S T A T E   O F   N E W   Y O R K
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                                  3501

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2015
                               ___________

Introduced  by  M.  of  A.  GLICK,  GOTTFRIED, ABINANTI -- 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
BENEFITS,  WHICH IS MORE THAN TWENTY-FIVE TIMES THE AMOUNT OF THE SALARY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03854-01-5
              

A. 3501                             2

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.