Bill Text: NY A06150 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes a New York state education equity fund; authorizes the dormitory authority of the state of New York (DASNY) to invest $75 million in a public-private partnership revolving loan fund for loan financing to cover capital costs for the construction and improvements of public charter schools.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced) 2024-01-03 - referred to education [A06150 Detail]
Download: New_York-2023-A06150-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6150 2023-2024 Regular Sessions IN ASSEMBLY April 3, 2023 ___________ Introduced by M. of A. CUNNINGHAM -- read once and referred to the Committee on Education AN ACT to amend the state finance law and the public authorities law, in relation to establishing the New York state education equity fund and authorizing the dormitory authority of the state of New York to invest to cover capital costs for the construction and improvements of public charter schools 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 section 99-qq to 2 read as follows: 3 § 99-qq. New York state education equity fund. 1. There is hereby 4 established in the joint custody of the state comptroller and the 5 commissioner of taxation and finance a fund to be known as the "New York 6 state education equity fund". Such fund may be known and cited as the 7 "education equity fund". 8 2. As used in this section, the following words and phrases shall have 9 the following meanings, unless a different meaning is plainly required 10 by the context: 11 (a) "Applicant" shall mean an education corporation, applying for 12 financing of capital costs pursuant to this section. 13 (b) "Authority" shall mean the dormitory authority of the state of New 14 York. 15 (c) "Capital costs" shall mean costs associated with establishing or 16 operating education corporation facilities including, but not limited 17 to, all costs, including closely related ancillary costs, related to the 18 financing, refinancing, leasing, planning, design, construction, recon- 19 struction, rehabilitation, improvement, and equipping of facilities to 20 be leased or owned by education corporations. 21 (d) "Education corporation" shall mean a charter school education 22 corporation formed pursuant to article fifty-six of the education law, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10309-01-3A. 6150 2 1 which is not in probationary status, does not have an expired charter, 2 whose charter has not been non-renewed, or whose charter has not been 3 revoked. 4 (e) "Education equity fund" shall mean the New York state education 5 equity fund authorized to be established pursuant to this section. 6 (f) "Low educational outcomes" shall mean racial disparities in educa- 7 tional outcomes, low kindergarten through grade twelve academic achieve- 8 ment, low high school graduation rates, or low college attendance, 9 persistence, and graduation rates as demonstrated by data available from 10 the state education department or United States department of education. 11 (g) "Minority-led education corporation" shall mean an education 12 corporation: 13 (i) governed by a board of trustees of which at least fifty-one 14 percent of the trustees are minority group members; and 15 (ii) the highest ranking officer or employee of the education corpo- 16 ration is a minority group member. 17 (h) "Minority group member" shall mean a United States citizen or 18 permanent resident alien who is and can demonstrate membership in one of 19 the following groups: 20 (i) Black persons having origins in any of the Black African racial 21 groups; 22 (ii) Hispanic persons of Mexican, Puerto Rican, Dominican, Caribbean, 23 Cuban, Central or South American of either Native American or Hispanic 24 origin, regardless of race; 25 (iii) Native American or Alaskan native persons having origins in any 26 of the original peoples of North America; or 27 (iv) Asian and Pacific Islander persons having origins in any of the 28 far east countries, south east Asia, the Indian subcontinent or the 29 Pacific islands. 30 (i) "Private debt or equity fund" shall mean a private debt or equity 31 fund formed pursuant to subdivision thirty-five of section sixteen 32 hundred seventy-eight of the public authorities law. 33 (j) "Not-for-profit loan fund" shall mean a not-for-profit entity 34 exempt from taxation pursuant to section 501(c)(3) of the United States 35 Internal Revenue Code of 1986, authorized to do business in the state, 36 and which can demonstrate the ability to provide private funds in an 37 amount equal to or greater than the amount of any grant or loan received 38 from the education equity fund to be used for the same purposes as such 39 grant or loan established with a mission to support education corpo- 40 rations. 41 3. Such fund shall consist of all moneys made available pursuant to 42 appropriation and all other moneys credited or transferred thereto from 43 any other fund or source, including payments on loans made from the 44 fund. Nothing contained in this section shall prevent the state from 45 receiving grants, gifts or bequests for the purposes of the fund as 46 defined in this section and depositing them into the fund according to 47 law. 48 4. (a) The moneys in such fund shall be expended for the following 49 purposes: 50 (i) Actual and necessary costs incurred by the dormitory authority of 51 the state of New York related to implementing and administering the 52 fund. 53 (ii) Subject to available appropriations and providing that no more 54 than seventy-five million dollars in funding shall be made available, 55 whether directly or indirectly, for investment in a private debt or 56 equity fund formed pursuant to subdivision thirty-five of sectionA. 6150 3 1 sixteen hundred seventy-eight of the public authorities law or in a 2 not-for-profit loan fund to cover capital costs associated with estab- 3 lishing or operating public charter school facilities pursuant to this 4 section. Additionally, no more than one hundred twenty-five million 5 dollars shall be made available for direct grants to eligible applicants 6 to cover capital costs associated with establishing or operating public 7 charter school facilities pursuant to this section. Such capital costs 8 shall include all costs, including closely related ancillary costs, 9 related to the financing, refinancing, leasing, planning, design, 10 construction, reconstruction, rehabilitation, improvement, furnishing, 11 and equipping of such public charter school facilities, to the extent 12 such work has been undertaken or costs for such work has been or will be 13 incurred by: 14 (A) eligible charter schools or education corporations; 15 (B) the dormitory authority of the state of New York, or any subsid- 16 iary thereof, under agreement with the private debt or equity fund 17 formed pursuant to subdivision thirty-five of section sixteen hundred 18 seventy-eight of the public authorities law or not-for-profit loan fund; 19 or 20 (C) the private debt or equity fund or not-for-profit loan fund formed 21 pursuant to subdivision thirty-five of section sixteen hundred seventy- 22 eight of the public authorities law. 23 (b) Any repayment of the state's investment by the fund, as authorized 24 in this section shall be deposited in the education equity fund. 25 5. The organizational structure and investment policy of the dormitory 26 authority of the state of New York, or any subsidiary thereof, not-for- 27 profit loan fund, or private debt or equity fund of funds and the 28 provisions of the grant or loan agreement or agreements shall satisfy, 29 but not be limited to, the following parameters and requirements: 30 (a) The dormitory authority of the state of New York, or any subsid- 31 iary thereof, not-for-profit loan fund, or private debt or equity fund 32 or funds shall not charge an education corporation a fee to apply for 33 capital cost financing. 34 (b) A description of how the dormitory authority of the state of New 35 York, or any subsidiary thereof, not-for-profit loan fund, or private 36 debt or equity fund or funds will preference minority-led education 37 corporation applicants and how such applicants will be encouraged to 38 apply for capital cost financing. 39 (c) A description of how the dormitory authority of the state of New 40 York, or any subsidiary thereof, not-for-profit loan fund, or private 41 debt or equity fund or funds will actively promote: (i) applicants from 42 communities disproportionately impacted by racial disparities in educa- 43 tional outcomes, low educational outcomes, or high rates of economically 44 disadvantaged students; and (ii) racial and ethnic diversity in its 45 financing decisions. 46 (d) A financing equity plan to promote diversity in commerce, employ- 47 ment, and opportunities for education equity in the communities in which 48 education corporation facilities are located, which plan shall establish 49 a goal to award sixty percent of the funding awarded or sixty percent of 50 the awardees selected each fiscal year, whichever is greater, to appli- 51 cations that demonstrate that an applicant: 52 (i) is an education corporation located in, or serving predominately 53 students who are members of, a community disproportionately impacted by 54 racial disparities in educational outcomes, low educational outcomes, or 55 high rates of economically disadvantaged students; andA. 6150 4 1 (ii) is a minority-led education corporation or will directly benefit 2 a minority-led education corporation; and 3 (iii) operates or manages or will operate or manage ten or fewer char- 4 ter schools, provided however, that applicants that operate or manage or 5 will operate or manage more than three schools are not eligible for 6 grant funding. 7 (e) The dormitory authority of the state of New York, or any subsid- 8 iary thereof, not-for-profit loan fund, or private debt or equity fund 9 or funds shall actively encourage applicants that foster racial and 10 ethnic diversity in their workforce. 11 (f) A general description of the other criteria the dormitory authori- 12 ty of the state of New York, or any subsidiary thereof, not-for-profit 13 loan fund, or private debt or equity fund or funds will use in making 14 applicant financing determinations. 15 (g) The dormitory authority of the state of New York, or any subsid- 16 iary thereof, not-for-profit loan fund, or private debt or equity fund 17 or funds' investment policy statement. 18 (h) The dormitory authority of the state of New York, or any subsid- 19 iary thereof, not-for-profit loan fund, or private debt or equity fund 20 or funds strategic plan including investor classes and the establish- 21 ment, management, and liquidation of investments by the fund. 22 (i) A plan by the dormitory authority of the state of New York to: 23 (i) monitor the subsidiary of the dormitory authority of the state of 24 New York, not-for-profit loan fund, or private debt or equity fund or 25 funds' risk profile, investment activity, and performance, which the 26 subsidiary of the dormitory authority of the state of New York, not-for- 27 profit loan fund, or private debt or equity fund or funds shall provide 28 on an agreed upon schedule; and 29 (ii) confirm that any real property leases, loan agreements, and other 30 financing arrangement using educational equity fund proceeds are being 31 provided to qualified education corporations in accordance with this 32 subdivision. 33 (j) A description of the maximum amount of promised return on invest- 34 ment, financing, or management fees or charges of the dormitory authori- 35 ty of the state of New York, or any subsidiary thereof, not-for-profit 36 loan fund, or private debt or equity fund or funds to be paid by educa- 37 tion corporations, and any other compensation of the subsidiary of the 38 dormitory authority of the state of New York, not-for-profit loan fund, 39 or private debt or equity fund or funds, which must be reasonable when 40 compared to similar school financing fees or charges. 41 (k) An annual accounting of the private funds invested or expended by 42 the dormitory authority of the state of New York, or any subsidiary 43 thereof, not-for-profit loan fund, or private debt or equity fund or 44 funds, which, by the end of the education equity fund grant or loan 45 term, shall be equal to or greater than the amount of said grant or loan 46 received. 47 (l) The subsidiary of the dormitory authority of the state of New 48 York, not-for-profit loan fund, or private debt or equity fund or funds 49 shall report to the dormitory authority of the state of New York changes 50 to the use and distribution of investment funds, and its organizational 51 structure or management on a quarterly basis. 52 (m) The dormitory authority of the state of New York, or any subsid- 53 iary thereof, not-for-profit loan fund, or private debt or equity fund 54 or funds must take reasonable steps, to provide geographic equity and 55 representation in financing charter school facilities, to the extentA. 6150 5 1 practicable, in support of the public purpose of the educational equity 2 fund. 3 (n) The subsidiary of the dormitory authority of the state of New 4 York, not-for-profit loan fund, or private debt or equity fund or funds' 5 conflict of interest policy with respect to grants, investments or loans 6 of fund money. 7 6. The dormitory authority of the state of New York, in accordance 8 with the provisions of this section and in consultation with the commis- 9 sioner of education, chancellor of the state university of New York, New 10 York city chancellor of education, the president of the urban develop- 11 ment corporation, the budget director, and the state comptroller, shall 12 promulgate rules and regulations for the implementation, administration, 13 and operation of the education equity fund, including but not limited 14 to: 15 (a) the eligibility of applicants for financing from the education 16 equity fund, including excluding applicants with outstanding loans for 17 which payments are in arrears; provided, however, nothing in this 18 section shall be construed to require the authority to allow applicants 19 with existing loans to apply for additional loans; 20 (b) promoting equity and racial and ethnic diversity by, including but 21 not limited to establishing a goal to award sixty percent of the funding 22 awarded or sixty percent of the awardees selected each fiscal year, 23 whichever is greater, to