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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A8768
- Ordered to third reading cal.833
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to construction and financing of facilities by dormitory authority for InterAgency Council of Mental Retardation & Developmental Disabilities Agencies, Inc.
Signed by Governor · Sponsor Peter Rivera
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to the construction and financing of facilities by the dormitory authority for the InterAgency Council of Mental Retardation and Developmental Disabilities Agencies, Inc.
Purpose
To authorize the NYS Dormitory Authority to provide financing for construction and reconstruction of educational, administrative, day program and residential facilities in the state by the InterAgency Council of Mental Retardation and Developmental Disabilities Agencies, Inc.
Summary of provisions
The bill amends section 1676 subdivision 2 paragraph (b) and section 1680 subdivision 1 of the public authority law to include the InterAgency Council of Mental Retardation and Developmental Disabilities Agencies, Inc. among those similarly situated groups who are eligible to receive Dormitory Authority funding. It provides for an immediate effective date.
Existing law
Other similarly situated not-for-profit corporations are listed as designated agencies to receive Dormitory Authority funding.
Justification
The relatively small size of community agencies providing services to people with disabilities has limited the agencies' access to financing or, when financing has been available, has made it very expensive. Allowing the InterAgency Council of Mental Retardation and Developmental Disabilities Agencies, Inc., a not-for-profit corporation, to be included on the list of designated agencies to receive dormitory authority funding will enable such service providers to join together to achieve economies of scale and lower rates of financing.
By blending together agencies of diverse size and location who offer substantially similar services, the agencies will be able to acquire financing for much needed expansion, renovation and construction at more economical rates. Old debt incurred at high rates by the individual agencies can be consolidated and replaced by refinancing at much more favorable rates through Dormitory Authority support.
Legislative history
New Bill
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.