NY State Senate Bill 2023-S9376

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 14, 2024	referred to commerce, economic development and small business

co-Sponsors

2023-S9376 (ACTIVE) - Details

See Assembly Version of this Bill:: A10225
Current Committee:: Senate Commerce, Economic Development And Small Business
Law Section:: Economic Development Law
Laws Affected:: Add Art 28 §§500-504, Ec Dev L; add §60, UDC Act

2023-S9376 (ACTIVE) - Summary

Enacts the good jobs guarantee program to provide workforce training and opportunities for employment for residents of New York state to secure high paying jobs through the acquisition of job skills.

2023-S9376 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9376

SPONSOR: GIANARIS
 
TITLE OF BILL:

An act to amend the economic development law and the New York state
urban development corporation act, in relation to enacting the good jobs
guarantee program

 
PURPOSE:

To establish the Good Jobs Guarantee program to train low-income partic-
ipants and secure them higher paying jobs, all at no upfront cost to the
participants.

 
SUMMARY OF PROVISIONS:

Section one of the bill amends the economic development law by adding a
new article 28,the Good Jobs Guarantee program.

Section 500 provides the short title of the act

Section 501 provides the legislative findings

Section 502 establishes the Good Jobs Guarantee program

Section 503 defines the following terms:

*Approved provider as an entity approved by the Commissioner of Empire
State Development to provide workforce training to eligible participants
under the good jobs guarantee program to ensure participants secure
post-training employment with annual salaries exceeding $50,000

*Eligible participant as an individual who applies for workforce train-
ing offered by approved providers. Participants are eligible if they
earn less than $45,000 and either receive government benefits or possess
no college degree.

*Program administrator as an individual or entity that is selected by
ESD through a competitive process and is tasked with overseeing the
program and guarantor fund.

Section 504 relates to the program's administration. It authorizes the
program administrator to invest funds in approved providers through the
deployment of capital raised in private markets, subject to ESD rulemak-
ing and oversight. With respect to the approved provider, this section
states that the approved provider shall secure post-training employment
for participants who complete the workforce training program. This
section also requires contracts between approved providers and eligible
participants stipulating that participants shall not be required to pay
tuition or other upfront payments in exchange for training.  Instead,
participants shall only incur payment obligations after completing their
training program and obtaining post-training employment with an annual
income in excess of $50,000.

Section two of the bill amends the urban development corporation act by
adding a new section 60. This section would create a state guarantor
fund totaling $100 million, which would act as a credit enhancement to
attract private investment for social impact funds managed by the
program administrator. The administrator would be tasked with raising
such investments and deploying them to approved providers to support
workforce training under the good jobs guarantee program while also
managing investment returns. The guarantor fund would also provide a
minimum loss reserve to assist approved providers facing hardship. Any
disbursements from the guarantor fund are made by the program adminis-
trator, but only with the approval of the Empire State Development
corporation.

Section three of the bill relates to the effective date.

 
JUSTIFICATION:

For many New Yorkers, there are few pathways to good jobs, and economic
mobility is no longer attainable. Traditional paths are failing, and the
system is broken. Over 76% of Americans, which equates to over 218
million adults, do not have college degrees even though most high-paying
jobs require one. At the same time, the United States is burdened by a
$1.7 trillion student loan crisis because college financing has decou-
pled from outcomes. The system is especially stacked against low-income
individuals and people of color. In New York State, this problem
persists: 60% of adults lack a 4-year degree and degree holders owe $90
billion in loans. College is not the only path to a good job - alterna-
tives for workforce training exist. While these models have high poten-
tial, limited funding and frameworks prevent them from confronting this
challenge and new models are needed to address the scale.

