New York A 7039: Relates to project applications and advisory opinions of the public authorities control board

Bill Text

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A07039 Summary:

BILL NOA07039A

&nbsp

SAME ASNo Same As

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SPONSORBraunstein

&nbsp

COSPNSROtis

&nbsp

MLTSPNSR

&nbsp

Amd §51, Pub Auth L

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Relates to project applications and advisory opinions of the public authorities control board; requires that any application made concerning a proposed project involving a loan, to the extent practicable, shall include the terms, conditions and dates of the repayment of state appropriations; makes related provisions.

Go to top A07039 Actions:

BILL NOA07039A

&nbsp

03/19/2025referred to corporations, authorities and commissions

03/25/2025reported referred to ways and means

06/06/2025amend and recommit to ways and means

06/06/2025print number 7039a

01/07/2026referred to ways and means

Go to topA07039 Committee&nbspVotes:

Committee:CORPORATIONS, AUTHORITIES AND COMMISSIONS Chair:Braunstein 
DATE:03/25/2025AYE/NAY:25/0 Action: Favorable refer to committee Ways and Means BraunsteinAyeLemondesAye

CookAyeBlankenbushAye

OtisAyeFriendAye

RozicAyePalmesanoAye

KimAyeAngelinoAye

DilanAyeJensenAye

Pheffer AmatoAyeBlumencranzAye

CarrollAyeBaileyAye

FallAbsent

Gonzalez-RojasAye

ZinermanAye

TapiaAye

JacobsonAye

BoresAye

ShimskyAye

SimoneAye

ConradAye

LasherAye

Go to topA07039 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07039 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7039--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 19, 2025
 ___________

 Introduced by M. of A. BRAUNSTEIN, OTIS -- read once and referred to the
 Committee on Corporations, Authorities and Commissions -- reported and
 referred to the Committee on Ways and Means -- committee discharged,
 bill amended, ordered reprinted as amended and recommitted to said
 committee

 AN ACT to amend the public authorities law, in relation to project
 applications and advisory opinions of the public authorities control
 board

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivisions 2, 3, 3-a, 4, 5 and 6 of section 51 of the
 2 public authorities law are renumbered subdivisions 7, 8, 9, 10, 11 and
 3 12 and five new subdivisions 2, 3, 4, 5 and 6 are added to read as
 4 follows:
 5 2. Any application made concerning a proposed project involving a loan
 6 shall include, to the extent practicable, expressly and in writing, the
 7 terms, conditions and dates of the repayment of state appropriations
 8 authorized by law pursuant to a repayment agreement and shall include a
 9 copy of the proposed repayment agreement. In any such application the
 10 terms and conditions, provided expressly and in writing, shall include,
 11 to the extent practicable, but not be limited to:
 12 a. Any job retention or job creation requirements and the terms of any
 13 such requirements, where such loan would be conditional on any job
 14 retention or job creation requirements, a description of any contractual
 15 clawback provisions or other remedies in the event such requirements are
 16 not met;
 17 b. Rate of interest, for fixed rate agreements;
 18 c. All terms necessary to determine and calculate interest for non-
 19 fixed rate loan agreements;
 20 d. Repayment date, or dates, and associated amounts, for the return of
 21 loan principal;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05340-04-5

 A. 7039--A 2

 1 e. Any conditions or restrictions associated with the loan, the terms
 2 of such conditions or restrictions, and any contractual remedy if such
 3 conditions or restrictions in the event of a breach of such terms;
 4 f. Any security provision and a description of such provisions; and
 5 g. Any guarantee associated with such loan.
 6 3. Any application made concerning a proposed project involving a
 7 grant shall include to the extent practicable, expressly and in writing,
 8 the terms and conditions of state appropriations authorized by law
 9 pursuant to a grant disbursement agreement and pursuant to any other
 10 agreements which would relate to such grant. In any such application the
 11 terms and conditions, provided expressly and in writing, shall include
 12 to the extent practicable, but not be limited to: