Bill Text: NY A03972 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the state finance law, in relation to restricting state borrowing where the purpose or effect of such borrowing would aid in the relocation of any enterprise, business or similar activity from an economically challenged neighborhood

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2009-05-04 - enacting clause stricken [A03972 Detail]

Download: New_York-2009-A03972-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3972
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2009
                                      ___________
       Introduced  by  M.  of  A.  GREENE,  CASTRO,  EDDINGTON -- read once and
         referred to the  Committee  on  Economic  Development,  Job  Creation,
         Commerce and Industry
       AN  ACT to amend the state finance law, in relation to restricting state
         borrowing where the purpose or effect of such borrowing would  aid  in
         the relocation of any enterprise, business or similar activity from an
         economically challenged neighborhood
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The state finance law is amended by adding  a  new  section
    2  55-a to read as follows:
    3    S  55-A.  RESTRICTION  ON BORROWING; ECONOMICALLY CHALLENGED NEIGHBOR-
    4  HOOD. 1. THE STATE, ITS AGENCIES AND AUTHORITIES  SHALL  NOT  INCUR  ANY
    5  DEBT  OR  AUTHORIZE  OR  ISSUE ANY BONDS, THE PURPOSE OR EFFECT OF WHICH
    6  WOULD BE TO AID IN THE RELOCATION OF ANY ENTERPRISE, BUSINESS, OR  SIMI-
    7  LAR  ACTIVITY  FROM AN ECONOMICALLY CHALLENGED NEIGHBORHOOD IN THE STATE
    8  OF NEW YORK.
    9    2. DEFINITIONS. (A) FOR THE PURPOSES OF THIS SECTION, AN "ECONOMICALLY
   10  CHALLENGED NEIGHBORHOOD" SHALL MEAN AN AREA  WITH  A  POPULATION  OF  AT
   11  LEAST  TWO  THOUSAND,  WHICH, BASED ON THE MOST RECENT CENSUS TRACT DATA
   12  AVAILABLE CONSTITUTES A SINGLE CENSUS TRACT OR GROUP  OF  CENSUS  TRACTS
   13  HAVING THE FOLLOWING STATISTICAL PROFILE:
   14    (I)  A  POVERTY  RATE OF AT LEAST TWENTY PERCENT FOR THE YEAR TO WHICH
   15  THE DATA RELATE; OR
   16    (II) FOR WHICH AT LEAST TWENTY  PERCENT  OF  THE  POPULATION  RECEIVES
   17  PUBLIC ASSISTANCE FOR THE YEAR TO WHICH THE DATA RELATE; AND
   18    (III)  AN UNEMPLOYMENT RATE OF AT LEAST 1.25 TIMES THE STATEWIDE UNEM-
   19  PLOYMENT RATE FOR THE YEAR TO WHICH THE DATA RELATE.
   20    (B) FOR THE PURPOSES OF THIS SECTION, A CENSUS TRACT WHICH IS  CONTIG-
   21  UOUS TO AN AREA WHICH MEETS THE CRITERIA IN PARAGRAPH (A) OF THIS SUBDI-
   22  VISION SHALL BE DEEMED TO BE AN ECONOMICALLY CHALLENGED NEIGHBORHOOD.
   23    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06352-01-9