Bill Text: NY S04227 | 2011-2012 | General Assembly | Introduced

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Bill Title: Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO FINANCE [S04227 Detail]

Download: New_York-2011-S04227-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4227
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 24, 2011
                                      ___________
       Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Finance
       AN ACT to amend the state finance law,  in  relation  to  the  excelsior
         linked deposit program
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 214 of the state finance law, as amended by section
    2  1 of part P of chapter 59 of the laws of 2007, is  amended  to  read  as
    3  follows:
    4    S  214.  Establishment  and  purpose;  linked deposit program authori-
    5  zation.  The excelsior linked deposit program  is  hereby  created.  The
    6  purpose  of  the  program is to encourage and assist eligible businesses
    7  within the state to undertake eligible  projects  that  will  materially
    8  contribute to improving their performance and competitiveness. The comp-
    9  troller  is  hereby  authorized to use any moneys of the state the comp-
   10  troller is authorized to invest pursuant to  section  ninety-eight-a  of
   11  this  chapter  as  linked deposits for the program. Not more than [four]
   12  FIVE hundred [sixty] TWENTY-FIVE million dollars of such moneys shall be
   13  on deposit pursuant to the program at any given time.  The  commissioner
   14  of  taxation and finance is hereby authorized to use funds in the linked
   15  deposit program fund established pursuant  to  section  ninety-two-v  of
   16  this  chapter  as  linked  deposits  for  the program. Not more than one
   17  hundred million dollars from the linked deposit program fund shall be on
   18  deposit pursuant to the program at any given time.
   19    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06161-01-1