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Who cares
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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
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 borrowing by public authorities, not-for-profit corporations, and industrial development agencies
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor James F. Brennan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4428
Title of bill
An act to amend the public authorities law, the not-for-profit corporation law and the general municipal law, in relation to borrowing by public authorities, not-for-profit corporations, and industrial development agencies
Purpose or general idea of the bill
To ensure that projects that receive tax payer funding provide a true public benefit; including job growth and capital investments.
Summary of provisions
Amends the Public Authorities Law, the Not-for-Profit Law, and the General Municipal Law, which would prevent public authorities, not-for-profit corporations and industrial development agencies, or.an officer of such an agency, from facilitating the sale of bonds or borrowing of funds over $50 million unless it meets certain criteria set forth in the bill.
Justification
As taxpayer support for private corporations and private economic activity has mushroomed in recent years, the fundamental question of public benefit has surfaced and resurfaced, without a consistent and satisfying answer. Critics on both the left and right have decried these taxpayer subsidies as socialism, wasteful, corrupt, anti-free enterprise, and unfair to average citizens whose economic struggles are undertaken without public subsidy. Yet the phrases "economic development", 'job creation", "growth", etc., retain enormous political power. A real analysis of these subsidies has yet to be done, but there clearly is growing pressure to insure that public benefits flow from public investments. It is clear, however, that everyone from the most ardent supporter to the most ardent critic of the deal agrees that public subsidies are a decision to employ taxpayer money for the benefit of the public. Without a measurable, identifiable, specific and significant public benefit, public financial assistance should not be given. This bill will protect public funds and ensure that a true public benefit will be achieved when large economic development projects are subsidized by New Yorkers.
Legislative history
A.1874 of 2009-10 - on calendar in 2009.
Fiscal implications
No negative fiscal implications.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.