Bill Text: NY S04075 | 2013-2014 | General Assembly | Amended


Bill Title: Relates to clarifying and making certain technical corrections to the public authorities reform act of 2009.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-06-16 - PRINT NUMBER 4075A [S04075 Detail]

Download: New_York-2013-S04075-Amended.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4075--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     March 7, 2013
                                      ___________
       Introduced  by  Sen. MARCELLINO -- (at request of the State Comptroller)
         -- read twice and ordered printed, and when printed to be committed to
         the Committee on Corporations, Authorities and Commissions  --  recom-
         mitted  to  the Committee on Corporations, Authorities and Commissions
         in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT  to  amend  the public authorities law and the general municipal
         law,  in  relation  to  clarifying  and   making   certain   technical
         corrections  to  the  public  authorities  reform  act of 2009; and to
         repeal certain provisions of the public authorities law relating ther-
         eto
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraphs (a) and (b) of subdivision 1 and subdivision 2
    2  of section 2800 of the public authorities law, as amended by chapter 506
    3  of the laws of 2009, are amended to read as follows:
    4    (a) For the purpose of furnishing the state with  systematic  informa-
    5  tion  regarding  the  status  and  the activities of public authorities,
    6  every state authority continued or created by this chapter or any  other
    7  chapter  of the laws of the state of New York shall submit to the gover-
    8  nor, the chairman and ranking minority  member  of  the  senate  finance
    9  committee, the chairman and ranking minority member of the assembly ways
   10  and  means  committee, the state comptroller, and the authorities budget
   11  office, within ninety days after the end of its fiscal year, a  complete
   12  and  detailed  report  or  reports setting forth: (1) its operations and
   13  accomplishments; (2) its financial reports, including (i) audited finan-
   14  cials in accordance with all applicable regulations and following gener-
   15  ally accepted accounting principles as defined  in  subdivision  ten  of
   16  section  two  of the state finance law, (ii) grant and subsidy programs,
   17  (iii) operating and financial risks, (iv) current ratings,  if  any,  of
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05873-06-4
       S. 4075--A                          2
    1  its bonds issued by recognized municipal bond rating agencies and notice
    2  of  changes  in  such  ratings, and (v) long-term liabilities, including
    3  leases and employee benefit plans; (3) its mission statement  and  meas-
    4  urements including its most recent measurement report; (4) a schedule of
    5  its  bonds and notes outstanding at the end of its fiscal year, together
    6  with a statement of the amounts redeemed and incurred during such fiscal
    7  year as part of a schedule of debt issuance that includes  the  date  of
    8  issuance,  term,  amount,  interest  rate  and means of repayment. Addi-
    9  tionally, the debt schedule shall also include all refinancings,  calls,
   10  refundings, defeasements and interest rate exchange or other such agree-
   11  ments,  and  for any debt issued during the reporting year, the schedule
   12  shall also include a detailed list of costs of issuance for  such  debt;
   13  (5)  a  compensation  schedule,  in  addition to the report described in
   14  section twenty-eight hundred six of this title, that shall  include,  by
   15  position,  title  and name of the person holding such position or title,
   16  the salary, compensation, allowance  and/or  benefits  provided  to  any
   17  officer,  director  or employee in a decision making or managerial posi-
   18  tion of such authority whose salary is in excess of one hundred thousand
   19  dollars; [(5-a) biographical  information,  not  including  confidential
   20  personal  information,  for all directors and officers and employees for
   21  whom salary reporting is required under subparagraph five of this  para-
   22  graph;]  (6)  the  projects undertaken by such authority during the past
   23  year; (7) a listing and description[, in addition to the report required
   24  by paragraph a of subdivision  three  of  section  twenty-eight  hundred
   25  ninety-six  of  this  article]  of  all  real property of such authority
   26  having an estimated fair market value  in  excess  of  fifteen  thousand
   27  dollars  that  the authority acquires or disposes of during such period.
