S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9322
 
                             I N  S E N A T E
 
                               May 10, 2024
                                ___________
 
 Introduced  by  Sens.  HARCKHAM,  ADDABBO -- (at request of the Environ-
   mental Facilities Corporation) -- read twice and ordered printed,  and
   when printed to be committed to the Committee on Environmental Conser-
   vation
 
 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14288-01-4
 S. 9322                             2
 
 cial  assistance  in  the  form  of such a loan 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  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.