applications that demonstrate that an appli- 24 cant: 25 (i) is an education corporation located in, or serving predominately 26 students who are members of, a community disproportionately impacted by 27 racial disparities in educational outcomes, low educational outcomes, or 28 high rates of economically disadvantaged students; and 29 (ii) is a minority-led education corporation or will directly benefit 30 a minority-led education corporation; and 31 (iii) operates or manages or will operate or manage ten or fewer char- 32 ter schools and encouraging such applicants to apply for financing; 33 (c) minimum and maximum financing limits; and 34 (d) the procedure and information necessary for submission, accept- 35 ance, review, and communication of determinations of applications. 36 7. In the event an applicant seeks to transfer or sell facilities to a 37 person or entity that does not qualify as an applicant, the transfer 38 agreement shall require the new owner to pay to the education equity 39 fund any outstanding amount owed by the transferor to the equity educa- 40 tion fund, private debt or equity fund, or not-for-profit loan fund as 41 repayment of any loan issued by the fund as well as any other fee or 42 assessment as determined by the dormitory authority of the state of New 43 York, or any subsidiary thereof, private debt or equity fund, or not- 44 for-profit loan fund. Sales or transfers are not permitted within ten 45 years of the award unless the education corporation's charter for such 46 facility is surrendered, revoked or terminated. 47 8. Any law, rule, or regulation conflicting with any provision of this 48 section is, to the extent of said conflict only, deemed to be superseded 49 by the provisions of this section. 50 9. Upon the dormitory authority of the state of New York, or any 51 subsidiary thereof, providing any grant or loan to any applicant, 52 subsidiary of the dormitory authority of the state of New York, not-for- 53 loan fund, or private debt or equity fund or funds pursuant to this 54 section, the authority shall prepare an annual report beginning on 55 December thirtieth the first year of funding and annually thereafter, asA. 6150 6 1 required by section sixteen hundred seventy-eight of the public authori- 2 ties law. 3 10. Consistent with the state constitution, the comptroller may audit 4 the expenditure of monies from the fund and any account holding such 5 monies. 6 11. Nothing in this section shall be construed to impose any liabil- 7 ities, obligations, or responsibilities of such private debt or equity 8 fund upon the dormitory authority of the state of New York and the 9 authority shall have no liability or responsibility therefor unless the 10 authority expressly agrees to assume the same. 11 § 2. Section 1678 of the public authorities law is amended by adding 12 four new subdivisions 33, 34, 35 and 36 to read as follows: 13 33. To enter into one or more agreements with the private debt or 14 equity fund or not-for-profit loan fund, selected pursuant to subdivi- 15 sion thirty-five of this section, in which the state or any state agen- 16 cy, public authority, public benefit corporation, or division thereof 17 has invested and is formed for the limited purpose of funding the capi- 18 tal costs associated with establishing or operating public charter 19 school facilities pursuant to section ninety-nine-qq of the state 20 finance law, for the following purposes: 21 (a) (i) To acquire by lease or sublease such real property or any 22 interest therein as may be necessary or convenient for the construction, 23 reconstruction, rehabilitation, or improvement of public charter school 24 facilities, and 25 (ii) To acquire by purchase or other agreement, personal property or 26 interest therein as may be necessary for the acquisition, construction, 27 reconstruction, rehabilitation, improvement or provision of such dispen- 28 saries, whether as principal or agent; 29 (b) To prepare or cause to be prepared, whether as principal or agent, 30 plans, specifications, designs, and estimates of costs for the design, 31 construction, reconstruction, rehabilitation, improvement, furnishing or 32 equipping of public charter school facilities; 33 (c) To design, construct, reconstruct, rehabilitate, or to cause the 34 design, construction, rehabilitation or improvement of, whether as prin- 35 cipal or agent, public charter school facilities and to enter into 36 contracts to cause such facilities to be designed, constructed, recon- 37 structed, rehabilitated, improved, furnished, or equipped; 38 (d) To enter, as lessor or as agent for the lessor, into leases, 39 subleases, or other agreements with the public charter schools; provided 40 that the authority shall only enter in lease agreements as agent of the 41 private debt or equity fund or not-for-profit