A3503-2011 Actions

• May 15, 2012: held for consideration in economic development
• Jan 4, 2012: referred to economic development
• Jan 25, 2011: referred to economic development

A3503-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3503
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 25, 2011
 
 Introduced by M. of A. GLICK, GOTTFRIED, MAISEL -- Multi-Sponsored by -
 M.  of  A.  PHEFFER,  SWEENEY,  TOWNS -- read once and referred to the
 Committee on Economic Development
 

AN ACT to amend the economic development law  and  the  New  York  state
 urban  development corporation act, in relation to limiting the use of
 economic development funds to certain corporations
 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
 section 107 to read as follows:

 

S 107. RESTRICTIONS ON ECONOMIC DEVELOPMENT FUNDING TO CERTAIN  CORPO
 RATIONS.  NO  ECONOMIC  DEVELOPMENT  LOANS, GRANTS OR OTHER FUNDS MAY BE
 PROVIDED UNDER THE PROVISIONS OF THIS CHAPTER TO ANY PERSON, FIRM, PART
 NERSHIP OR CORPORATION WHERE THE CHIEF EXECUTIVE OFFICER OF  SUCH  BUSI
 NESS  ENTITY  RECEIVES  A  SALARY,  INCLUDING ALL REMUNERATION, BONUSES,
 STOCK AND BENEFITS, WHICH IS MORE THAN TWENTY-FIVE TIMES THE  AMOUNT  OF
 THE  SALARY  OF  THE  LOWEST  PAID EMPLOYEE OF SUCH BUSINESS ENTITY. THE
 SALARY OF ANY PART TIME EMPLOYEE  SHALL  BE  DETERMINED  ON  A  PRORATED
 BASIS,  AND  CALCULATED  AS IF SUCH EMPLOYEE WAS EMPLOYED FULL TIME. THE
 COMMISSIONER SHALL REQUEST AND EXAMINE THE PAYROLL RECORDS AND ANY OTHER
 RECORDS OF ANY BUSINESS ENTITY WHICH RECEIVES OR APPLIES FOR  ANY  LOAN,
 GRANT  OR  ECONOMIC  DEVELOPMENT  FUNDING  UNDER  THIS CHAPTER WHICH ARE
 NECESSARY TO DETERMINE THE SALARY AMOUNTS PURSUANT TO THIS SECTION.
 

S 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 5-a to read as follows:

 

S  5-A. RESTRICTIONS ON ECONOMIC DEVELOPMENT FUNDING TO CERTAIN CORPO
 RATIONS. NO ECONOMIC DEVELOPMENT LOANS, GRANTS OR  OTHER  FUNDS  MAY  BE
 PROVIDED  UNDER THE PROVISIONS OF THIS ACT TO ANY PERSON, FIRM, PARTNER
 SHIP OR CORPORATION WHERE THE CHIEF EXECUTIVE OFFICER OF  SUCH  BUSINESS
 ENTITY RECEIVES A SALARY, INCLUDING ALL REMUNERATION, BONUSES, STOCK AND
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05952-01-1
 
       A. 3503                             2
 BENEFITS,  WHICH IS MORE THAN TWENTY-FIVE TIMES THE AMOUNT OF THE SALARY
 OF THE LOWEST PAID EMPLOYEE OF SUCH BUSINESS ENTITY. THE SALARY  OF  ANY
 PART  TIME  EMPLOYEE SHALL BE DETERMINED ON A PRORATED BASIS, AND CALCU
 LATED AS IF SUCH EMPLOYEE WAS EMPLOYED FULL TIME. THE BOARD OF DIRECTORS
 OF THE CORPORATION SHALL REQUEST AND EXAMINE THE PAYROLL RECORDS AND ANY
 OTHER  RECORDS  OF ANY BUSINESS ENTITY WHICH RECEIVES OR APPLIES FOR ANY
 LOAN, GRANT OR ECONOMIC DEVELOPMENT FUNDING UNDER  THIS  ACT  WHICH  ARE
 NECESSARY TO DETERMINE THE SALARY AMOUNTS PURSUANT TO THIS SECTION.
 

S  3. This act shall take effect on the first of January next succeed
 ing the date on which it shall have become a law.

*By contributing or voting you agree to the Terms of Participation and Privacy Policy and verify you are over 13.

Discuss!