   28  The report shall contain the price received or paid by the authority and
   29  the name of the purchaser, LESSEE, LESSOR or seller for all such proper-
   30  ty sold, LEASED or bought by the authority during such period; (8)  such
   31  authority's  code  of  ethics; (9) an assessment of the effectiveness of
   32  its internal control structure and  procedures;  (10)  [a  copy  of  the
   33  legislation  that  forms  the  statutory  basis of the authority; (11) a
   34  description of the authority and  its  board  structure,  including  (i)
   35  names  of committees and committee members, (ii) lists of board meetings
   36  and attendance, (iii) descriptions of  major  authority  units,  subsid-
   37  iaries,  and  (iv)  number  of  employees; (12) its charter, if any, and
   38  by-laws; (13) a listing of material changes in operations  and  programs
   39  during the reporting year; (14) at a minimum a four-year financial plan,
   40  including  (i) a current and projected capital budget, and (ii) an oper-
   41  ating budget report, including an actual versus estimated  budget,  with
   42  an  analysis  and  measurement  of  financial and operating performance;
   43  (15)] its board performance evaluations; provided,  however,  that  such
   44  evaluations  shall not be subject to disclosure under article six of the
   45  public officers law; [(16)] (11) a description of the total  amounts  of
   46  assets,  services  or  both  assets  and services bought or sold without
   47  competitive bidding, including  (i)  the  nature  of  those  assets  and
   48  services,  (ii)  the  names  of  the counterparties, and (iii) where the
   49  contract price for assets purchased exceeds fair market value, or  where
   50  the  contract  price  for  assets sold is less than fair market value, a
   51  detailed explanation of the justification for  making  the  purchase  or
   52  sale without competitive bidding, and a certification by the chief exec-
   53  utive  officer  and chief financial officer of the public authority that
   54  they have reviewed the terms of such purchase  or  sale  and  determined
   55  that  it  complies  with  applicable law and procurement guidelines; and
   56  [(17)] (12) a description of any material pending  litigation  in  which
       S. 4075--A                          3
    1  the  authority  is involved as a party during the reporting year, except
    2  that no hospital need disclose  information  about  pending  malpractice
    3  claims beyond the existence of such claims.
