITUTION
SHALL DETERMINE A LOAN TO BE IN DEFAULT IN A MANNER CONSISTENT WITH
METHODS EMPLOYED BY THE FINANCIAL INSTITUTION FOR SIMILAR LOANS NOT MADE
PURSUANT TO THIS SECTION.
(C) THE CORPORATION IS AUTHORIZED AND DIRECTED TO ADOPT RULES AND
REGULATIONS GOVERNING THE PAYMENT OF CLAIMS FROM THE FUND. SUCH RULES
AND REGULATIONS SHALL PROVIDE THAT UPON RECEIPT OF A CLAIM FILED BY A
FINANCIAL INSTITUTION, THE CORPORATION SHALL, WITHIN TEN BUSINESS DAYS,
PAY FROM THE FUND THE AMOUNT OF THE CLAIM AS SUBMITTED, UNLESS INFORMA-
TION PROVIDED BY THE FINANCIAL INSTITUTION IS FOUND BY THE CORPORATION
TO BE INCOMPLETE OR WAS KNOWN BY THE FINANCIAL INSTITUTION TO BE FALSE
AT THE CLOSING OF THE LOAN. THE TERMS OF THE PAYMENT OF CLAIMS FROM THE
FUND SHALL BE INCLUDED IN THE AGREEMENT ENTERED INTO BY THE CORPORATION
AND THE FINANCIAL INSTITUTION PURSUANT TO SUBDIVISION FIVE OF THIS
SECTION.
(D) UPON PAYMENT OF A CLAIM, THE CORPORATION SHALL REPORT THE CLAIM TO
THE OFFICE OF THE ATTORNEY GENERAL, WHO THEN SHALL EXERCISE THE RIGHTS
OF SUBROGATION. THE FINANCIAL INSTITUTION THEREAFTER SHALL ASSIGN TO THE
ATTORNEY GENERAL ANY RIGHT, TITLE, OR INTEREST TO ANY COLLATERAL, SECU-
RITY, OR OTHER RIGHT OF RECOVERY IN CONNECTION WITH THE LOAN. ANY MONEY
RECEIVED BY THE ATTORNEY GENERAL AS A RESULT OF ENFORCEMENT ACTIONS
TAKEN WITH RESPECT TO ANY COLLATERAL, SECURITY OR OTHER RIGHTS OF RECOV-
ERY SHALL BE PROMPTLY DEPOSITED BY THE ATTORNEY GENERAL THROUGH THE
CORPORATION IN THE FUND, LESS ANY OUT-OF-POCKET EXPENSES INCURRED BY THE
ATTORNEY GENERAL IN TAKING SUCH ENFORCEMENT ACTIONS.
8. PURSUANT TO RULES AND REGULATIONS OF THE CORPORATION, THE CORPO-
RATION MAY TERMINATE THE PARTICIPATION OF A FINANCIAL INSTITUTION IN THE
FUND UPON A DETERMINATION THAT SUCH INSTITUTION IS NOT IN SUBSTANTIAL
COMPLIANCE WITH THE REQUIREMENTS OF THIS SECTION OR THE PROVISIONS OF AN
AGREEMENT EXECUTED PURSUANT TO SUBDIVISION FIVE OF THIS SECTION. THE
CORPORATION SHALL PROVIDE NOTICE TO A FINANCIAL INSTITUTION AT LEAST
NINETY DAYS IN ADVANCE OF SUCH TERMINATION.
