New York A 8578: Establishes the New York state infrastructure development bank; appropriation

Bill Text

STATE OF NEW YORK
________________________________________________________________________
8578
2017-2018 Regular Sessions
IN ASSEMBLY
July 10, 2017
___________
Introduced by M. of A. KAVANAGH, WEPRIN -- read once and referred to the
Committee on Banks
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 expira-
tion thereof
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "New York state infrastructure development bank act".
3 § 2. The banking law is amended by adding a new article 17 to read as
4 follows:
5 ARTICLE 17
6 NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK
7 Section 9100. Definitions.
8 9101. Establishment.
9 9102. Board of directors; powers and duties.
10 9103. Executive committee.
11 9104. Risk management committee.
12 9105. Audit committee.
13 9106. Eligibility criteria and assistance.
14 9107. Exemption from local taxation.
15 9108. Status and applicability of certain federal laws; full
16 faith and credit.
17 9109. Audits and reports.
18 § 9100. Definitions. For the purposes of this article:
19 1. The term "bank" shall mean the New York state infrastructure devel-
20 opment bank established pursuant to this article.
21 2. The term "board" shall mean the New York state infrastructure
22 development bank board established under section ninety-one hundred two
23 of this article.
EXPLANATION--Matter in (underscored) is new; matter in bracketsitalics
[ ] is old law to be omitted.
LBD00447-01-7

A. 8578 2
1 3. The term "chief asset and liability management officer" means the
2 chief individual responsible for coordinating the management of assets
3 and liabilities of the bank.
4 4. The term "chief compliance officer" or "CCO" means the chief indi-
5 vidual responsible for overseeing and managing the compliance and regu-
6 latory affairs issues of the bank.
7 5. The term "chief financial officer" means the chief individual
8 responsible for managing the financial risks, planning, and reporting of
9 the bank.
10 6. The term "chief loan origination officer" means the chief individ-
11 ual responsible for the processing of new loans provided by the bank.
12 7. The term "chief operations officer" means the chief individual
13 responsible for information technology and the day to day operations of
14 the bank.
15 8. The term "chief risk officer" or "CRO" means the chief individual
16 responsible for managing operational and compliance-related risks of the
17 bank.
18 9. The term "chief treasury officer" means the chief individual
19 responsible for managing the bank's treasury operations.
20 10. The terms "development" and "develop" mean, with respect to an
21 infrastructure project, any:
22 (a) preconstruction planning, feasibility review, permitting, design
23 work, and other preconstruction activities; and
24 (b) construction, reconstruction, rehabilitation, replacement, or
25 expansion.
26 11. The term "disadvantaged community" means a community with a median
27 household income of less than eighty percent of the statewide median
28 household income for the state.
29 12. The term "energy infrastructure project" means any project for
30 energy transmission, energy efficiency enhancement for buildings, public
31 housing, and schools, renewable energy, and energy storage.
32 13. The term "entity" means an individual, corporation, partnership
33 (including a public-private partnership), joint venture, trust, the
34 state or other governmental entity, including a political subdivision or
35 any other instrumentality of the state or a revolving fund.
36 14. The term "environmental infrastructure project" means any project
37 for the establishment, maintenance, or enhancement of any drinking water
38 and wastewater treatment facility, storm water management system, dam,
39 levee, open space management system, solid waste disposal facility,
40 hazardous waste facility, or industrial site cleanup.
41 15. The term "executive director" means the individual serving as the
42 chief executive officer of the bank.
43 16. The term "general counsel" means the individual who serves as the
44 chief lawyer for the bank.
45 17. The term "infrastructure project" means any energy, environmental,
46 telecommunications, or transportation infrastructure project.
47 18. The term "public benefit bond" means a bond issued with respect to
48 an infrastructure project in accordance with this article:
49 (a) the net spendable proceeds from the sale of the issue may be used
50 for expenditures incurred after the date of issuance with respect to the
51 project, subject to the rules of the bank;
52 (b) the bond issued by the bank is in registered form and meets the
53 requirements of this article and otherwise applicable law;
54 (c) the term of each bond which is part