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S07082 Summary:

Amd §§1951, 1952, 1953, 1955, 1956, 1957, 1958 & 1967, Pub Auth L
Updates certain references with respect to the Troy Industrial Development Authority; eliminates an automatic corporate termination clause when all bonds have been repaid; allows the Troy Industrial Development Authority to deposit and manage its own funds and accounts; adds certain retail restrictions; makes certain technical corrections.
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S07082 Actions:

06/09/2021referred to ways and means
06/10/2021substituted for a7086
06/10/2021ordered to third reading rules cal.767
06/10/2021passed assembly
06/10/2021returned to senate
11/03/2021SIGNED CHAP.579
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S07082 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                    IN SENATE
                                      May 27, 2021
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions
        AN  ACT  to  amend  the  public authorities law, in relation to updating
          certain references with respect to  the  Troy  Industrial  Development
          Authority,  eliminating an automatic corporate termination clause when
          all bonds have been repaid, allowing the Troy  Industrial  Development
          Authority  to  deposit  and  manage its own funds and accounts, adding
          certain retail restrictions and making certain technical corrections
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  1  of section 1951 of the public authorities
     2  law, as added by chapter 759 of the laws of 1967, is amended to read  as
     3  follows:
     4    1.  The  term  "authority"  shall mean the Troy Industrial Development
     5  Authority, the corporation created by  section  nineteen  hundred  [two]
     6  fifty-two of this title;
     7    § 2. Section 1952 of the public authorities law, as separately amended
     8  by  chapters  195  and  357  of  the laws of 1993, is amended to read as
     9  follows:
    10    § 1952. Troy industrial development authority. A board to be known  as
    11  the  "Troy  industrial  development  authority"  is hereby created. Such
    12  board shall be a body corporate and politic, constituting a public bene-
    13  fit corporation and its existence shall commence upon the appointment of
    14  the members as herein provided. Its members shall consist of  a  [chair-
    15  man]  chair  and  eight other members, all of whom shall be appointed by
    16  the [city manager] mayor of the city for a  term  of  three  years,  and
    17  shall  include two members of the common council of the city, one repre-
    18  sentative of the city school board, and one representative from each  of
    19  the  fields  of  business,  industry and labor. Every appointment to the
    20  board shall be subject to confirmation by  the  common  council  of  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 7082                             2
     1  city. The [chairman] chair and each member shall continue to serve until
     2  the  appointment  and confirmation of his or her successor. Vacancies in
     3  such board occurring otherwise than  by  expiration  of  term  shall  be
     4  filled by the [city manager] mayor by appointment for the unexpired term
     5  subject  to  confirmation  by  the common council of the city. The [city
     6  manager] mayor may remove the [chairman] chair  or  any  member  of  the
     7  board  for  inefficiency, neglect of duty or misconduct in office, after
     8  giving him or her a copy of the charges against him or her and an oppor-
     9  tunity of being heard in person, or by counsel, in his  or  her  defense
    10  upon  not  less  than ten days' notice. Such removal must be approved by
    11  the city council of the city. The members of the board shall be entitled
    12  to  no  compensation  for  their  services  but  shall  be  entitled  to
    13  reimbursement  for  their  actual and necessary expenses incurred in the
    14  performance of their official duties.  Notwithstanding any  inconsistent
    15  provisions  of law, general, special or local, no officer or employee of
    16  the city shall be deemed to have forfeited or shall forfeit his  or  her
    17  office or employment by reason of his or her acceptance of membership on
    18  the  board created by this section, provided, however, that a member who
    19  holds such other public office or employment shall receive no additional
    20  compensation or allowance for services rendered pursuant to this  title,
    21  but  shall be entitled to reimbursement for his or her actual and neces-
    22  sary expenses incurred in the performance of such services. The power of
    23  the authority shall be vested in and exercised  by  a  majority  of  the
    24  members  of  the  board. Such a board may delegate to one or more of its
    25  members, or to its officers,  agents  and  employees,  such  powers  and
    26  duties  as  it  may  deem proper. Such board and its corporate existence
    27  shall continue [until July  first,  nineteen  hundred  ninety-eight  and
    28  thereafter  until  all  its liabilities have been met and its bonds have
    29  been paid in full or such  liabilities  or  bonds  have  otherwise  been
    30  discharged]  in  accordance with section nineteen hundred sixty-seven of
    31  this title.  Upon its ceasing to exist, all rights and properties  shall
    32  pass to and be vested in the city.
    33    §  3.  The opening paragraph of section 1953 of the public authorities
    34  law, as amended by chapter 907 of the laws of 1972, is amended  to  read
    35  as follows:
    36    The  purposes of the authority shall be to promote, develop, encourage
    37  and assist in the acquiring,  constructing,  reconstructing,  improving,
    38  maintaining,  equipping  and furnishing industrial, manufacturing, ware-
    39  house, [and] commercial and  research  facilities  including  industrial
    40  pollution  control  facilities,  transportation facilities including but
    41  not limited to those relating to water, highway, rail and air, in one or
    42  more areas of the city, particularly but not exclusively at the site  of
    43  what  was  formerly  the  Troy  airport including an airstrip or airport
    44  located in the southern section of the city and thereby advance the  job
    45  opportunities,  health,  general  prosperity and economic welfare of the
    46  people of said city and to improve their standard of  living;  provided,
    47  however,  that  the  authority  shall  not  undertake any project if the
    48  completion thereof would result in the removal of an industrial or manu-
    49  facturing plant of the project occupant from one area of  the  state  to
    50  another area of the state or in the abandonment of one or more plants or
    51  facilities  of the project applicant located within the state, provided,
    52  however, that neither restriction shall apply  if  the  authority  shall
    53  determine  on the basis of the application before it that the project is
    54  reasonably necessary to discourage the project  occupant  from  removing
    55  such  other  plant  or  facility  to  a location outside the state or is
    56  reasonably necessary to preserve the competitive position of the project

