New York S 622: Relates to clarifying accountability standards, open meetings law and freedom of information requirements to local development corporations

Bill Text

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S00622 Summary:

BILL NOS00622 

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SAME ASNo Same As

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SPONSORLIU

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COSPNSR

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MLTSPNSR

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Amd §§2800, 2801, 2895, 2896 & 2897, Pub Auth L; amd §51, Exec L; amd §§86 & 102, Pub Off L

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Clarifies the application of the accountability standards, open meetings law and freedom of information requirements to local development corporations as defined in section two of the public authorities law.

Go to top S00622 Actions:

BILL NOS00622 

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01/08/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

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

Go to topS00622 Committee&nbspVotes:

Go to topS00622 Floor&nbspVotes:

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

Go to topS00622 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 622

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. LIU -- 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, the executive law and the
 public officers law, in relation to clarifying the application of the
 accountability standards, open meetings law and freedom of information
 requirements to local development corporations

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

 1 Section 1. Paragraph (a) of subdivision 2 of section 2800 of the
 2 public authorities law, as amended by chapter 506 of the laws of 2009,
 3 is amended to read as follows:
 4 (a) Every local authority, [continued or created by this chapter or
 5 any other chapter of the laws of the state of New York] pursuant to
 6 section two of this chapter shall submit to the chief executive officer,
 7 the chief fiscal officer, the chairperson of the legislative body of the
 8 local government or local governments and the authorities budget office,
 9 within ninety days after the end of its fiscal year, a complete and
 10 detailed report or reports setting forth: (1) its operations and accom-
 11 plishments; (2) its financial reports, including (i) audited financials
 12 in accordance with all applicable regulations and following generally
 13 accepted accounting principles as defined in subdivision ten of section
 14 two of the state finance law, (ii) grants and subsidy programs, (iii)
 15 operating and financial risks, (iv) current ratings if any, of its bonds
 16 issued by recognized municipal bond rating agencies and notice of chang-
 17 es in such ratings, and (v) long-term liabilities, including leases and
 18 employee benefit plans; (3) its mission statement and measurements
 19 including its most recent measurement report; (4) a schedule of its
 20 bonds and notes outstanding at the end of its fiscal year, together with
 21 a statement of the amounts redeemed and incurred during such fiscal year

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02441-01-5

 S. 622 2

 1 as part of a schedule of debt issuance that includes the date of issu-
 2 ance, term, amount, interest rate and means of repayment. Additionally,
 3 the debt schedule shall also include all refinancings, calls,
 4 refundings, defeasements and interest rate exchange or other such agree-
 5 ments, and for any debt issued during the reporting year, the schedule
 6 shall also include a detailed list of costs of issuance for such debt;
 7 (5) a compensation schedule in addition to the report described in
 8 section twenty-eight hundred six of this title that shall include, by
 9 position, title and name of the person holding such position or title,
 10 the salary, compensation, allowance and/or benefits provided to any
 11 officer, director or employee in a decision making or managerial posi-
 12 tion of such authority whose salary is in excess of one hundred thousand
 13 dollars; (5-a) biographical information, not including confidential
 14 personal information, for all directors and officers and employees for
 15 whom salary reporting is required under subparagraph five of this para-
 16 graph; (6) the projects undertaken by such authority during the past
 17 year; (7) a list