S T A T E   O F   N E W   Y O R K
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                                  10065

                          I N  A S S E M B L Y

                              June 10, 2014
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of M. of A. Scarborough)
  -- read once and referred to the Committee on Small Business

AN ACT to amend the New York state urban development corporation act, in
  relation to the regional revolving loan program

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

  Section 1. Section 16-a of 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 subdivision 3-a to read as follows:
  (3-A)  NOTWITHSTANDING SUBDIVISION THREE OF THIS SECTION, WHERE APPLI-
CABLE, THE CORPORATION IS AUTHORIZED TO ENTER INTO AGREEMENTS AS MAY  BE
NECESSARY   FOR  THE  ADMINISTRATION  AND  REPORTING  OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET  FORTH IN SUBDIVISION FOUR OF THIS SECTION, TO PROVIDE
FINANCIAL ASSISTANCE TO ELIGIBLE REGIONAL  CORPORATIONS  AS  DEFINED  IN
SUBDIVISION  EIGHTEEN  OF  SECTION  THREE  OF  THIS  ACT.    OUTSTANDING
EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR  TO  THE  EFFECTIVE
DATE OF THIS SUBDIVISION SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF
THE ORIGINAL CONTRACT OR CONTRACTS.
  S 2. Subdivision 20 of section 16-a of section 1 of chapter 174 of the
laws  of  1968, constituting the New York state urban development corpo-
ration act, as amended by chapter 524 of the laws of 2005, is amended to
read as follows:
  (20) Reporting. (A) THE  LENDING  ORGANIZATION  SHALL  SUBMIT  TO  THE
CORPORATION  ANNUAL  REPORTS  STATING: THE NUMBER OF PROGRAM LOANS MADE;
THE AMOUNT OF PROGRAM FUNDING USED FOR LOANS; THE USE OF  LOAN  PROCEEDS
BY  THE  BORROWER; THE NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION
OF THE ECONOMIC DEVELOPMENT GENERATED; THE STATUS  OF  EACH  OUTSTANDING
PROGRAM  LOAN, INCLUDING FUND BALANCE; AND SUCH OTHER INFORMATION AS THE
CORPORATION MAY REQUIRE.
  (B) The corporation shall, on or before October  1,  1988  and  on  or
before  each  October  first thereafter, submit a report to the governor