        S. 7082                             3
     1  occupant in its respective industry. Except as otherwise provided for in
     2  this section, no financial assistance of the authority shall be provided
     3  in respect of any project where facilities or property that are primari-
     4  ly  used  in  making retail sales to customers who personally visit such
     5  facilities constitute more than one-third of the total project cost. For
     6  the purposes of this article, "retail sales" shall mean: (i) sales by  a
     7  registered  vendor  under  article twenty-eight of the tax law primarily
     8  engaged in the retail sale of tangible personal property, as defined  in
     9  subparagraph  (i) of paragraph four of subdivision (b) of section eleven
    10  hundred one of the tax law; or (ii) sales of a service to  such  custom-
    11  ers.    Except,  however, that tourism destination projects shall not be
    12  prohibited by this paragraph. For the purpose of this paragraph,  "tour-
    13  ism  destination"  shall  mean a location or facility which is likely to
    14  attract a significant number  of  visitors  from  outside  the  economic
    15  development  region  as established by section two hundred thirty of the
    16  economic development law in which the project is located.
    17    Notwithstanding the provisions of this section to the  contrary,  such
    18  financial assistance may, however, be provided to a project where facil-
    19  ities  or  property  that  are  primarily used in making retail sales of
    20  goods or services to customers who personally visit such facilities   to
    21  obtain  such  goods  or  services  constitute more than one-third of the
    22  total project cost, where: (i) the predominant purpose  of  the  project
    23  would  be  to  make available goods or services which would not, but for
    24  the project, be reasonably accessible to the residents of  the  city  of
    25  Troy  because of a lack of reasonably accessible retail trade facilities
    26  offering such goods or services; or (ii) the project  is  located  in  a
    27  highly distressed area.  With respect to projects authorized pursuant to
    28  this  paragraph  no project shall be approved unless the authority shall
    29  find after the public hearing required by section  twenty-three  hundred
    30  seven of this chapter that undertaking the project will serve the public
    31  purposes of this article by preserving permanent, private sector jobs or
    32  increasing  the  overall number of permanent, private sector jobs in the
    33  state.  Where the authority makes such a  finding,  prior  to  providing
    34  financial  assistance  to the project by the authority, the chief execu-
    35  tive officer of the city of Troy shall confirm the  proposed  action  of
    36  the  authority.  To  carry  out  said purposes, the authority shall have
    37  power:
    38    § 4. Subdivisions 4 and 7 of section 1953 of  the  public  authorities
    39  law, as added by chapter 759 of the laws of 1967, are amended to read as
    40  follows:
    41    4. To acquire by purchase, grant, lease, gift, condemnation, or other-
    42  wise  and to use, real property or rights or easements therein necessary
    43  for its corporate  purposes,  and  to  sell,  convey,  mortgage,  lease,
    44  pledge,  exchange  or  otherwise  dispose  of  any such property in such
    45  manner as the authority shall determine. With respect to  real  property
    46  conveyed  to it by the city, however, such power of disposition shall be
    47  limited as hereinafter  provided  in  section  nineteen  hundred  [five]
    48  fifty-five of this title;
    49    7. To appoint officers, agents and employees, to prescribe their qual-
    50  ifications  and  to  fix  their  compensation and to pay the same out of
    51  funds of the authority, subject, however, to the provisions of the civil
    52  service law as hereinafter provided in  section  nineteen  hundred  [and
    53  four] fifty-four of this title;
    54    §  5.  Subdivision 1 of section 1955 of the public authorities law, as
    55  added by chapter 759 of the laws of 1967, is amended to read as follows:

        S. 7082                             4
     1    1. The city may, by duly adopted resolution of the city council or  by
     2  instruments  authorized  by  such  resolution,  convey,  with or without
     3  consideration, to the authority real and personal property owned by  the
     4  city  for use by the authority as a project. In case of real property so
     5  conveyed,  the  title thereto shall remain in the city but the authority
     6  shall have the use thereof for so long as its corporate existence  shall
     7  continue and said real property shall be under its jurisdiction, control
     8  and  supervision within the ambit of section nineteen hundred [thirteen]
     9  sixty-three of this title and exempt  from  all  taxes  and  assessments
    10  except  such payments in lieu thereof as may be contained in such resol-
    11  ution or instrument of conveyance.
    12    § 6. Section 1956 of the public authorities law, as amended by chapter
    13  907 of the laws of 1972, is amended to read as follows:
    14    § 1956. Construction and purchase contracts.  The  provisions  of  law
    15  relating  to  the  requirement  of  public  bidding  with respect to the
    16  construction of public facilities or projects shall not be applicable to
    17  the acquisition, construction, reconstruction, improvement, maintenance,
    18  equipping and furnishing of projects authorized by this [act] title.
    19    § 7. Section 1957 of the public authorities law, as amended by chapter
    20  907 of the laws of 1972, is amended to read as follows:
    21    § 1957. Moneys of the authority. All moneys  of  the  authority,  from
    22  whatever  source  derived,  shall be paid to the [treasurer] authority's
    23  appointed chief financial officer of the city as agent of the authority,
    24  who shall not commingle such moneys with any other moneys.  Such  moneys
    25  shall be deposited in a separate bank account or accounts. The moneys in
    26  such accounts shall be paid out by the [treasurer] authority's appointed
    27  chief  financial  officer  on requisition of the [chairman] chair of the
    28  authority or of such person as the authority may authorize to make  such
    29  requisitions  [after  audit by and upon the warrant of the comptroller].
    30  All deposits of such moneys shall, if required by the [treasurer or the]
    31  authority, be secured by obligations of a  market  value  equal  at  all
    32  times  to  the  amount of the deposit, and all banks and trust companies
    33  are authorized to give such security for such deposits. The  [treasurer]
    34  comptroller  of  the  city  and his  or her legally authorized represen-
    35  tatives are authorized and empowered from time to time  to  examine  the
    36  accounts  and  books of the authority, including its receipts, disburse-
    37  ments, contracts, leases,  sinking  funds,  investments  and  any  other
    38  records  and  papers  relating to its financial standing.  The authority
    39  shall have power, notwithstanding the provisions  of  this  section,  to
    40  contract  with  the  holders  of  any  of  its  bonds as to the custody,
    41  collection, securing, investment  and  payment  of  any  moneys  of  the
    42  authority  or  any  moneys held in trust or otherwise for the payment of
    43  bonds or in any way to secure bonds, and to carry out any such  contract
    44  notwithstanding that such contract may be inconsistent with the previous
    45  provisions  of  this  section. Moneys held in trust or otherwise for the
    46  payment of bonds or in any way to secure  bonds  and  deposits  of  such
    47  moneys may be secured in the same manner as moneys of the authority, and
    48  all  banks  and trust companies are authorized to give such security for
    49  such deposits. The accounts of the authority shall  be  subject  to  the
    50  supervision of the state comptroller and he or she or his or her legally
    51  authorized representatives are hereby authorized and empowered from time
    52  to  time  to  examine the accounts and books of the authority, including
    53  its receipts, disbursements, contracts, sinking funds,  investments  and
    54  any  other matter relating to its financial standing and fiscal affairs.
    55  The authority shall render a complete annual account of its  proceedings

        S. 7082                             5
     1  to the city council at its first meeting in [February] April of each and
     2  every year.
     3    §  8.  Paragraph  (i)  of  subdivision 3 of section 1958 of the public
     4  authorities law, as added by chapter 759 of the laws of 1967, is amended
     5  to read as follows:
     6    (i) vesting in a trustee or trustees such property, rights, powers and
     7  duties in trust as the authority may determine which may include any  or
     8  all the rights, powers and duties of the trustees appointed by the bond-
     9  holders  pursuant  to  section  nineteen  hundred  [and  fifteen hereof]
    10  sixty-five of this title, and limiting or abrogating the  right  of  the
    11  bondholders  to  appoint  a  trustee  under said section or limiting the
    12  rights, duties and powers of trustee; and
    13    § 9. Section 1967 of the public authorities law, as added  by  chapter
    14  759 of the laws of 1967, is amended to read as follows:
    15    § 1967. Termination of the authority. Whenever all of the bonds issued
    16  by  the  authority  shall  have  been  redeemed  or  cancelled,  and all
    17  straight-lease transactions have been terminated,  the  authority  shall
    18  cease  to exist and all rights, titles, and interest and all obligations
    19  and liabilities thereof vested in or possessed by  the  authority  shall
    20  thereupon vest in and be possessed by the city of Troy.
    21    § 10. This act shall take effect immediately.
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