    4    (b)  Each state authority shall make accessible to the public, via its
    5  official or shared internet web site, (1)  documentation  pertaining  to
    6  its  mission[,]  AND  current  activities[,]; (2) ITS most recent annual
    7  REPORT AND financial [reports] STATEMENTS,  AND  current  [year]  budget
    8  [and]  REPORTS;  (3)  its  most  recent independent audit report AND ANY
    9  OTHER REPORT PROVIDED TO  THE  AUTHORITIES  BUDGET  OFFICE  unless  such
   10  information is covered by subdivision two of section eighty-seven of the
   11  public  officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
   12  DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL  QUALIFICA-
   13  TIONS  AND  EXPERTISE  FOR ALL DIRECTORS AND OFFICERS; (5) A COPY OF THE
   14  LEGISLATION THAT FORMS THE STATUTORY  BASIS  OF  THE  AUTHORITY;  (6)  A
   15  DESCRIPTION  OF  THE  AUTHORITY  AND  ITS BOARD STRUCTURE, INCLUDING (I)
   16  NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF  BOARD  MEET-
   17  INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
   18  NUMBER  OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
   19  TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; AND  (9)  A  LISTING  OF
   20  MATERIAL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR.
   21    2.  Local authorities. (a) Every local authority, continued or created
   22  by this chapter or any other chapter of the laws of  the  state  of  New
   23  York shall submit to the chief executive officer, the chief fiscal offi-
   24  cer,  the chairperson of the legislative body of the local government or
   25  local governments, THE STATE  COMPTROLLER  and  the  authorities  budget
   26  office,  within ninety days after the end of its fiscal year, a complete
   27  and detailed report or reports setting forth:  (1)  its  operations  and
   28  accomplishments; (2) its financial reports, including (i) audited finan-
   29  cials in accordance with all applicable regulations and following gener-
   30  ally  accepted  accounting  principles  as defined in subdivision ten of
   31  section two of the state finance law, (ii) grants and subsidy  programs,
   32  (iii) operating and financial risks, (iv) current ratings if any, of its
   33  bonds  issued by recognized municipal bond rating agencies and notice of
   34  changes in such ratings, and (v) long-term liabilities, including leases
   35  and employee benefit plans; (3) its mission statement  and  measurements
   36  including  its  most  recent  measurement  report; (4) a schedule of its
   37  bonds and notes outstanding at the end of its fiscal year, together with
   38  a statement of the amounts redeemed and incurred during such fiscal year
   39  as part of a schedule of debt issuance that includes the date  of  issu-
   40  ance,  term, amount, interest rate and means of repayment. Additionally,
   41  the  debt  schedule  shall  also  include   all   refinancings,   calls,
   42  refundings, defeasements and interest rate exchange or other such agree-
   43  ments,  and  for any debt issued during the reporting year, the schedule
   44  shall also include a detailed list of costs of issuance for  such  debt;
   45  (5)  a  compensation  schedule  in  addition  to the report described in
   46  section twenty-eight hundred six of this title that  shall  include,  by
   47  position,  title  and name of the person holding such position or title,
   48  the salary, compensation, allowance  and/or  benefits  provided  to  any
   49  officer,  director  or employee in a decision making or managerial posi-
   50  tion of such authority whose salary is in excess of one hundred thousand
   51  dollars; [(5-a) biographical  information,  not  including  confidential
   52  personal  information,  for all directors and officers and employees for
   53  whom salary reporting is required under subparagraph five of this  para-
   54  graph;]  (6)  the  projects undertaken by such authority during the past
   55  year; (7) a listing and description[, in addition to the report required
   56  by paragraph a of subdivision  three  of  section  twenty-eight  hundred
       S. 4075--A                          4
    1  ninety-six  of  this  article]  of  all  real property of such authority
    2  having an estimated fair market value  in  excess  of  fifteen  thousand
    3  dollars  that  the authority acquires or disposes of during such period.
    4  The report shall contain the price received or paid by the authority and
    5  the name of the purchaser, LESSEE, LESSOR or seller for all such proper-
    6  ty  sold, LEASED or bought by the authority during such period; (8) such
    7  authority's code of ethics; (9) an assessment of  the  effectiveness  of
    8  its  internal  control  structure  and  procedures;  (10) [a copy of the
    9  legislation that forms the statutory basis  of  the  authority;  (11)  a
   10  description  of  the  authority  and  its board structure, including (i)
   11  names of committees and committee members, (ii) lists of board  meetings
   12  and  attendance,  (iii)  descriptions  of major authority units, subsid-
   13  iaries, (iv) number of employees, and (v) organizational chart; (12) its
   14  charter, if any, and by-laws; (13) a  listing  of  material  changes  in
   15  operations  and  programs during the reporting year; (14) at a minimum a
   16  four-year financial plan, including (i) a current and projected  capital
   17  budget,  and (ii) an operating budget report, including an actual versus
   18  estimated budget, with an analysis  and  measurement  of  financial  and
   19  operating performance; (15)] its board performance evaluations provided,
   20  however,  that such evaluations shall not be subject to disclosure under
   21  article six of the public officers law; [(16)] (11) a description of the
   22  total amounts of assets, services or both assets and services bought  or
   23  sold  without  competitive  bidding,  including  (i) the nature of those
   24  assets and services, (ii) the names of  the  counterparties,  and  (iii)
   25  where the contract price for assets purchased exceeds fair market value,
   26  or  where  the  contract  price for assets sold is less than fair market
   27  value, a detailed  explanation  of  the  justification  for  making  the
   28  purchase or sale without competitive bidding, and a certification by the
   29  chief  executive  officer  and  chief  financial  officer  of the public
   30  authority that they have reviewed the terms of such purchase or sale and
   31  determined that it complies with applicable law and  procurement  guide-
   32  lines;  and [(17)] (12) a description of any material pending litigation
   33  in which the authority is involved as a party during the reporting year,
   34  except that no provider of medical services  need  disclose  information
   35  about pending malpractice claims beyond the existence of such claims.