9. THE CORPORATION SHALL MONITOR THE ACTIVITIES OF PARTICIPATING
FINANCIAL INSTITUTIONS AND SMALL BUSINESSES AND MAY REQUIRE SUCH PERIOD-
IC REPORTS OR OTHER INFORMATION AS DEEMED NECESSARY FROM SUCH INSTI-
TUTIONS AND BUSINESSES ON THE STATUS OF LOANS MADE PURSUANT TO THIS
SECTION. ON OR BEFORE THE FIRST DAY OF MARCH FOLLOWING THE EFFECTIVE
DATE OF THIS SECTION, AND ON SUCH DATE ANNUALLY THEREAFTER, THE CORPO-
RATION SHALL SUBMIT TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE
SENATE AND THE SPEAKER OF THE ASSEMBLY A REPORT ON THE FUND. SUCH REPORT
SHALL INCLUDE, BUT NOT BE LIMITED TO:
(A) THE TOTAL NUMBER AND AMOUNT OF LOANS AND THE AVERAGE AMOUNT OF
LOANS LEVERAGED BY THE FUND FROM FINANCIAL INSTITUTIONS IN EACH ECONOMIC
DEVELOPMENT REGION OF THE STATE AS DEFINED IN SECTION TWO HUNDRED THIRTY
OF THE ECONOMIC DEVELOPMENT LAW;
S. 5354 5
(B) THE TOTAL NUMBER AND AMOUNT OF LOANS AND THE AVERAGE AMOUNT OF
LOANS LEVERAGED BY THE FUND FROM FINANCIAL INSTITUTIONS PURSUANT TO
PARAGRAPH (D) OF SUBDIVISION FIVE OF THIS SECTION IN EACH SUCH REGION;
AND
(C) THE TOTAL NUMBER AND AMOUNT OF CLAIMS SUBMITTED BY FINANCIAL
INSTITUTIONS FOR RECOVERY OF MONEYS THROUGH THE FUND, THE TOTAL NUMBER
AND AMOUNT OF CLAIMS PAID FROM THE FUND AND A SUMMARY OF THE CIRCUM-
STANCES ASSOCIATED WITH CLAIMS ON THE FUND.
10. (A) ON OR BEFORE THE FIRST DAY OF SEPTEMBER FOLLOWING THE EFFEC-
TIVE DATE OF THIS SECTION, AND ON SUCH DATE EVERY TWO YEARS THEREAFTER,
THE CORPORATION SHALL SUBMIT TO THE DIRECTOR OF THE BUDGET, THE CHAIR OF
THE SENATE FINANCE COMMITTEE AND THE CHAIR OF THE ASSEMBLY WAYS AND
MEANS COMMITTEE AN EVALUATION OF THE EFFECTIVENESS OF THE FUND IN REAL-
IZING POLLUTION PREVENTION BY SMALL BUSINESSES AND SECURING THE COMPLI-
ANCE OF SUCH BUSINESSES WITH FEDERAL AND STATE ENVIRONMENTAL LAWS. SUCH
EVALUATION SHALL BE PREPARED BY AN ENTITY INDEPENDENT OF THE CORPORATION
SELECTED THROUGH A REQUEST FOR PROPOSAL PROCESS AND SHALL INCLUDE RECOM-
MENDATIONS FOR IMPROVEMENTS TO THE IMPLEMENTATION OF THE FUND TO ENHANCE
SMALL BUSINESS POLLUTION PREVENTION, CONTROL AND COMPLIANCE.
(B) ON OR BEFORE THE FIRST DAY OF SEPTEMBER FOLLOWING THE EFFECTIVE
DATE OF THIS SECTION, AND ON SUCH DATE EVERY TWO YEARS THEREAFTER, THE
CORPORATION SHALL SUBMIT TO THE DIRECTOR OF THE BUDGET, THE CHAIR OF THE
SENATE FINANCE COMMITTEE AND THE CHAIR OF THE ASSEMBLY WAYS AND MEANS
COMMITTEE AN EVALUATION OF THE EFFECTIVENESS OF THE FUND IN SECURING THE
COMPLIANCE OF SMALL BUSINESSES WITH THE REQUIREMENTS OF THE FEDERAL
CLEAN AIR ACT (42 U.S.C. §7401 ET SEQ. AS AMENDED BY P.L. 101-549), THE
NEW YORK STATE CLEAN AIR COMPLIANCE ACT, AS ESTABLISHED PURSUANT TO
CHAPTER SIX HUNDRED EIGHT OF THE LAWS OF NINETEEN HUNDRED NINETY-THREE,
THE PROVISIONS OF ARTICLE SEVENTEEN OF THE ENVIRONMENTAL CONSERVATION
LAW RELATING TO WATER POLLUTION CONTROL, AND THE PROVISIONS OF TITLE
NINE OF ARTICLE TWENTY-SEVEN OF THE ENVIRONMENTAL CONSERVATION LAW,
RELATING TO INDUSTRIAL HAZARDOUS WASTE MANAGEMENT, OR ANY RULES AND
REGULATIONS PROMULGATED THEREUNDER. SUCH EVALUATION SHALL BE PREPARED
BY AN ENTITY INDEPENDENT OF THE CORPORATION SELECTED THROUGH A REQUEST
FOR PROPOSAL PROCESS AND SHALL INCLUDE RECOMMENDATIONS FOR IMPROVEMENTS
TO THE IMPLEMENTATION OF THE FUND TO ENHANCE SMALL BUSINESS POLLUTION
PREVENTION, CONTROL AND COMPLIANCE.