Accordingly, the Good Jobs Guarantee Act would establish a program with-
in the Empire State Development Corporation to facilitate the implemen-
tation of workforce training for low-income New Yorkers through a publ-
ic-private partnership capped equity financing framework. Core to the
Good Jobs Guarantee program is ensuring that low-income New Yorkers
seeking economic opportunity are significantly better off upon complet-
ing workforce training than they were before.  Individuals who partic-
ipate in training programs under the Good Jobs Guarantee will not be
charged any tuition or upfront costs; they will only incur payment obli-
gations if the program actually succeeds in securing them employment at
high, family-sustaining wages. The bill also contains several
protections to ensure that participants can receive workforce training
for good paying jobs without being saddled by unduly burdensome debt. If
at any time after their training a participant is unable to maintain a
good job for any reason, the participant's payment obligations will
cease. This program shifts the burden away from the job seeker and onto
approved workforce training providers to achieve success. By bringing
this outcome-based financing model to scale, this bill aims to r evolu-
tionize workforce training in New York and guarantee good jobs to low-
income New Yorkers.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law. Effective immediately, the addition, amendment and/or
repeal of any rule or regulation necessary for the implementation of
this act on its effective date are authorized to be made and completed
on or before such effective date.

2023-S9376 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9376
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by Sens. GIANARIS, COMRIE -- read twice and ordered printed,
   and when printed to be committed to the Committee on Commerce, Econom-
   ic Development and Small Business
 
 AN ACT to amend the economic development law  and  the  New  York  state
   urban  development  corporation  act, in relation to enacting the good
   jobs guarantee program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  economic  development law is amended by adding a new
 article 28 to read as follows:
 
                                ARTICLE 28
                        GOOD JOBS GUARANTEE PROGRAM
 
 SECTION 500. SHORT TITLE.
         501. LEGISLATIVE FINDINGS.
         502. GOOD JOBS GUARANTEE PROGRAM.
         503. DEFINITIONS.
         504. PROGRAM ADMINISTRATION.
   § 500. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "GOOD JOBS GUARANTEE PROGRAM ACT".
   § 501. LEGISLATIVE FINDINGS. FOR MANY NEW YORKERS, THERE ARE FEW PATH-
 WAYS TO GOOD JOBS, AND ECONOMIC MOBILITY IS NO LONGER ATTAINABLE. TRADI-
 TIONAL  PATHS  ARE FAILING, AND THE SYSTEM IS BROKEN. OVER 76% OF AMERI-
 CANS, WHICH EQUATES TO 218+ MILLION ADULTS, DO NOT HAVE COLLEGE  DEGREES
 EVEN  THOUGH  MOST  HIGH-PAYING  JOBS REQUIRE ONE. AT THE SAME TIME, THE
 UNITED STATES IS BURDENED BY A $1.7 TRILLION STUDENT LOAN CRISIS BECAUSE
 COLLEGE FINANCING HAS DECOUPLED FROM OUTCOMES. THE SYSTEM IS  ESPECIALLY
 STACKED  AGAINST LOW-INCOME INDIVIDUALS AND PEOPLE OF COLOR. IN NEW YORK
 STATE, THIS PROBLEM PERSISTS: 60% OF ADULTS LACK  A  4-YEAR  DEGREE  AND
 DEGREE HOLDERS OWE $90 BILLION IN LOANS. COLLEGE IS NOT THE ONLY PATH TO
 A  GOOD  JOB  -  ALTERNATIVES  FOR WORKFORCE TRAINING EXIST. WHILE THESE
 MODELS HAVE HIGH POTENTIAL, LIMITED FUNDING AND FRAMEWORKS PREVENT  THEM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15190-06-4