   36    (b)  Each local authority shall make accessible to the public, via its
   37  official or shared internet web site, (1)  documentation  pertaining  to
   38  its  mission[,]  AND  current  activities[,]; (2) ITS most recent annual
   39  REPORT AND financial [reports] STATEMENTS,  AND  current  [year]  budget
   40  [and]  REPORTS;  (3)  its  most  recent independent audit report AND ANY
   41  OTHER REPORT PROVIDED TO  THE  AUTHORITIES  BUDGET  OFFICE  unless  such
   42  information is covered by subdivision two of section eighty-seven of the
   43  public  officers law; (4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFI-
   44  DENTIAL PERSONAL INFORMATION, PERTAINING TO THE PROFESSIONAL  QUALIFICA-
   45  TIONS  AND  EXPERTISE FOR ALL DIRECTORS AND OFFICERS; (5)  A COPY OF THE
   46  LEGISLATION THAT FORMS THE STATUTORY  BASIS  OF  THE  AUTHORITY;  (6)  A
   47  DESCRIPTION  OF  THE  AUTHORITY  AND  ITS BOARD STRUCTURE, INCLUDING (I)
   48  NAMES OF COMMITTEES AND COMMITTEE MEMBERS, (II) MINUTES OF  BOARD  MEET-
   49  INGS, (III) DESCRIPTIONS OF MAJOR AUTHORITY UNITS AND SUBSIDIARIES, (IV)
   50  NUMBER  OF EMPLOYEES AND STAFF; (7) AN ORGANIZATION CHART; (8) ITS CHAR-
   51  TER, IF ANY, AND A COPY OF ITS CURRENT BY-LAWS; AND  (9)  A  LISTING  OF
   52  MATERIAL CHANGES IN OPERATIONS AND PROGRAMS DURING THE REPORTING YEAR.
   53    S  2.  Subdivision 4 of section 2800 of the public authorities law, as
   54  added by chapter 506 of the laws of 2009, is amended to read as follows:
   55    4. The authorities budget office may, upon application of any authori-
   56  ty, waive any requirements of this  section  upon  a  showing  that  the
       S. 4075--A                          5
    1  authority  meets  the  criteria  for  such a waiver established by regu-
    2  lations of the authorities budget office. Such regulations shall provide
    3  for consideration of: (a) the number of employees of the authority;  (b)
    4  the  annual budget of the authority; (c) the ability of the authority to
    5  prepare the required reports using existing staff; and  (d)  such  other
    6  factors  as the authorities budget office deems to reflect the relevance
    7  of the required disclosures to evaluation of  an  authority's  effective
    8  operation,  and  the  burden  such disclosures place on an authority.  A
    9  WAIVER GRANTED PURSUANT TO THIS  SUBDIVISION  SHALL  NOT  APPLY  TO  THE
   10  FILING  REQUIREMENT  IMPOSED  ON  AN  INDUSTRIAL  DEVELOPMENT  AGENCY BY
   11  SECTION EIGHT HUNDRED FIFTY-NINE OF THE GENERAL MUNICIPAL LAW OR TO  ANY
   12  OTHER  REQUIREMENT  THAT A STATE OR LOCAL AUTHORITY FILE OR SUBMIT DOCU-
   13  MENTS OR INFORMATION TO  THE  STATE  COMPTROLLER.  Each  waiver  granted
   14  pursuant  to  this subdivision shall be disclosed in the reports of such
   15  office issued pursuant to section seven of this chapter.
   16    S 3. Subdivision 3 of section 2801 of the public  authorities  law  is
   17  REPEALED and subdivisions 1 and 2, as amended by chapter 506 of the laws
   18  of 2009, are amended to read as follows:
   19    1.  State  authorities. Every state authority or commission heretofore
   20  or hereafter continued or created by this chapter or any  other  chapter
   21  of  the  laws of the state of New York shall submit to the governor, the
   22  chair and ranking minority member of the senate finance  committee,  the
   23  chair and ranking minority member of the assembly ways and means commit-
   24  tee,  THE STATE COMPTROLLER and the authorities budget office, for their
   25  information, annually [not more than one hundred twenty  days  and]  not
   26  less  than  [ninety]  THIRTY  days before the commencement of its fiscal
   27  year, in the form submitted to its members or trustees, budget  informa-
   28  tion  on operations and capital construction setting forth the estimated
   29  receipts and expenditures for the  next  fiscal  year  and  the  current
   30  fiscal  year,  and  the  actual  receipts  and expenditures for the last
   31  completed fiscal year.