11. THE CORPORATION SHALL MARKET THE FUND PROGRAM TO SMALL BUSINESSES
IN COOPERATION WITH FINANCIAL INSTITUTIONS, STATEWIDE TRADE ASSOCIATIONS
REPRESENTING FINANCIAL INSTITUTIONS AND SMALL BUSINESSES, LOCAL AND
REGIONAL ECONOMIC DEVELOPMENT AGENCIES, AND THE SMALL BUSINESS STATION-
ARY SOURCE OMBUDSMAN PROGRAM, ESTABLISHED PURSUANT TO SECTION ONE
HUNDRED THIRTY-SEVEN OF THE ECONOMIC DEVELOPMENT LAW. THE CORPORATION
SHALL DEVELOP A PROGRAM TO PROMOTE AWARENESS OF THE PROGRAM IN ALL
GEOGRAPHIC REGIONS OF THE STATE, TO ENSURE MAXIMUM PARTICIPATION BY
SMALL BUSINESSES AND FINANCIAL INSTITUTIONS AND THE FISCAL INTEGRITY OF
THE FUND. AGREEMENTS ENTERED INTO BY THE CORPORATION PURSUANT TO SUBDI-
VISION FIVE OF THIS SECTION SHALL REQUIRE A PLAN BY EACH FINANCIAL
INSTITUTION FOR MARKETING THE FUND IN HIGHLY DISTRESSED AREAS, EMPIRE
ZONES AND TO MINORITY-OWNED BUSINESS ENTERPRISES AND WOMEN-OWNED BUSI-
NESS ENTERPRISES, WITH APPROPRIATE LENDING OBJECTIVES IDENTIFIED BY EACH
FINANCIAL INSTITUTION FOR SUCH AREAS AND BUSINESSES.
12. THE CORPORATION IS AUTHORIZED AND DIRECTED TO ADOPT RULES AND
REGULATIONS FOR THE ESTABLISHMENT AND ADMINISTRATION OF THE FUND, IN
ACCORDANCE WITH THE STATE ADMINISTRATIVE PROCEDURE ACT. NO FUNDS SHALL
S. 5354 6
BE DISBURSED FROM THIS PROGRAM UNTIL SUCH RULES AND REGULATIONS HAVE
BEEN PROMULGATED BY THE CORPORATION.
13. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS OR TERMS
SHALL MEAN:
(A) "FINANCIAL INSTITUTION" SHALL MEAN A BANKING ORGANIZATION, AS
DEFINED PURSUANT TO SECTION TWO OF THE BANKING LAW, A NEW YORK SMALL
BUSINESS INVESTMENT COMPANY AND A NEW YORK SPECIALIZED SMALL BUSINESS
INVESTMENT COMPANY, AS DEFINED PURSUANT TO SECTION TWO HUNDRED TWENTY-
EIGHT-A OF THE BANKING LAW, A LOCAL DEVELOPMENT CORPORATION, AS DEFINED
IN SUBDIVISION EIGHT OF SECTION EIGHTEEN HUNDRED ONE OF THIS CHAPTER,
AND THE NEW YORK BUSINESS DEVELOPMENT CORPORATION ESTABLISHED PURSUANT
TO SECTION TWO HUNDRED TEN OF THE BANKING LAW.
(B) "FUND" SHALL MEAN THE SMALL BUSINESS ENVIRONMENTAL FUND ESTAB-
LISHED PURSUANT TO THIS SECTION.
(C) "HIGHLY DISTRESSED AREA" SHALL MEAN AN AREA MEETING THE CRITERIA
AS SET FORTH UNDER SUBDIVISION (A) OF SECTION NINE HUNDRED FIFTY-EIGHT
OF THE GENERAL MUNICIPAL LAW.
(D) "MINORITY-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING
AS DEFINED IN SUBDIVISION SEVEN OF SECTION THREE HUNDRED TEN OF THE
EXECUTIVE LAW.