 S. 9376                             2
 
 FROM CONFRONTING THIS CHALLENGE AND NEW MODELS ARE NEEDED TO ADDRESS THE
 SCALE.
   ACCORDINGLY,  THE  GOOD  JOBS  GUARANTEE PROGRAM ACT WOULD ESTABLISH A
 PROGRAM WITHIN THE EMPIRE STATE DEVELOPMENT  CORPORATION  TO  FACILITATE
 THE  IMPLEMENTATION  OF  WORKFORCE  TRAINING  FOR LOW-INCOME NEW YORKERS
 THROUGH A PUBLIC-PRIVATE PARTNERSHIP CAPPED EQUITY FINANCING  FRAMEWORK.
 CORE  TO THE GOOD JOBS GUARANTEE PROGRAM IS ENSURING THAT LOW-INCOME NEW
 YORKERS SEEKING ECONOMIC OPPORTUNITY ARE SIGNIFICANTLY BETTER  OFF  UPON
 COMPLETING  WORKFORCE  TRAINING  THAN  THEY WERE BEFORE. INDIVIDUALS WHO
 PARTICIPATE IN TRAINING PROGRAMS UNDER THE GOOD JOBS GUARANTEE WILL  NOT
 BE  CHARGED  ANY  TUITION OR UPFRONT COSTS; THEY WILL ONLY INCUR PAYMENT
 OBLIGATIONS IF THE PROGRAM ACTUALLY SUCCEEDS IN SECURING THEM EMPLOYMENT
 AT  HIGH,  FAMILY-SUSTAINING  WAGES.  THE  BILL  ALSO  CONTAINS  SEVERAL
 PROTECTIONS  TO  ENSURE THAT PARTICIPANTS CAN RECEIVE WORKFORCE TRAINING
 FOR GOOD PAYING JOBS WITHOUT BEING SADDLED BY UNDULY BURDENSOME DEBT. IF
 AT ANY TIME AFTER THEIR TRAINING A PARTICIPANT IS UNABLE TO  MAINTAIN  A
 GOOD  JOB  FOR  ANY  REASON,  THE PARTICIPANT'S PAYMENT OBLIGATIONS WILL
 CEASE. THIS PROGRAM SHIFTS THE BURDEN AWAY FROM THE JOB SEEKER AND  ONTO
 APPROVED  WORKFORCE  TRAINING  PROVIDERS TO ACHIEVE SUCCESS. BY BRINGING
 THIS OUTCOME-BASED FINANCING MODEL TO SCALE, THIS BILL AIMS  TO  REVOLU-
 TIONIZE  WORKFORCE  TRAINING IN NEW YORK AND GUARANTEE GOOD JOBS TO LOW-
 INCOME NEW YORKERS.
   § 502. GOOD JOBS GUARANTEE PROGRAM. THERE IS HEREBY ESTABLISHED A GOOD
 JOBS GUARANTEE PROGRAM TO PROVIDE WORKFORCE  TRAINING  THROUGH  APPROVED
 PROVIDERS  TO  ENABLE  PARTICIPANTS TO SECURE HIGHER PAYING, SUSTAINABLE
 JOBS WITH SKILLS GAINED THROUGH THE PROGRAM.
   § 503. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1. "APPROVED PROVIDER" MEANS AN ENTITY THAT IS APPROVED BY THE COMMIS-
 SIONER TO PROVIDE WORKFORCE TRAINING TO ELIGIBLE PARTICIPANTS TO  ENABLE
 SUCH INDIVIDUALS TO SECURE POST-TRAINING EMPLOYMENT AT AN ANNUAL MINIMUM
 SALARY OF FIFTY THOUSAND DOLLARS;
   2.  "ELIGIBLE  PARTICIPANT"  MEANS AN INDIVIDUAL WHO APPLIES FOR WORK-
 FORCE TRAINING OFFERED THROUGH APPROVED PROVIDERS PURSUANT TO THIS ARTI-
 CLE WHO, AT THE TIME OF APPLICATION:
   (A) HAS A GROSS ANNUAL INCOME OF LESS THAN FORTY-FIVE THOUSAND DOLLARS
 PER YEAR; AND
   (B) IS EITHER (I) RECEIVING ASSISTANCE PURSUANT TO SECTION NINETY-FIVE
 OR ONE HUNDRED FIFTY-EIGHT OF THE SOCIAL SERVICES LAW, OR (II) DOES  NOT
 POSSESS A COLLEGE DEGREE.
   3.  "PROGRAM  ADMINISTRATOR"  SHALL  MEAN  AN  INDIVIDUAL  OR BUSINESS
 SELECTED BY THE COMMISSIONER THROUGH COMPETITIVE PROCESS TO OVERSEE  THE
 GOOD JOBS GUARANTEE PROGRAM AND GUARANTOR FUND. SUCH PROGRAM ADMINISTRA-
 TOR SHALL HAVE DEMONSTRATED EXPERIENCE IN THE FOLLOWING AREAS: (A) RAIS-
 ING CAPITAL FROM INSTITUTIONAL INVESTORS AND PHILANTHROPIC ORGANIZATIONS
 WITH  FOCUS  ON  WORKFORCE DEVELOPMENT GOALS FOR LOW INCOME INDIVIDUALS,
 (B) IMPLEMENTING FINANCIAL MODELS TO LEVERAGE  PRIVATE  INVESTMENT  WITH
 FOCUS  ON  WORKFORCE  DEVELOPMENT  GOALS FOR LOW INCOME INDIVIDUALS, (C)
 PROVIDING TRAINING WITH FOCUS ON WORKFORCE  DEVELOPMENT  GOALS  FOR  LOW
 INCOME INDIVIDUALS, AND (D) ANY OTHER CRITERIA SET BY THE COMMISSIONER.
   § 504. PROGRAM  ADMINISTRATION.  1.  (A) THE PROGRAM ADMINISTRATOR MAY
 DEPLOY CAPITAL TO APPROVED PROVIDERS FOR WORKFORCE TRAINING OF  ELIGIBLE
 PARTICIPANTS IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE.
   (B)  APPROVED PROVIDERS MAY BE IN ANY EMPLOYMENT FIELD, SUBJECT TO THE
 DISCRETION OF THE PROGRAM ADMINISTRATOR.
 S. 9376                             3
 
