New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

S09322 Summary:

S09322 Actions:

S09322 Committee Votes:

S09322 Floor Votes:

S09322 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9322
 
                    IN SENATE
 
                                      May 10, 2024
                                       ___________
 
        Introduced  by  Sens.  HARCKHAM,  ADDABBO -- (at request of the Environ-
          mental Facilities Corporation) -- read twice and ordered printed,  and
          when printed to be committed to the Committee on Environmental Conser-
          vation
 
        AN ACT to amend the environmental conservation law, in relation to water
          pollution control revolving fund agreements

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph a of subdivision 3  of  section  17-1909  of  the
     2  environmental conservation law, as amended by chapter 259 of the laws of
     3  2021, is amended to read as follows:
     4    a.  The corporation is authorized to promulgate regulations, developed
     5  in consultation with the commissioner and the director of  the  division
     6  of  the  budget,  for  the  purpose of carrying out its responsibilities
     7  under this section, including establishing criteria  and  standards  for
     8  determining  the amount of financial assistance to a municipality for an
     9  eligible project. To the extent financial assistance to  a  municipality
    10  for an eligible project is provided as a loan from the proceeds of bonds
    11  or  notes  of the corporation, the amount of an allocation applicable to
    12  the portion of such eligible project financed with such loan  shall  be,
    13  subject to such maximum financial limitations as may otherwise be neces-
    14  sary and prescribed by the commissioner and the director of the division
    15  of  the  budget,  thirty-three  and  one-third  percent of the principal
    16  amount of such loan outstanding at any time for such  eligible  project,
    17  to  the  extent reasonably practicable, and subject to such deviation as
    18  may be necessary, in connection with the administration  and  investment
    19  of  moneys  in  the  fund,  unless  allocations in differing amounts are
    20  necessary to preclude a determination by the commissioner or the  corpo-
    21  ration  pursuant  to paragraph e of subdivision eight of this section or
    22  unless an allocation in a differing amount is required for an innovative
    23  technology demonstration project; provided, however, that in the case of
    24  any municipality which has, during the period commencing on June  first,
    25  nineteen hundred ninety-two and ending on September thirtieth, two thou-
    26  sand [twenty-four] twenty-seven, (i) submitted an application for finan-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14288-01-4
        S. 9322                             2
 
     1  cial  assistance  in  the  form  of such a loan for an eligible project,
     2  which application has been accepted by the corporation, (ii)  closed  on
     3  such  loan,  and  (iii) commenced construction of such eligible project,
     4  the  allocation  applicable to the portion of such project financed with
     5  such loan shall be, subject to  maximum  financial  limitations  as  may
     6  otherwise be necessary and prescribed by the commissioner and the direc-
     7  tor  of  the  division  of  the  budget,  fifty percent of the principal
     8  balance outstanding on such loan at any time for such eligible  project,
     9  to  the  extent reasonably practicable, and subject to such deviation as
    10  may be necessary, in connection with the administration  and  investment
    11  of  moneys  in  the  fund,  unless  allocations in differing amounts are
    12  necessary to preclude a determination by the commissioner or the  corpo-
    13  ration  pursuant  to paragraph e of subdivision eight of this section or
    14  unless an allocation in a differing amount is required for an innovative
    15  technology demonstration project.
    16    § 2. The closing paragraph of subdivision 8 of section 17-1909 of  the
    17  environmental conservation law, as amended by chapter 259 of the laws of
    18  2021, is amended to read as follows:
    19    The interest rate charged on any loan made by the corporation pursuant
    20  to  this subdivision shall be no more than two-thirds of the market rate
    21  of interest otherwise applicable thereto, provided, however, that in the
    22  case of any municipality which has, during the period commencing on June
    23  first, nineteen hundred ninety-two and ending  on  September  thirtieth,
    24  two  thousand  [twenty-four]  twenty-seven, (i) submitted an application
    25  for financial assistance in the form of  a  loan  from  the  corporation
    26  pursuant to this subdivision, for an eligible project, which application
    27  has  been  accepted  by  the  corporation, (ii) closed on such loan, and
    28  (iii) commenced construction of such eligible project, the interest rate
    29  charged on such loan shall be no more than one-half of the  market  rate
    30  otherwise applicable thereto.
    31    § 3. This act shall take effect immediately.