STATE OF NEW YORK
________________________________________________________________________
687
2013-2014 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2013
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Introduced by M. of A. GIBSON, STEVENSON -- Multi-Sponsored by -- M. of
A. BRENNAN, HOOPER -- read once and referred to the Committee on Ways
and Means
AN ACT to amend the state finance law, in relation to restricting state
borrowing where the purpose or effect of such borrowing would aid in
the relocation of any enterprise, business or similar activity from an
economically challenged neighborhood
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The state finance law is amended by adding a new section
2 55-a to read as follows:
3 § 55-a. Restriction on borrowing; economically challenged neighbor-
4 hood. 1. The state, its agencies and authorities shall not incur any
5 debt or authorize or issue any bonds, the purpose or effect of which
6 would be to aid in the relocation of any enterprise, business, or simi-
7 lar activity from an economically challenged neighborhood in the state
8 of New York.
9 2. Definitions. (a) For the purposes of this section, an "economically
10 challenged neighborhood" shall mean an area with a population of at
11 least two thousand, which, based on the most recent census tract data
12 available constitutes a single census tract or group of census tracts
13 having the following statistical profile:
14 (i) a poverty rate of at least twenty percent for the year to which
15 the data relate; or
16 (ii) for which at least twenty percent of the population receives
17 public assistance for the year to which the data relate; and
18 (iii) an unemployment rate of at least 1.25 times the statewide unem-
19 ployment rate for the year to which the data relate.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02038-01-3
A. 687 2
1 (b) For the purposes of this section, a census tract which is contig-
2 uous to an area which meets the criteria in paragraph (a) of this subdi-
3 vision shall be deemed to be an economically challenged neighborhood.
4 § 2. This act shall take effect immediately.