   (C) THE PROGRAM ADMINISTRATOR SHALL  DEPLOY  CAPITAL  TO  AN  APPROVED
 PROVIDER  FOR WORKFORCE TRAINING SUBJECT TO THE PROVISIONS OF THIS ARTI-
 CLE AND ANY OTHER REQUIREMENT AS THE COMMISSIONER SHALL  DEEM  NECESSARY
 AND ADVISABLE.
   (D)  AN  APPROVED PROVIDER SHALL SECURE POST-TRAINING EMPLOYMENT FOR A
 PARTICIPANT WHO COMPLETES A WORKFORCE TRAINING PROGRAM.
   (E) AN APPROVED PROVIDER SHALL NOT CONSIDER THE CREDIT  WORTHINESS  OF
 ANY  APPLICANT  IN  DETERMINING  ELIGIBILITY  FOR  PARTICIPATION  IN THE
 PROGRAM.
   2. (A) THE APPROVED PROVIDER SHALL ENTER INTO CONTRACTS WITH  ELIGIBLE
 PARTICIPANTS  WHICH  SHALL  STIPULATE THAT PARTICIPANTS SHALL ONLY INCUR
 PAYMENT OBLIGATIONS FOR THE COSTS OF A TRAINING PROGRAM  BASED  ON  SUCH
 PARTICIPANT'S  MONTHLY SALARY FOLLOWING COMPLETION OF A WORKFORCE TRAIN-
 ING PROGRAM AND SUBSEQUENTLY SECURING EMPLOYMENT WITH AN  ANNUAL  SALARY
 IN EXCESS OF FIFTY THOUSAND DOLLARS.
   (B) FOR PURPOSES OF THIS SUBDIVISION "ANNUAL SALARY" SHALL NOT INCLUDE
 A  SPOUSE'S  INCOME,  RETIREMENT PENSIONS AND ANNUITIES, SOCIAL SECURITY
 BENEFITS, SOURCES OF STATE AND FEDERAL AID INCLUDING,  BUT  NOT  LIMITED
 TO,  UNEMPLOYMENT  PROGRAMS, DISASTER RELIEF PROGRAMS, MEDICARE OR MEDI-
 CAID BENEFITS, ECONOMIC IMPACT  PAYMENTS,  EARNED  INCOME  TAX  CREDITS,
 CHILD  TAX  CREDITS,  OTHER  INCOME  EXCLUDED  AS TAXABLE BY THE FEDERAL
 INTERNAL REVENUE SERVICE, PASSIVE INCOME NOT RELATED  TO  THE  FULL-TIME
 EMPLOYMENT, AND ANY OTHER SOURCES AS DETERMINED BY THE COMMISSIONER.
   (C)  ELIGIBLE  PARTICIPANTS  SHALL  NOT  BE REQUIRED TO PAY TUITION OR
 OTHER UPFRONT PAYMENTS IN EXCHANGE FOR RECEIVING TRAINING UNDER THE GOOD
 JOBS GUARANTEE PROGRAM, EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION.
   3. (A) PAYMENT OBLIGATIONS, PURSUANT TO CONTRACTS ENTERED  INTO  UNDER
 THE  PROGRAM,  SHALL BE MADE TO THE APPROVED PROVIDER ON A MONTHLY BASIS
 AT A VARIABLE PERCENTAGE OF AN ELIGIBLE PARTICIPANT'S  SALARY,  BUT  THE
 VARIABLE  PERCENTAGE  SHALL  NOT  EXCEED  TWENTY PERCENT OF THE ELIGIBLE
 PARTICIPANT'S TOTAL ANNUAL SALARY.
   (B) THE MAXIMUM REPAYMENT PERIOD SHALL NOT EXCEED EIGHT YEARS FROM THE
 START OF TRAINING, AND CONTRACTS BETWEEN APPROVED PROVIDERS AND ELIGIBLE
 PARTICIPANTS SHALL STIPULATE A TOTAL PAYMENT OBLIGATION AMOUNT.
   (C) THE PROGRAM ADMINISTRATOR SHALL ESTABLISH AN ALLOWANCE  FOR  HARD-
 SHIP  EXCEPTIONS  TOTALING  A MINIMUM OF THREE MONTHS OF LATE OR EXCUSED
 PAYMENTS. ANY FEES ESTABLISHED FOR LATE PAYMENTS SHALL NOT  EXCEED  FIVE
 PERCENT OF THE MONTHLY PAYMENT OBLIGATION AMOUNT.
   (D) NO INTEREST SHALL ACCRUE ON ANY OBLIGATIONS DUE.
   (E)  PAYMENT  OBLIGATIONS  SHALL NOT BE STRUCTURED AS AN OUTCOME-BASED
 FINANCING LOAN TO PARTICIPANTS IN THE PROGRAM.
   (F) THERE SHALL BE NO RESTRICTIONS ON THE TYPE OR FIELD OF  EMPLOYMENT
 A  PARTICIPANT  MAY  ACCEPT FOLLOWING COMPLETION OF A WORKFORCE TRAINING
 PROGRAM UNDER THIS ARTICLE.
   § 2. Section 1 of chapter 174 of the laws of  1968,  constituting  the
 New York state urban development corporation act, is amended by adding a
 new section 60 to read as follows:
   § 60. NEW YORK STATE GOOD JOBS PROGRAM GUARANTOR FUND. 1. DEFINITIONS.
 (A)  FOR  THE PURPOSES OF THIS SECTION THE TERMS "APPROVED PROVIDER" AND
 "PROGRAM ADMINISTRATOR" SHALL HAVE THE MEANINGS SET FORTH IN ARTICLE  28
 OF THE ECONOMIC DEVELOPMENT LAW.
   (B)  "GUARANTOR  FUND"  SHALL MEAN A FUND TOTALING ONE HUNDRED MILLION
 DOLLARS FOR THE PURPOSE OF A CREDIT ENHANCEMENT TO ATTRACT INVESTMENT IN
 PRIVATE MARKETS MANAGED BY THE PROGRAM ADMINISTRATOR UNDER THE GOOD JOBS
 GUARANTEE PROGRAM.   THE GUARANTOR FUND SHALL NOT  BE  USED  FOR  DIRECT
 INVESTMENT TO APPROVED PROVIDERS.
 S. 9376                             4
 
