New York State Assembly

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S04227 Summary:

BILL NO	S04227
SAME AS	SAME AS A03139
SPONSOR	ALESI
COSPNSR	GALLIVAN
MLTSPNSR
Amd S214, St Fin L
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.

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S04227 Actions:

BILL NO	S04227
03/24/2011	REFERRED TO FINANCE
01/04/2012	REFERRED TO FINANCE

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S04227 Floor Votes:

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S04227 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4227
 
                               2011-2012 Regular Sessions
 
                    IN SENATE
 
                                     March 24, 2011
                                       ___________
 
        Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Finance
 
        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.
                                                                   LBD06161-01-1

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