loan fund, selected pursu- 42 ant to subdivision thirty-five of this section; and 43 (e) To enter, as lender or as agent to the lender, into a non-recourse 44 loan or other agreements with public charter schools, provided that the 45 terms of the non-recourse loan agreement do not include a penalty for 46 early termination but will allow for the inclusion of a make-whole 47 provision and shall not, at the time the loan is established, exceed the 48 prime lending rate plus one-half the interest rate specified under 49 subdivision one of section fourteen-a of the banking law, nor include 50 terms or conditions that would entitle a share in, or claim to, any 51 charter school tuition pursuant to section twenty-eight hundred fifty- 52 six of the education law. 53 34. (a) To form one or more subsidiaries for the purpose of limiting 54 the potential liability of the authority when exercising the powers and 55 duties conferred upon the authority by subdivision thirty-three of this 56 section in connection with certain work performed on behalf of theA. 6150 7 1 private debt or equity fund or not-for-profit loan fund as defined in 2 section ninety-nine-qq of the state finance law, in which the state or 3 any state agency, public authority, public benefit corporation, or divi- 4 sion thereof has invested and has been selected pursuant to subdivision 5 thirty-five of this section. Such subsidiary created pursuant to this 6 subdivision may exercise and perform one or more of the purposes, 7 powers, duties, functions, rights and responsibilities of the authority 8 other than the issuance of indebtedness, in connection with real and 9 personal property with respect to which the authority holds title or a 10 leasehold interest, in its own name or as agent for the titleholder or 11 leaseholder including, but not limited to: 12 (i) entering into leases, subleases, or other arrangements with regard 13 to such property and acting in a manner consistent with the rights, 14 obligations or responsibilities of the owner, landlord or tenant of such 15 property pursuant to such lease or sublease agreements; 16 (ii) servicing non-recourse loan payments; 17 (iii) furnishing property management services; and 18 (iv) providing general operational and administrative support 19 services. 20 (b) Such subsidiary authorized by paragraph (a) of this subdivision 21 shall be established in the form of a public benefit corporation by 22 executing and filing with the secretary of state a certificate of incor- 23 poration which shall identify the authority as the entity organizing 24 such subsidiary and set forth the name of such subsidiary public benefit 25 corporation, its duration, the location of its principal office and its 26 corporate purposes as provided in this subdivision and which certificate 27 may be amended from time to time by the filing of amendments thereto 28 with the secretary of state. Such subsidiary shall be organized as a 29 public benefit corporation, shall be a body politic and corporate, and 30 shall have all the privileges, immunities, tax exemptions and other 31 exemptions of the authority. The members of such subsidiary shall be the 32 same as the members of the authority and the provisions of subdivision 33 two of section sixteen hundred ninety-one of this title shall in all 34 respects apply to such members when acting in such capacity. 35 (c) Nothing in this subdivision shall be construed to impose any 36 liabilities, obligations, or responsibilities of such subsidiary upon 37 the authority and the authority shall have no liability or responsibil- 38 ity therefor unless the authority expressly agrees to assume the same. 39 (d) Such subsidiary created pursuant to this subdivision shall be 40 subject to any other provision of this chapter pertaining to subsid- 41 iaries of public authorities. 42 35. (a) (i) To select a private debt or equity fund or a not-for-pro- 43 fit loan fund, formed for the sole purpose of funding the capital costs, 44 including closely related ancillary and administrative costs, associated 45 with establishing or operating public charter school facilities pursuant 46 to section ninety-nine-qq of the state finance law deemed to be eligible 47 by the fund and the authority for financing through such fund or related 48 costs, provided that any partnership agreement between the fund and the 49 authority, shall be subject to the written approval or resolution of the 50 board of the dormitory authority, and the director of the division of 51 the budget; 52 (ii) The organizational structure and investment policy of the 53 selected fund and the provisions of the partnership agreement shall 54 satisfy the following parameters and requirements: 55 (A) The general partner and the fund shall to the extent allowable by 56 section one of article five of the state