   (C)  "COMMISSIONER"  SHALL  MEAN THE COMMISSIONER OF ECONOMIC DEVELOP-
 MENT.
   2.  GOOD  JOBS  PROGRAM GUARANTOR FUND. THE CORPORATION, OR ITS AGENT,
 SHALL ESTABLISH A GOOD JOBS PROGRAM GUARANTOR FUND TO PROVIDE A  MINIMUM
 LOSS  RESERVE  TO  ACT  AS  A CREDIT ENHANCEMENT FOR FUNDS RAISED BY THE
 PROGRAM ADMINISTRATOR TO ASSIST APPROVED  PROVIDERS  OFFERING  WORKFORCE
 TRAINING  PURSUANT  TO  ARTICLE  28  OF  THE  ECONOMIC  DEVELOPMENT LAW.
 FURTHER, THE CORPORATION SHALL PROVIDE APPROVAL FOR THE DISBURSEMENTS OF
 THE GOOD JOBS PROGRAM  GUARANTOR  FUND  BY  THE  PROGRAM  ADMINISTRATOR.
 DISBURSEMENTS  FROM  THE  FUND SHALL ONLY BE MADE IF THE TERMS OF A GOOD
 JOBS GUARANTEE PROGRAM CONTRACT AS AGREED TO BY SUCH PROGRAM ADMINISTRA-
 TOR AND AN APPROVED PROVIDER CANNOT BE MET AND SHALL BE SUBJECT  TO  THE
 APPROVAL OF THE COMMISSIONER.
   3.  ADMINISTRATION  OF  THE  GOOD JOBS PROGRAM GUARANTOR FUND. (A) THE
 CORPORATION IS HEREBY AUTHORIZED TO:
   (I) ENTER INTO A CONTRACT WITH A PROGRAM ADMINISTRATOR TO  ACT  AS  AN
 AGENT  OF THE CORPORATION WITH RESPECT TO THE ADMINISTRATION OF THE GOOD
 JOBS GUARANTEE PROGRAM AND GUARANTOR FUND, PROVIDED THAT THE CORPORATION
 SHALL PROVIDE APPROVAL FOR DISBURSEMENTS OF THE GUARANTOR FUND;
   (II) CONDUCT AN ANNUAL REVIEW AND ASSESSMENT  OF  THE  PERFORMANCE  OF
 SUCH  PROGRAM  ADMINISTRATOR  IN  ITS CAPACITY AS AN AGENT OF THE CORPO-
 RATION, TO DETERMINE WHETHER  THE  CONTRACT  FOR  THE  SERVICES  OF  THE
 PROGRAM  ADMINISTRATOR  SHOULD BE RENEWED. SUCH REVIEW SHALL BE BASED ON
 WHETHER SUCH PROGRAM ADMINISTRATOR HAS SATISFACTORILY MET THE TERMS  AND
 CONDITIONS OF SUCH CONTRACT;
   (III) ALLOW SUCH PROGRAM ADMINISTRATOR THE OPPORTUNITY TO MAKE CORREC-
 TIVE  ACTION  WHERE  AN  INITIAL  DETERMINATION  HAS BEEN MADE THAT SUCH
 PROGRAM ADMINISTRATOR'S PERFORMANCE IS UNSATISFACTORY; AND
   (IV) SUBMIT TO THE SPEAKER OF THE ASSEMBLY AND THE TEMPORARY PRESIDENT
 OF  THE  SENATE  THE  CORPORATION'S  RECOMMENDATION  TO  TERMINATE  SUCH
 CONTRACT  WITH  THE  PROGRAM  ADMINISTRATOR  UPON A FINAL REVIEW OF SUCH
 PROGRAM ADMINISTRATOR'S PERFORMANCE AND  CONCLUSION  THAT  SUCH  PROGRAM
 ADMINISTRATOR'S  PERFORMANCE  IS  UNSATISFACTORY.  THE CORPORATION SHALL
 BEGIN A COMPETITIVE BID PROCESS TO SELECT A  NEW  PROGRAM  ADMINISTRATOR
 UPON THE TERMINATION OF SUCH CONTRACT.
