New York S 2556: Relates to disposals and contracts for disposal of property

Bill Text

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S02556 Summary:

BILL NOS02556 

&nbsp

SAME ASSAME AS A07848

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSRWEBB

&nbsp

MLTSPNSR

&nbsp

Amd §2897, Pub Auth L

&nbsp

Provides for requirements for disposals and contracts for disposal of property.

Go to top S02556 Actions:

BILL NOS02556 

&nbsp

01/21/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/28/20251ST REPORT CAL.201

02/03/20252ND REPORT CAL.

02/04/2025ADVANCED TO THIRD READING 

04/01/2025PASSED SENATE

04/01/2025DELIVERED TO ASSEMBLY

04/01/2025referred to corporations, authorities and commissions

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

03/10/20261ST REPORT CAL.507

03/11/20262ND REPORT CAL.

03/12/2026ADVANCED TO THIRD READING 

03/19/2026PASSED SENATE

03/19/2026DELIVERED TO ASSEMBLY

03/19/2026referred to corporations, authorities and commissions

Go to topS02556 Committee&nbspVotes:

Go to topS02556 Floor&nbspVotes:

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

Go to topS02556 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2556

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the public authorities law, in relation to disposals and
 contracts for disposal of property

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

 1 Section 1. Subparagraphs (v) and (vi) of paragraph c of subdivision 6
 2 of section 2897 of the public authorities law, as amended by chapter 506
 3 of the laws of 2009, are amended to read as follows:
 4 (v) [under those circumstances] the disposal will be for less than
 5 fair market value as permitted by subdivision seven of this section; or
 6 (vi) [such action is otherwise authorized by law] the disposal is
 7 expressly exempted from provisions of paragraphs a and b of this subdi-
 8 vision.
 9 § 2. Subdivision 6 of section 2897 of the public authorities law is
 10 amended by adding a new paragraph g to read as follows:
 11 g. Any disposals and contracts for disposal of property that contain a
 12 right of first refusal must ensure that the property is transferred at
 13 or above fair market value at the time when such right is exercised.
 14 § 3. Subdivision 7 of section 2897 of the public authorities law, as
 15 added by chapter 506 of the laws of 2009, is amended to read as follows:
 16 7. Disposal of property for less than fair market value. a. No asset
 17 owned, leased or otherwise in the control of a public authority may be
 18 sold, leased, or otherwise alienated for less than its fair market value
 19 except if:
 20 (i) the transferee is a government or other public entity, and the
 21 terms and conditions of the transfer require that the ownership and use
 22 of the asset will remain with the government or any other public entity;
 23 or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05202-01-5

 S. 2556 2

 1 (ii) it is in the public interest to do so and the [purpose of the
 2 transfer is within the purpose, mission or governing statute of the
 3 public authority; or
 4 (iii) in] disposal is made in compliance with paragraph b of this
 5 subdivision.
 6 b. In the event a public authority seeks to transfer an asset for less
 7 than its fair market value to other than a governmental entity, [which
 8 disposal would not be consistent with the authority's mission, purpose
 9 or governing statutes,] such authority shall provide written notifica-
 10 tion thereof to the governor, the speaker of the assembly, and the
 11 temporary president of the senate, and such proposed transfer shall be
 12 subject to denial by the governor, the senate, or the assembly. Denial
 13 by the governor shall take the form of a signed certification by the
 14 governor. Denial by either house of the legislature shall take the form
 15 of a resolution by such house. The governor and each house of the legis-
 16 lature shall take any such action within sixty days of receiving notifi-
 17 cation of such proposed transfer