Authorizes the North Country Alliance Local Development Corporation to utilize interest derived from such entity's trust fund to cover administrative costs.
STATE OF NEW YORK
________________________________________________________________________
3016
2017-2018 Regular Sessions
IN SENATE
January 19, 2017
___________
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions
AN ACT in relation to authorizing the North Country Alliance Local
Development Corporation to utilize interest derived from the North
Country Alliance trust fund to cover administrative costs
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other law, rule or regulation to the
2 contrary, the regional corporation is hereby authorized to pay adminis-
3 trative costs using interest derived from the trust fund.
4 For the purposes of this act, the terms "administrative costs",
5 "regional corporation" and "trust fund" shall have the same meaning as
6 defined in the agreement entered into in 1989 between the North Country
7 Alliance Local Development Corporation and the New York State Urban
8 Development Corporation.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08234-01-7
