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.
STATE OF NEW YORK
________________________________________________________________________
3054
2013-2014 Regular Sessions
IN ASSEMBLY
January 23, 2013
___________
Introduced by M. of A. SCHIMMINGER, GALEF, MORELLE, MAGNARELLI, LUPARDO,
JAFFEE -- Multi-Sponsored by -- M. of A. AUBRY, BRENNAN, CAHILL,
COLTON, FARRELL, GOTTFRIED, HOOPER, P. LOPEZ, ROBINSON, SWEENEY, WEIS-
ENBERG, 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:
1 Section 1. Section 214 of the state finance law, as amended by section
2 1 of part P of chapter 59 of the laws of 2007, is amended to read as
3 follows:
4 § 214. Establishment and purpose; linked deposit program authori-
5 zation. The excelsior linked deposit program is hereby created. The
6 purpose of the program is to encourage and assist eligible businesses
7 within the state to undertake eligible projects that will materially
8 contribute to improving their performance and competitiveness. The comp-
9 troller is hereby authorized to use any moneys of the state the comp-
10 troller is authorized to invest pursuant to section ninety-eight-a of
11 this chapter as linked deposits for the program. Not more than [four]
12 five hundred [sixty] twenty-five million dollars of such moneys shall be
13 on deposit pursuant to the program at any given time. The commissioner
14 of taxation and finance is hereby authorized to use funds in the linked
15 deposit program fund established pursuant to section ninety-two-v of
16 this chapter as linked deposits for the program. Not more than one
17 hundred million dollars from the linked deposit program fund shall be on
18 deposit pursuant to the program at any given time.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06784-01-3