   32    2. Local authorities. For the local authority fiscal year ending on or
   33  after December thirty-first, two thousand seven and annually thereafter,
   34  every local authority heretofore or hereafter continued  or  created  by
   35  this  chapter  or any other chapter of the laws of the state of New York
   36  shall submit to the chief executive officer, the chief  fiscal  officer,
   37  the  chairperson  of  the  legislative  body  of the local government or
   38  governments, THE STATE COMPTROLLER and the authorities budget office for
   39  their information, annually [not more than ninety days and not less than
   40  sixty] THIRTY days before the commencement of its fiscal  year,  in  the
   41  form  submitted  to its members or trustees, budget information on oper-
   42  ations and capital construction setting forth the estimated receipts and
   43  expenditures for the next fiscal year and the current fiscal  year,  and
   44  the actual receipts and expenditures for the last completed fiscal year.
   45    S 4. Intentionally omitted.
   46    S  5.  The  opening  paragraph of subdivision 2 of section 2825 of the
   47  public authorities law, as amended by chapter 174 of the laws  of  2010,
   48  is amended to read as follows:
   49    Except  for  members who serve as members by virtue of holding a civil
   50  office of the state OR LOCAL GOVERNMENT, the majority of  the  remaining
   51  members of the governing body of every state or local authority shall be
   52  independent  members; provided, however, that this provision shall apply
   53  to appointments made on or after the effective  date  of  chapter  seven
   54  hundred  sixty-six  of  the  laws  of two thousand five which added this
   55  subdivision. The official or officials having the authority  to  appoint
   56  or  remove  such  remaining  members  shall  take such actions as may be
       S. 4075--A                          6
    1  necessary to satisfy this requirement and further,  shall  consider  the
    2  prospective  diversity  of  the members of a state authority when making
    3  their determinations to appoint any member. For  the  purposes  of  this
    4  section, an independent member is one who:
    5    S  6.  The opening paragraph of subdivision 6 of section 2827-a of the
    6  public authorities law, as added by chapter 506 of the laws of 2009,  is
    7  amended to read as follows:
    8    On  or before the first day of January, two thousand eleven, and annu-
    9  ally on such day thereafter, any subsidiary public benefit  corporation,
   10  in cooperation with its parent public benefit corporation, shall provide
   11  to  THE  STATE COMPTROLLER, the chair and ranking minority member of the
   12  senate finance committee, the chair and ranking minority member  of  the
   13  assembly  ways and means committee, and each chair and ranking member of
   14  the assembly and senate  committees  on  corporations,  authorities  and
   15  commissions  a report on the subsidiary public benefit corporation. Such
   16  report shall include for each subsidiary:
   17    S 7.  Paragraph (a) of subdivision 8 of section  2879  of  the  public
   18  authorities  law,  as  amended  by  chapter  844 of the laws of 1992, is
   19  amended to read as follows:
   20    (a) Each corporation shall [annually] submit WITHIN NINETY DAYS OF THE
   21  END OF ITS FISCAL YEAR its report on procurement contracts to the  divi-
   22  sion  of  the  budget  and copies thereof to the department of audit and
   23  control, the department of  economic  development,  the  senate  finance
   24  committee and the assembly ways and means committee.
   25    S  8.  Subdivision 3 of section 2896 of the public authorities law, as
   26  amended by chapter 506 of the laws  of  2009,  is  amended  to  read  as
   27  follows:
   28    3.  a.  Each public authority shall [publish, not less frequently than
   29  annually] PREPARE WITHIN NINETY DAYS OF THE END OF ITS  FISCAL  YEAR  AS
   30  PART  OF  THE  ANNUAL REPORT PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF
   31  THIS ARTICLE, a report listing all real property of the public  authori-
   32  ty.    Such report shall include a list and full description of all real
   33  and personal property disposed of during such period. The  report  shall
   34  contain  the  price received by the public authority and the name of the
   35  purchaser for all such property sold by the public authority during such
   36  period.