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

                                                           LBD13766-02-4

A. 10065                            2

and the  legislature  on  the  operations  and  accomplishments  of  the
regional  revolving loan program. Such report shall include a summary of
the information contained in the reports submitted pursuant to  subdivi-
sion  sixteen of this section and of the results of the audits performed
by the corporation pursuant to subdivision nineteen of this section, and
shall set forth the status of the regional revolving  loan  program  for
the previous fiscal year, including grants to the regional corporations,
earnings and account balances as reported to the corporation. The report
to  be  submitted on October 1, 2005 and on or before each October first
thereafter shall be consolidated with the annual program report  of  the
corporation  required under the provisions of subdivision (b) of section
thirty of this act, as amended.
  (C) BEGINNING JANUARY 1, 2015, NOTWITHSTANDING ANY LAW TO THE  CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION.
  S  3. Subdivision 2 of section 16-c of section 1 of chapter 174 of the
laws of 1968, constituting the New York state urban development act,  is
amended by adding a new paragraph (i) to read as follows:
  (I)  NOTWITHSTANDING  ANY  OTHER PROVISIONS OF THIS SUBDIVISION, WHERE
APPLICABLE, THE CORPORATION IS AUTHORIZED TO ENTER  INTO  AGREEMENTS  AS
MAY  BE  NECESSARY FOR THE ADMINISTRATION AND REPORTING OF FUNDS REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET  FORTH  UNDER  THIS  SUBDIVISION, TO PROVIDE FINANCIAL
ASSISTANCE TO ELIGIBLE BUSINESSES AS DEFINED IN SUBDIVISIONS  THREE  AND
FIVE  OF  SECTION  TWO  HUNDRED  TEN  OF  THE  ECONOMIC DEVELOPMENT LAW.
OUTSTANDING EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR TO  THE
EFFECTIVE  DATE  OF  THIS  PARAGRAPH  SHALL  BE SUBJECT TO THE TERMS AND
CONDITIONS OF THE ORIGINAL CONTRACT OR CONTRACTS.
  (I) THE LENDING ORGANIZATION SHALL SUBMIT TO  THE  CORPORATION  ANNUAL
REPORTS STATING: THE NUMBER OF PROGRAM LOANS MADE; THE AMOUNT OF PROGRAM
FUNDING  USED  FOR  LOANS; THE USE OF LOAN PROCEEDS BY THE BORROWER; THE
NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOMIC DEVEL-
OPMENT GENERATED; THE STATUS OF EACH OUTSTANDING PROGRAM LOAN, INCLUDING
FUND BALANCE; AND SUCH OTHER INFORMATION AS THE CORPORATION MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2015, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
  S 4. Subdivision 3 of section 16-c of section 1 of chapter 174 of  the
laws  of  1968 constituting the New York state urban development act, is
amended by adding two new paragraphs (d) and (e) to read as follows:
  (D) NOTWITHSTANDING ANY OTHER PROVISIONS OF  THIS  SUBDIVISION,  WHERE
APPLICABLE,  THE  CORPORATION  IS AUTHORIZED TO ENTER INTO AGREEMENTS AS
MAY BE NECESSARY FOR THE ADMINISTRATION AND REPORTING OF  FUNDS  REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS IN SECTION SIXTEEN-T OF THIS ACT. THE USE OF  SUCH  FUNDS  BY
THE  CORPORATION  SHALL  BE  CONSISTENT  WITH  THE TERMS, CONDITIONS AND
RESTRICTIONS SET FORTH UNDER  THIS  SUBDIVISION,  TO  PROVIDE  FINANCIAL
ASSISTANCE  TO  ELIGIBLE BUSINESSES AS DEFINED IN SUBDIVISIONS THREE AND
FIVE OF SECTION  TWO  HUNDRED  TEN  OF  THE  ECONOMIC  DEVELOPMENT  LAW.
OUTSTANDING  EXPENSES, LOANS AND OTHER OBLIGATIONS EXECUTED PRIOR TO THE
EFFECTIVE DATE OF THIS PARAGRAPH SHALL  BE  SUBJECT  TO  THE  TERMS  AND
CONDITIONS OF THE ORIGINAL CONTRACT OR CONTRACTS.
  (E)(I) THE LENDING ORGANIZATION SHALL SUBMIT TO THE CORPORATION ANNUAL
REPORTS STATING: THE NUMBER OF PROGRAM LOANS MADE; THE AMOUNT OF PROGRAM

A. 10065                            3

FUNDING  USED  FOR  LOANS; THE USE OF LOAN PROCEEDS BY THE BORROWER; THE
NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOMIC DEVEL-
OPMENT GENERATED; THE STATUS OF EACH OUTSTANDING PROGRAM LOAN, INCLUDING
FUND BALANCE; AND SUCH OTHER INFORMATION AS THE CORPORATION MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2015, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
  S  5. Subdivision 8 of section 16-d of section 1 of chapter 174 of the
laws of 1968, constituting the New York state urban development act,  is
amended by adding two new paragraphs (g-1) and (k-1) to read as follows:
  (G-1)  NOTWITHSTANDING  ANY OTHER PROVISION IN THIS SUBDIVISION, WHERE
APPLICABLE, THE CORPORATION IS AUTHORIZED TO ENTER  INTO  AGREEMENTS  AS
MAY  BE  NECESSARY FOR THE ADMINISTRATION AND REPORTING OF FUNDS REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET FORTH IN THIS SECTION, TO PROVIDE FINANCIAL ASSISTANCE
TO ELIGIBLE ENTITIES AS DESIGNATED UNDER THIS  SUBDIVISION.  OUTSTANDING
EXPENSES,  LOANS  AND  OTHER OBLIGATIONS EXECUTED PRIOR TO THE EFFECTIVE
DATE OF THIS PARAGRAPH SHALL BE SUBJECT TO THE TERMS AND  CONDITIONS  OF
THE ORIGINAL CONTRACT OR CONTRACTS.
  (K-1)  NOTWITHSTANDING  ANY OTHER PROVISION IN THIS SUBDIVISION, WHERE
APPLICABLE, THE CORPORATION IS AUTHORIZED TO ENTER  INTO  AGREEMENTS  AS
MAY  BE  NECESSARY FOR THE ADMINISTRATION AND REPORTING OF FUNDS REPAID,
RECEIVED,  EXPENDED  OR  COLLECTED  IN  A  MANNER  CONSISTENT  WITH  THE
PROVISIONS  IN  SECTION  SIXTEEN-T OF THIS ACT. THE USE OF SUCH FUNDS BY
THE CORPORATION SHALL BE  CONSISTENT  WITH  THE  TERMS,  CONDITIONS  AND
RESTRICTIONS  SET FORTH IN THIS SECTION, TO PROVIDE FINANCIAL ASSISTANCE
TO ELIGIBLE ENTITIES AS DESIGNATED UNDER THIS  SUBDIVISION.  OUTSTANDING
EXPENSES,  LOANS  AND  OTHER OBLIGATIONS EXECUTED PRIOR TO THE EFFECTIVE
DATE OF THIS PARAGRAPH SHALL BE SUBJECT TO THE TERMS AND  CONDITIONS  OF
THE ORIGINAL CONTRACT OR CONTRACTS.
  S 6. Subdivision 14 of section 16-d 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 (c) to read as follows:
  (C) (I) THE LENDING ORGANIZATION SHALL SUBMIT TO THE CORPORATION ANNU-
AL REPORTS STATING: THE NUMBER OF PROGRAM  LOANS  MADE;  THE  AMOUNT  OF
PROGRAM  FUNDING USED FOR LOANS; THE USE OF LOAN PROCEEDS BY THE BORROW-
ER; THE NUMBER OF JOBS CREATED OR RETAINED; A DESCRIPTION OF THE ECONOM-
IC DEVELOPMENT GENERATED; THE STATUS OF EACH OUTSTANDING  PROGRAM  LOAN,
INCLUDING  FUND  BALANCE;  AND SUCH OTHER INFORMATION AS THE CORPORATION
MAY REQUIRE.
  (II) BEGINNING JANUARY 1, 2015, NOTWITHSTANDING ANY LAW TO THE CONTRA-
RY, THE CORPORATION SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS REQUIRED
UNDER THIS PARAGRAPH AND PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION.
  S 7. Subdivision 14 of section 16-t of section 1 of chapter 174 of the
laws of 1968, constituting the New York state urban  development  corpo-
ration act, as amended by section 1 of part II of chapter 59 of the laws
of  2013,  is  amended  and  a  new subdivision 14-a is added to read as
follows:
  14. The lending organization shall submit to  the  corporation  annual
reports stating: the number of program loans made; the amount of program
funding  used  for  loans; the use of loan proceeds by the borrower; the
number of jobs created or retained; a description of the economic devel-
opment generated; the status of each outstanding program loan, INCLUDING
FUND BALANCE; and such other information as the corporation may require.

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  14-A. BEGINNING JANUARY  1,  2015,  NOTWITHSTANDING  ANY  LAW  TO  THE
CONTRARY,  THE  CORPORATION  SHALL PUBLISH ON ITS WEBSITE ANNUAL REPORTS
REQUIRED UNDER SUBDIVISION FOURTEEN OF THIS SECTION.
  S 8. This act shall take effect immediately.