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

                                  4251

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08065-01-5

              

A. 4251                             2

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
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, 2016, 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 corpo-
ration 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, 2016, 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  corpo-
ration  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.

A. 4251                             3

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
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, 2016, 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 corpo-
ration 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, 2016, 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:

A. 4251                             4

  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.
  14-A.  BEGINNING  JANUARY  1,  2016,  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.