   37    b. The public authority shall deliver copies of  such  report  to  the
   38  comptroller,  the  director  of  the budget, the commissioner of general
   39  services, the legislature and the authorities budget office.
   40    S 9. Paragraphs (a) and (b) of subdivision 7 of section  2925  of  the
   41  public authorities law, as added by chapter 838 of the laws of 1983, are
   42  amended to read as follows:
   43    (a)  Each  corporation,  a majority of the members of which consist of
   44  persons appointed by the governor or who serve as members by  virtue  of
   45  holding  a  civil  office  of the state, or a combination thereof, shall
   46  [annually] submit WITHIN NINETY DAYS OF THE END OF ITS FISCAL  YEAR  its
   47  investment  report  to  the division of the budget and copies thereof to
   48  the department of audit and control, the senate  finance  committee  and
   49  the assembly ways and means committee.
   50    (b)  Each  corporation,  other than a corporation included under para-
   51  graph (a) of this subdivision, shall  [annually]  submit  WITHIN  NINETY
   52  DAYS  OF  THE  END OF ITS FISCAL YEAR its investment report to the chief
   53  executive officer and chief fiscal officer of each municipality for  the
   54  benefit  of  which  it  was  created  and to the department of audit and
   55  control.
       S. 4075--A                          7
    1    S 10. Subdivision 2 of section 561-a of the general municipal law,  as
    2  added by chapter 681 of the laws of 1963, is amended to read as follows:
    3    2.  Within  [sixty] NINETY days after the close of the fiscal year, an
    4  agency shall submit an annual report of its financial condition  to  the
    5  commissioner  and  to the state comptroller. The report shall be in such
    6  form as the comptroller shall require. The  commissioner  or  the  comp-
    7  troller  may require additional information from the agency or any offi-
    8  cer thereof at any time.
    9    S 11. Section 859 of the general municipal law, as  added  by  chapter
   10  692  of  the  laws  of 1989, paragraph (b) and the opening paragraph and
   11  subparagraph (v) of paragraph (e) of subdivision 1 as amended by chapter
   12  357 of the laws of 1993, paragraph (e) of subdivision 1 and  subdivision
   13  3  as  added  and subdivision 2 as amended by chapter 356 of the laws of
   14  1993 and paragraph (f) of subdivision 1 as added by section 28  of  part
   15  A3 of chapter 62 of the laws of 2003, is amended to read as follows:
   16    S 859. Financial records.  1. (a) Each agency shall maintain books and
   17  records in such form as may be prescribed by the state comptroller.
   18    (b)  Within  ninety  days following the close of its fiscal year, each
   19  agency or authority shall prepare a financial statement for that  fiscal
   20  year  in  such  form as may be prescribed by the state comptroller. Such
   21  statement shall be audited within such ninety day period by an independ-
   22  ent certified public accountant in accordance with government accounting
   23  standards established by the United States  general  accounting  office.
   24  The  audited  financial  statement  shall include supplemental schedules
   25  listing all straight-lease transactions  and  bonds  and  notes  issued,
   26  outstanding  or  retired during the applicable accounting period whether
   27  or not such bonds, notes or transactions are considered  obligations  of
   28  the  agency.  For  each  issue  of  bonds  or notes such schedules shall
   29  provide the name of each project financed with proceeds of  each  issue,
   30  and  whether  the  project occupant is a not-for-profit corporation, the
   31  name and address of each owner of each project, the estimated amount  of
   32  tax  exemptions  authorized for each project, the purpose for which each
   33  bond or note was issued, date of issue, interest rate at issuance and if
   34  variable the range of interest rates applicable, maturity date,  federal
   35  tax  status of each issue, and an estimate of the number of jobs created
   36  and retained by each project. For each straight-lease transaction,  such
   37  schedules  shall  provide  the  name  of  each  project, and whether the
   38  project occupant is a not-for-profit corporation, the name  and  address
   39  of  each  owner  of each project, the estimated amount of tax exemptions
   40  authorized for each project, the purpose for which each transaction  was
   41  made,  the method of financial assistance utilized by the project, other
   42  than the tax exemptions claimed by the project and an  estimate  of  the
   43  number of jobs created and retained by each project.
