New York A 5842: Establishes the New York state infrastructure bank

Bill Text

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A05842 Summary:

BILL NOA05842 

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SAME ASNo Same As

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SPONSORTapia

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COSPNSR

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MLTSPNSR

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Add Art 17 §§300 - 311, St Fin L

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Establishes the New York state infrastructure bank to monitor and oversee infrastructure projects in the state, and to award financial assistance for such projects in the form of bonds.

Go to top A05842 Actions:

BILL NOA05842 

&nbsp

02/24/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05842 Committee&nbspVotes:

Go to topA05842 Floor&nbspVotes:

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

Go to topA05842 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5842

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

 Introduced by M. of A. TAPIA -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the state finance law, in relation to establishing the
 New York state infrastructure bank

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

 1 Section 1. The state finance law is amended by adding a new article 17
 2 to read as follows:
 3 ARTICLE 17
 4 NEW YORK STATE INFRASTRUCTURE BANK
 5 Section 300. Short title.
 6 301. Definitions.
 7 302. New York state infrastructure bank created.
 8 303. Board and executive committee.
 9 304. Powers and duties.
 10 305. Infrastructure projects; eligibility and assistance.
 11 306. Exemption from taxation.
 12 307. Compliance.
 13 308. Effect of bonds.
 14 309. Reports.
 15 310. Appropriation.
 16 311. Severability.
 17 § 300. Short title. This article shall be known and may be cited as
 18 the "New York state infrastructure bank act".
 19 § 301. Definitions. For the purposes of this article, the following
 20 terms shall have the following meanings:
 21 1. "Applicant" means any person, corporation, partnership, state or
 22 local governmental entity, or other entity applying to the bank for
 23 financial assistance authorized under this article.
 24 2. "Bank" means the New York state infrastructure bank created pursu-
 25 ant to section three hundred two of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08212-01-5

 A. 5842 2

 1 3. "Board" means the board of directors established pursuant to
 2 section three hundred three of this article.
 3 4. "Director" or "member" means a member of the board of directors.
 4 5. "Infrastructure project" means a project to construct or improve
 5 any of the following systems: wastewater treatment; storm water manage-
 6 ment; solid waste disposal; drinking water treatment; flood control
 7 levees; energy efficiency enhancements; roads, streets, and bridges;
 8 transportation infrastructure, including freight and passenger rail and
 9 public transit; broadband and telecommunications infrastructure; outdoor
 10 recreation and habitat protection facilities; community, social service,
 11 or public safety facilities; schools and educational facilities; or
 12 affordable housing.
 13 § 302. New York state infrastructure bank created. There is hereby
 14 created the New York state infrastructure bank. The bank shall be a
 15 corporate governmental agency constituting a public benefit corporation
 16 and an instrumentality of the state.
 17 § 303. Board and executive committee. 1. The bank shall be governed by
 18 a board of directors consisting of five members representing different
 19 regions of the state. The members of the board shall be appointed by the
 20 governor from a list agreed to by the senate and assembly. Of such
 21 members, two shall have public sector experience, and three shall have
 22 private sector experience. The head of the board shall be a chairperson
 23 of the board, who shall be appointed by a majority vote of the members.
 24 The chairperson shall be the chief executive officer of the bank, with
 25 such executive functions, powers and duties as may be prescribed by this
 26 article, the bylaws of the bank or the board.
 27 2. Members of the board shall serve staggered six-year terms,
 28 provided, however, that the governor shall have the authority to deter-
 29 mine separate durations of initial terms for members initially a