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.

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A3139-2011 Actions

• Feb 14, 2012: reported referred to ways and means
• Jan 4, 2012: referred to economic development
• Apr 11, 2011: reported referred to ways and means
• Jan 24, 2011: referred to economic development

A3139-2011 Text

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

                                    3139

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                              January 24, 2011
                                 ___________

  Introduced  by  M.  of A. SCHIMMINGER, GALEF, MORELLE, BING, MAGNARELLI,
    LUPARDO -- Multi-Sponsored by -- M.  of  A.  AUBRY,  BRENNAN,  CAHILL,
    COLTON,  DESTITO, FARRELL, GOTTFRIED, HOOPER, HOYT, PHEFFER, ROBINSON,
    SWEENEY, TOWNS, WEISENBERG, WRIGHT -- read once and  referred  to  the
    Committee on Economic Development

  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