Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

---

S4227-2011 Actions

• Jan 4, 2012: REFERRED TO FINANCE
• Mar 24, 2011: REFERRED TO FINANCE

S4227-2011 Memo

BILL NUMBER:S4227

TITLE OF BILL:
An act
to amend the state finance law, in relation to the excelsior linked
deposit program

PURPOSE OR GENERAL IDEA OF BILL:
This legislation would increase by
$65 million the amount of funds that the Comptroller can place on
deposit to ensure the viability of the Excelsior Linked Deposit
Program.

SUMMARY OF SPECIFIC PROVISIONS:
� 1- Section 214 of the State Finance Law, as amended by section 1 of
part P of Chapter 59 of the Laws of 2007, is amended to increase the
statutory cap on state funds authorized for deposit by the
Comptroller for the Excelsior Linked Deposit Program to $525 million.
This would be a $65 million increase in the total amount of funds
that the Comptroller can place on deposit at any given time.

� 2- Effective date.

EXISTING LAW:
Pursuant to section 1 of part P of Chapter 59 of the
Laws of 2007, the total amount of funds that the Comptroller can
place on deposit at any given time is $460 million.

JUSTIFICATION:
In order to ensure sufficient funding for the continued
viability of the Excelsior Linked Deposit Program, it is necessary to
increase the statutory cap on funds authorized for deposit by the
Comptroller for the Excelsior Linked Deposit Program from $460
million to $525 million.

PRIOR LEGISLATIVE HISTORY:
2009-2010: A.2850
2007-2008: A.2954/S.674
2005-2006: A.10468/S.7312

FISCAL IMPLICATIONS:
This legislation would require a $65 million
increase in state funds authorized for the Excelsior Linked Deposit
Program.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

S4227-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    4227

                         2011-2012 Regular Sessions

                              I N  SENATE

                               March 24, 2011
                                 ___________

  Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
    printed to be committed to the Committee on Finance

  AN ACT to amend the state finance law,  in  relation  to  the  excelsior
    linked deposit program

    THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section 1. Section 214 of the state finance law, as amended by section
  1 of part P of chapter 59 of the laws of 2007, is  amended  to  read  as
  follows:

    S  214.  Establishment  and  purpose;  linked deposit program authori-
  zation.  The excelsior linked deposit program  is  hereby  created.  The
  purpose  of  the  program is to encourage and assist eligible businesses
  within the state to undertake eligible  projects  that  will  materially
  contribute to improving their performance and competitiveness. The comp-
  troller  is  hereby  authorized to use any moneys of the state the comp-
  troller is authorized to invest pursuant to  section  ninety-eight-a  of
  this  chapter  as  linked deposits for the program. Not more than [four]
  FIVE hundred [sixty] TWENTY-FIVE million dollars of such moneys shall be
  on deposit pursuant to the program at any given time.  The  commissioner
  of  taxation and finance is hereby authorized to use funds in the linked
  deposit program fund established pursuant  to  section  ninety-two-v  of
  this  chapter  as  linked  deposits  for  the program. Not more than one
  hundred million dollars from the linked deposit program fund shall be on
  deposit pursuant to the program at any given time.
    S 2. This act shall take effect immediately.



   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD06161-01-1