   (B)  ANY  CONTRACT  ENTERED INTO PURSUANT TO SUBPARAGRAPH (I) OF PARA-
 GRAPH (A) OF THIS SUBDIVISION SHALL:
   (I) BE FOR A PERIOD OF TEN YEARS AND SHALL BE  RENEWED  FOR  AN  ADDI-
 TIONAL TEN-YEAR PERIOD SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH (II) OF
 PARAGRAPH (A) OF THIS SUBDIVISION; AND
   (II)  PROVIDE  FOR COMPENSATION OF EXPENSES IN ACCORDANCE WITH REASON-
 ABLE  MARKET  STANDARDS  INCURRED  BY  THE  PROGRAM   ADMINISTRATOR   IN
 CONNECTION  WITH SUCH SERVICES PROVIDED BY THE PROGRAM ADMINISTRATOR AND
 FOR SUCH OTHER SERVICES AS THE CORPORATION MAY DEEM NECESSARY INCLUDING,
 BUT NOT LIMITED TO, THE USE OF PREMISES, PERSONNEL, TECHNICAL ASSISTANCE
 AND PERSONAL PROPERTY OF SUCH PROGRAM ADMINISTRATOR.
   4. DUTIES OF THE  PROGRAM  ADMINISTRATOR.  THE  PROGRAM  ADMINISTRATOR
 SHALL:
   (A)  STRUCTURE  AND  RAISE  CAPITAL  FROM  PRIVATE, PHILANTHROPIC, AND
 PUBLIC INVESTORS USING THE GUARANTOR FUND AS A CREDIT ENHANCEMENT.  SUCH
 CAPITAL  RAISED  SHALL  BE  USED  TO SUPPORT WORKFORCE TRAINING PROVIDED
 UNDER THE GOOD JOBS GUARANTEE PROGRAM;
   (B) ENTER INTO CONTRACTS WITH APPROVED  PROVIDERS  TO  DEPLOY  CAPITAL
 RAISED  TO  APPROVED  PROVIDERS  TO SUPPORT WORKFORCE TRAINING UNDER THE
 GOOD JOBS GUARANTEE PROGRAM PURSUANT  TO  ARTICLE  28  OF  THE  ECONOMIC
 DEVELOPMENT LAW AND MANAGE THE INVESTMENT RETURNS; AND
 S. 9376                             5
 
   (C) PERFORM ANY OTHER DUTIES AS DEEMED NECESSARY BY THE COMMISSIONER.
   5.  RULES  AND  REGULATIONS.  THE  COMMISSIONER MAY ADOPT ANY RULES OR
 REGULATIONS NECESSARY TO EFFECTUATE THE PURPOSES OF THIS SECTION.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such effective date.

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Senate Bill S9376

Sponsored By

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

co-Sponsors

2023-S9376 (ACTIVE) - Details

2023-S9376 (ACTIVE) - Summary

2023-S9376 (ACTIVE) - Sponsor Memo

2023-S9376 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9376

Share this bill

Sponsored By

Michael Gianaris

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

co-Sponsors

Leroy Comrie

Iwen Chu

2023-S9376 (ACTIVE) - Details

2023-S9376 (ACTIVE) - Summary

2023-S9376 (ACTIVE) - Sponsor Memo

2023-S9376 (ACTIVE) - Bill Text download pdf

Comments