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Sponsors
2 Co-sponsors
History
- Referred to finance
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.
Establishes the New York state infrastructure development bank; appropriation
In Assembly Committee · Banks · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to establishing the New York state infrastructure development bank; making an appropriation therefor; and providing for the repeal of such provisions upon expiration thereof
Purpose
The bill would create a development bank for New York State, a government-owned corporation modeled after the European Investment Bank, with an independent and objective Board of Directors to, among other things, make final infrastructure financing determinations; an Executive Committee to handle the day-to-day operations of the Bank; and Risk Management and Audit Committees to carefully manage risk and monitor the bank's activities.
Summary of provisions
Section 1 of the bill names the act the "New York state infrastructure development bank act".
Section 2 of the bill amends the banking law by establishing a new article 17 which creates the New York State Infrastructure Development Bank. Section 9100 defines the terms "bank", "board", "chief asset and liability management officer", "chief compliance officer", "chief financial officer", "chief loan origination officer", "chief operations officer", "chief risk officer", "chief treasury officer", "development", "disadvantaged community", "energy infrastructure project", "entity", "environmental infrastructure project", "executive director", "general counsel", "infrastructure project", "public benefit bond", "public private partnership", "revolving fund", "smart grid", "smart growth", "state", "telecommunications infrastructure project", and "transportation infrastructure project".
Section 9101 establishes within the department the New York state infrastructure development bank.
Section 9102 outlines the powers and duties of the board of directors of the bank.
Section 9103 outlines the powers and duties of the executive committee of the bank.
Section 9104 outlines the powers and duties of the Risk management committee of the bank.
Section 9105 outlines the powers and duties of the audit committee of the bank.
Section 9106 establishes the eligibility criteria and assistance, stating that no financial assistance shall be available under the article unless the applicant for assistance has demonstrated to the satisfaction of the board that the project for which assistance is being sought meets (a) the requirements of the article and (b) any criteria established by environmental, social benefits and costs of infrastructure projects, as well as other specific criteria, and fund projects of significance.
Legislative history
2012: S.1654/Dilan 2011: S.1654/Dilan 2010: S.8481/C Johnson FISCAL IMPLICATIONS :
To be determined.
Effective date
This act shall take effect on the sixtieth day after it shall have become law and shall expire and be deemed repealed on December 31, 2030.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.