STATE OF NEW YORK
________________________________________________________________________
5176
2011-2012 Regular Sessions
IN ASSEMBLY
February 14, 2011
___________
Introduced by M. of A. P. RIVERA -- read once and referred to the
Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, the not-for-profit corpo-
ration law and the general municipal law, in relation to borrowing by
public authorities, not-for-profit corporations, and industrial devel-
opment agencies
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The public authorities law is amended by adding a new
2 section 2960-a to read as follows:
3 § 2960-a. Limitations on borrowing. No public authority or officer
4 thereof may take any action to authorize, approve, issue or otherwise
5 facilitate the issuance, marketing, sale or approval of any bond or
6 borrowing whose aggregate amount exceeds fifty million dollars unless 1.
7 the projects projected job creation and/or investment in the proposed
8 location or locations versus the total amount of benefits the business
9 enterprise will potentially receive shall be a ratio of at least 20:1,
10 the numerator of which is the sum of (a) the estimated value of all
11 wages and benefits paid to all existing and projected employees of the
12 business enterprise at the location or locations and (b) the estimated
13 value of capital investments for the location or locations, and the
14 denominator of which is the estimated amount of total benefits that may
15 be used by the business enterprise; and 2. the cost of creation of
16 permanent new jobs is less than fifty thousand dollars.
17 § 2. Section 506 of the not-for-profit corporation law is amended by
18 adding a new paragraph (e) to read as follows:
19 (e) Limitations on borrowing. No not-for-profit corporation or officer
20 thereof may take any action to authorize, approve, issue or otherwise
21 facilitate the issuance, marketing, sale or approval of any bond or
22 borrowing whose aggregate amount exceeds fifty million dollars unless
23 (1) the projects projected job creation and/or investment in the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04157-01-1
A. 5176 2
1 proposed location or locations versus the total amount of benefits the
2 business enterprise will potentially receive shall be a ratio of at
3 least 20:1, the numerator of which is the sum of (i) the estimated value
4 of all wages and benefits paid to all existing and projected employees
5 of the business enterprise at the location or locations and (ii) the
6 estimated value of capital investments for the location or locations,
7 and the denominator of which is the estimated amount of total benefits
8 that may be used by the business enterprise; and (2) the cost of
9 creation of permanent new jobs is less than fifty thousand dollars.
10 § 3. The general municipal law is amended by adding a new section
11 858-c to read as follows:
12 § 858-c. Limitations on borrowing. No industrial development agency or
13 officer thereof may take any action to authorize, approve, issue or
14 otherwise facilitate the issuance, marketing, sale or approval of any
15 bond or borrowing whose aggregate amount exceeds fifty million dollars
16 unless (1) the projects projected job creation and/or investment in the
17 proposed location or locations versus the total amount of benefits the
18 business enterprise will potentially receive shall be a ratio of at
19 least 20:1, the numerator of which is the sum of (i) the estimated value
20 of all wages and benefits paid to all existing and projected employees
21 of the business enterprise at the location or locations and (ii) the
22 estimated value of capital investments for the location or locations,
23 and the denominator of which is the estimated amount of total benefits
24 that may be used by the business enterprise; and (2) the cost of
25 creation of permanent new jobs is less than fifty thousand dollars.
26 § 4. This act shall take effect immediately.