   44    (c)  Within  [thirty]  NINETY  days  after [completion] THE END OF THE
   45  FISCAL YEAR, a copy of the audited financial statement shall  be  trans-
   46  mitted  to  the  commissioner of the department of economic development,
   47  the state comptroller and the governing body  of  the  municipality  for
   48  whose benefit the agency was created.
   49    (d)  An  agency, OTHER THAN AN AGENCY THAT CEASES TO EXIST PURSUANT TO
   50  SECTION EIGHT HUNDRED EIGHTY-TWO OF THIS TITLE, with no bonds  or  notes
   51  issued  or  outstanding and no projects during the applicable accounting
   52  period may apply to the state comptroller for a waiver of  the  required
   53  audited  financial statement.  Application shall be made on such form as
   54  the comptroller may prescribe.  A WAIVER GRANTED PURSUANT TO THIS  PARA-
   55  GRAPH  SHALL NOT APPLY TO ANY FILING REQUIREMENT IMPOSED ON AN AGENCY BY
       S. 4075--A                          8
    1  OR PURSUANT TO SECTION TWENTY-EIGHT HUNDRED OF  THE  PUBLIC  AUTHORITIES
    2  LAW.
    3    (e)  If  an  agency  or  authority shall fail to file or substantially
    4  complete, as determined by the state comptroller, the  financial  state-
    5  ment  required  by  this  section,  the  state comptroller shall provide
    6  notice to the agency or authority. The notice shall state the following:
    7    (i) that the failure to file a financial statement as  required  is  a
    8  violation  of  this section, or in the case of an insufficient financial
    9  statement, the manner in which  the  financial  statement  submitted  is
   10  deficient;
   11    (ii)  that the agency or authority has thirty days to comply with this
   12  section or provide an adequate written explanation to the comptroller of
   13  the agency's or authority's reasons for the inability to comply; and
   14    (iii) that the agency's or authority's failure to provide  either  the
   15  required  financial  statement or an adequate explanation will result in
   16  the notification of the chief executive officer of the municipality  for
   17  whose  benefit  the  agency  or  authority  was  created of the agency's
   18  noncompliance with this section. Where  such  agency  or  authority  has
   19  failed  to  file  the  required  statement,  the comptroller shall addi-
   20  tionally notify the agency or authority that continued failure  to  file
   21  the required statement may result in loss of the agency's or authority's
   22  authority to provide exemptions from state taxes.
   23    (iv)  If  an  agency or authority after thirty days has failed to file
   24  the required statement or the explanation  in  the  manner  required  by
   25  subparagraph (i) of this paragraph, or provides an insufficient explana-
   26  tion,  the  comptroller  shall notify the chief executive officer of the
   27  municipality for whose benefit the agency or authority was  created  and
   28  the  agency  of  the  agency's  or  authority's  noncompliance with this
   29  section. Such notice from the state comptroller shall further  delineate
   30  in  what  respect the agency or authority has failed to comply with this
   31  section. If the agency or authority has  failed  to  file  the  required
   32  statement, the notice shall additionally state that continued failure to
   33  file  the  required  statement  may  result  in  loss of the agency's or
   34  authority's authority to provide exemptions from state taxes.
   35    (v) If, thirty days after notification of the chief executive  officer
   36  of  the  municipality  for  whose  benefit  the  agency or authority was
   37  created of the agency's or  authority's  noncompliance,  the  agency  or
   38  authority  fails  to  file the required statement, the comptroller shall
   39  notify the chief executive officer of the municipality for whose benefit
   40  that agency or authority was created and the agency or authority that if
   41  such report is not provided  within  sixty  days,  that  the  agency  or
   42  authority  will no longer be authorized to provide exemptions from state
   43  taxes.
