Bill Text: NY A10362 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes the COVID-19 recovery commission to determine how much funding to seek and new issuances that will be sold to the Federal Reserve Municipal Liquidity Facility and to gather information, testimony, advice and other input to make allocation decisions in respect of the new funding and recovery efforts related to novel coronavirus, COVID-19; requires the commission to report its findings to the governor and legislature monthly.

Spectrum: Strong Partisan Bill (Democrat 11-1)

Status: (Introduced - Dead) 2020-05-22 - print number 10362a [A10362 Detail]

Download: New_York-2019-A10362-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10362

                   IN ASSEMBLY

                                     April 29, 2020
                                       ___________

        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Economic Development

        AN  ACT to amend the economic development law, in relation to establish-
          ing the COVID-19 Recovery Commission

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

     1    Section  1.  The  economic  development law is amended by adding a new
     2  article 23 to read as follows:
     3                                 ARTICLE 23
     4                        COVID-19 RECOVERY COMMISSION

     5  Section 460. COVID-19 recovery commission.
     6          461. Powers and duties of the commission.
     7          462. Reporting.
     8          463. Assistance of other agencies.
     9    § 460. COVID-19 recovery commission. 1. There is hereby established in
    10  the department a commission,  to  be  known  as  the  COVID-19  recovery
    11  commission.
    12    2.  Such  commission  shall consist of the director of the budget, the
    13  president of the empire state development corporation,  the  superinten-
    14  dent  of  the  department  of  financial  services, the president of the
    15  metropolitan transportation authority, the president of the port author-
    16  ity, the president of the dormitory authority, the commissioner  of  the
    17  department  of  health  and  all  other state commissioners in charge of
    18  financing as determined by  the  governor.  The  commission  shall  also
    19  include representatives of the state's principal subdivisions and appro-
    20  priate  public  finance  personnel  appointed  as follows: three members
    21  shall be appointed by the governor, two members shall  be  appointed  by
    22  the temporary president of the senate, two members shall be appointed by
    23  the speaker of the assembly, one member shall be appointed by the minor-
    24  ity  leader  of  the  senate,  and  one member shall be appointed by the
    25  minority leader of the assembly.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16226-01-0
        A. 10362                            2

     1    3. The commission members shall  be  appointed  immediately  upon  the
     2  effective  date  of  this article and shall meet publicly at least every
     3  two weeks thereafter.
     4    §  461. Powers and duties of the commission. The commission shall have
     5  the following powers and duties:
     6    1. to determine how much funding to seek  and  whom  to  authorize  to
     7  begin preparations for the new issuances that the state and its subdivi-
     8  sions will sell to the Federal Reserve Municipal Liquidity Facility.
     9    2.  to consult with representatives of the Federal Reserve Bank of New
    10  York.
    11    3. to determine appropriate state and local personnel to handle  note-
    12  issuing and Federal Reserve-liaising tasks.
    13    4. to gather information, testimony, advice and all other deliberative
    14  inputs necessary to make sensible allocation decisions in respect of the
    15  new funding and recovery efforts related to novel coronavirus, COVID-19,
    16  that  will  be  incoming  from  the  Federal Reserve Municipal Liquidity
    17  Facility.
    18    5. to determine whether to approach the Federal  Reserve  for  further
    19  easing  of the terms of the Federal Reserve Municipal Liquidity Facility
    20  Term Sheet.
    21    § 462. Reporting. The commission shall  report  its  findings  to  the
    22  governor  and  the legislature within one month of the effective date of
    23  this article and monthly thereafter.    Upon  the  transmission  of  the
    24  report to the governor and the legislature, the commissioner shall with-
    25  in thirty days determine whether the commission shall continue in opera-
    26  tion, or whether it shall be changed in some manner, or whether it shall
    27  be  dissolved,  and shall report his or her findings and recommendations
    28  to the governor and the legislature.
    29    § 463. Assistance of other agencies. To  effectuate  the  purposes  of
    30  this  article,  the  commission  may  request and shall receive from any
    31  department, division, board,  bureau,  commission  or  other  agency  or
    32  authority  of  the  state  such assistance, information and data as will
    33  enable the commission to properly carry out its  powers  and  duties  as
    34  described  in  section  four  hundred  sixty-one  of  this article. Such
    35  assistance shall not waive or impair the terms of an existing  agreement
    36  negotiated  between  the relevant employer and employee organization nor
    37  limit any obligation to  bargain  terms  and  conditions  of  employment
    38  pursuant to article fourteen of the civil service law.
    39    § 2. This act shall take effect immediately.