(E) "POLLUTION CONTROL EQUIPMENT" SHALL MEAN ANY EQUIPMENT APPROVED BY
THE CORPORATION AS NECESSARY FOR COMPLIANCE WITH NEW REQUIREMENTS OF THE
FEDERAL CLEAN AIR ACT (42 U.S.C. § 7401 ET SEQ. AS AMENDED BY P.L. 101-
549), THE NEW YORK STATE CLEAN AIR COMPLIANCE ACT, AS ESTABLISHED PURSU-
ANT TO CHAPTER SIX HUNDRED EIGHT OF THE LAWS OF NINETEEN HUNDRED NINE-
TY-THREE, THE PROVISIONS OF ARTICLE SEVENTEEN OF THE ENVIRONMENTAL
CONSERVATION LAW RELATING TO WATER POLLUTION CONTROL, AND THE PROVISIONS
OF TITLE NINE OF ARTICLE TWENTY-SEVEN OF THE ENVIRONMENTAL CONSERVATION
LAW, RELATING TO INDUSTRIAL HAZARDOUS WASTE MANAGEMENT, OR ANY RULES AND
REGULATIONS PROMULGATED THEREUNDER.
(F) "POLLUTANT" SHALL MEAN ANY SUBSTANCE, CONTAMINANT, WASTE OR EMIS-
SION WHICH CONTRIBUTES TO POLLUTION AS DEFINED IN ARTICLE ONE OF THE
ENVIRONMENTAL CONSERVATION LAW.
(G) "POLLUTION PREVENTION" SHALL MEAN CHANGES IN PRODUCTION METHODS OR
RAW MATERIALS THAT REDUCE, AVOID, OR ELIMINATE THE USE OF TOXIC OR
HAZARDOUS SUBSTANCES OR THE GENERATION OF SUCH SUBSTANCES OR POLLUTANTS
PER UNIT OF PRODUCT, SO AS TO REDUCE RISKS TO THE HEALTH OF WORKERS,
CONSUMERS, OR THE ENVIRONMENT, WITHOUT SHIFTING RISKS BETWEEN WORKERS,
CONSUMERS, OR ENVIRONMENTAL MEDIA. POLLUTION PREVENTION INCLUDES THE
REDESIGN, MODIFICATION, UPGRADE OR REPLACEMENT OF PRODUCTION PROCESSES,
EQUIPMENT OR TECHNOLOGY; REFORMULATION OR REDESIGN OF PRODUCTS; SUBSTI-
TUTION OF INPUTS OR RAW MATERIALS; IMPROVEMENTS IN HOUSEKEEPING, MAINTE-
NANCE, TRAINING, OR INVENTORY CONTROL; AND EXTENDED USE OR REUSE OF
MATERIALS THROUGH METHODS INTEGRAL TO THE PRODUCTION PROCESS, SUCH AS
IN-PROCESS, CLOSED-LOOP RECYCLING. IT DOES NOT INCLUDE INCINERATION,
TRANSFER FROM ONE MEDIUM OF RELEASE OR DISCHARGE TO ANOTHER MEDIA, OFF-
SITE OR OUT-OF-PRODUCTION RECYCLING, END-OF-PIPE TREATMENT OR POLLUTION
CONTROL.
(H) "TOXIC OR HAZARDOUS SUBSTANCE" SHALL MEAN ANY SUBSTANCE LISTED AS
A SUBSTANCE HAZARDOUS TO PUBLIC HEALTH, SAFETY OR THE ENVIRONMENT IN
REGULATIONS PROMULGATED PURSUANT TO ARTICLE THIRTY-SEVEN OF THE ENVIRON-
MENTAL CONSERVATION LAW.
(I) "SMALL BUSINESS" SHALL HAVE THE SAME MEANING AS DEFINED IN SECTION
ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW.
(J) "WOMEN-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING AS
SUBDIVISION FIFTEEN OF SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
S. 5354 7
§ 3. Subdivision 1 of section 16-m 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 (p) to read as follows:
(P) ASSISTANCE TO CAPITALIZE THE SMALL BUSINESS ENVIRONMENTAL FUND,
ESTABLISHED PURSUANT TO SECTION TWELVE HUNDRED EIGHTY-FIVE-V OF THE
PUBLIC AUTHORITIES LAW.
§ 4. This act shall take effect on the one hundred eightieth day after
it shall have become a law; provided, however, that the amendments to
section 16-m of section 1 of chapter 174 of the laws of 1968, constitut-
ing the New York state urban development corporation act, made by
section three of this act, shall not affect the expiration of such
section and shall be deemed to expire therewith. Effective immediately,
the addition, amendment and/or repeal of any rule or regulation neces-
sary for the implementation of this act on its effective date are
authorized to be made and completed on or before such effective date.