   44    (vi) If, sixty days after the notification  required  by  subparagraph
   45  (v)  of  this  paragraph,  the comptroller has not received the required
   46  statement, the agency or authority shall not offer financial  assistance
   47  which  provides  exemptions from state taxes until such financial state-
   48  ment is filed and the comptroller shall so notify the agency or authori-
   49  ty and the chief executive officer of the municipality for whose benefit
   50  the agency was created. Provided, however,  that  nothing  contained  in
   51  this  paragraph  shall  be  deemed  to  modify the terms of any existing
   52  agreements.
   53    (f) Within thirty days after completion, a copy of an  audited  finan-
   54  cial statement which contains transactions of or bonds or notes of civic
   55  facilities  as  defined in paragraph (b) of THE FORMER subdivision thir-
   56  teen of section eight hundred fifty-four of this article, shall be tran-
       S. 4075--A                          9
    1  smitted by the agency to the commissioner of health, the  chair  of  the
    2  senate  finance  committee,  the  chair  of  the assembly ways and means
    3  committee, the chair of the senate health committee and the chair of the
    4  assembly health committee.
    5    2.  On or before September first of each year, the commissioner of the
    6  department of economic development  shall  prepare  and  submit  to  the
    7  governor,  speaker  of  the assembly, majority leader of the senate, and
    8  the state comptroller, a report setting forth a summary of  the  signif-
    9  icant  trends  in  operations and financing by agencies and authorities;
   10  departures from acceptable practices  by  agencies  and  authorities;  a
   11  compilation by type of the bonds and notes outstanding; a compilation of
   12  all  outstanding  straight-lease  transactions; an estimate of the total
   13  number of jobs created and retained by agency or authority projects; and
   14  any other information which in the opinion  of  the  commissioner  bears
   15  upon  the  discharge of the statutory functions of agencies and authori-
   16  ties.
   17    3. On or before April first, nineteen hundred ninety-six, the  commis-
   18  sioner  shall  submit to the director of the division of the budget, the
   19  temporary president of the senate, the  speaker  of  the  assembly,  the
   20  chairman  of  the senate finance committee, the chairman of the assembly
   21  ways and means committee, the chairman of the  senate  local  government
   22  committee,  the  chairman  of the senate committee on commerce, economic
   23  development and small business, the chairman of the  assembly  committee
   24  on  commerce,  industry  and  economic  development, the chairman of the
   25  assembly local governments committee [and], the chairman of the assembly
   26  real property taxation committee, THE CHAIR OF THE SENATE  COMMITTEE  ON
   27  CORPORATIONS, AUTHORITIES AND COMMISSIONS, AND THE CHAIR OF THE ASSEMBLY
   28  COMMITTEE  ON CORPORATIONS, AUTHORITIES AND COMMISSIONS an evaluation of
   29  the activities of industrial development agencies and authorities in the
   30  state prepared by an entity independent of the department.  Such  evalu-
   31  ation  shall identify the effect of agencies and authorities on: (a) job
   32  creation and retention in the state, including the types of jobs created
   33  and retained; (b) the value of tax exemptions provided by such  agencies
   34  and  authorities;  (c)  the  value of payments received in lieu of taxes
   35  received by municipalities and school districts as a result of  projects
   36  sponsored  by such entities; (d) a summary of the types of projects that
   37  received financial assistance; (e) a summary of the types  of  financial
   38  assistance  provided  by  the agencies and authorities; (f) a summary of
   39  criteria for evaluation of projects used by  agencies  and  authorities;
   40  (g) a summary of tax exemption policies of agencies and authorities; and
   41  (h)  such  other  factors  as  may  be  relevant to an assessment of the
   42  performance of such agencies and authorities in creating  and  retaining
   43  job opportunities for residents of the state. Such evaluation shall also
   44  assess  the  process  by which agencies and authorities grant exemptions
   45  from state taxes and make recommendations for  the  most  efficient  and
   46  effective  procedures  for  the  use of such exemptions. Such evaluation
   47  shall further include any recommendations for changes in laws  governing
   48  the  operations of industrial development agencies and authorities which
   49  would enhance the creation and retention of jobs in the state.
   50    S 12. This act shall take effect immediately.
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