constitution, authorize theA. 6150 8 1 comptroller of the state, or the comptroller's legally authorized repre- 2 sentatives, to access, examine, or audit the accounts and books of the 3 fund including its receipts, disbursements, contracts, investments, and 4 any other items directly relating to its financial standing and cooper- 5 ate with any such financial examination or financial audit on an annual 6 basis. The general partner shall agree to cause the key officers to be 7 available to discuss the fund and the partnership and its activities at 8 the time of the audit; 9 (B) The general partner shall agree to cause the key officers to be 10 available to discuss the fund and the partnership and its activities at 11 the request of the board of the dormitory authority or the director of 12 the budget; 13 (C) Any real property subleased out by the fund to a public charter 14 school shall be at the same rate on which the fund has leased such prop- 15 erty; 16 (D) The fund shall not be voluntarily terminated early without the 17 prior consent of the board of the dormitory authority; 18 (E) The fund shall have a conflict-of-interest policy approved by the 19 board of the dormitory authority; 20 (F) Any loan agreement the fund enters into with public charter 21 schools shall be a non-recourse loan and shall allow prepayment of the 22 debt without any penalty imposed by the fund but will allow for the 23 inclusion of a make-whole provision and shall not, at the time that the 24 non-recourse loan is established, exceed the prime lending rate plus 25 one-half the maximum interest rate specified under subdivision one of 26 section fourteen-a of the banking law; 27 (G) The state's contribution to the fund shall not exceed seventy-five 28 million dollars; 29 (H) The fund shall not take any equity positions in, issue equity 30 loans to, or enter into revenue or profit sharing agreements with any 31 public charter school or charter management organization or include any 32 terms and conditions in an agreement with such entities to that effect; 33 the fund shall also not include any excessive penalties within the loan 34 agreements; and 35 (I) Any other requirement as the authority may deem appropriate, in 36 consultation with the commissioner of education, chancellor of the state 37 university of New York, New York city chancellor of education, the pres- 38 ident of the urban development corporation, the director of the budget 39 and the state comptroller. 40 (b) (i) After the funding of the private debt or equity fund or not- 41 for-profit loan, as provided pursuant to this subdivision, the authority 42 shall prepare an annual report beginning on December thirtieth, two 43 thousand twenty-three and annually thereafter, which report shall 44 include, but not be limited to: 45 (A) the number of applications received and the financing amount 46 requested by the applicant; 47 (B) the number of applications approved, denied, or withdrawn; 48 (C) the amount and type of financing awarded to each awardee and 49 whether the awardee: 50 (1) is an education corporation located in, or serving predominately 51 students who are members of, a community disproportionately impacted by 52 racial disparities in educational outcomes, low educational outcomes, or 53 high rates of economically disadvantaged students; and 54 (2) is a minority-led education corporation or will directly benefit a 55 minority-led education corporation; andA. 6150 9 1 (3) the number of charter schools the awardee operates or manages or 2 will operate or manage; 3 (D) whether the goal of awarding sixty percent of the funding awarded 4 or sixty percent of the awardees selected each fiscal year, whichever is 5 greater, was met and if such goal was not met, a detailed analysis of 6 the reasons the goal was not met and plans to meet the goal for the next 7 fiscal year; 8 (E) the geographic distribution of charter school facilities sites 9 established or operated by education corporations assisted by the fund; 10 (F) any other such data and information as determined by the dormitory 11 authority of the state of New York; and 12 (G) for the first report, the authority shall report on the procure- 13 ment and selection of the general partner. 14 (ii) Such report shall be published on the authority's website and 15 presented to the governor, the temporary president of the senate and the 16 speaker of the assembly, no later than December thirtieth, two thousand 17 twenty-three and annually thereafter; and 18 (iii) The authority shall further submit a copy of the partnership 19 agreement between the fund and the authority, to the governor, the 20 temporary president of the senate, and the speaker of the assembly no 21 later than fifteen days after such agreement has been fully executed. 22 36. To make grants pursuant to section ninety-nine-qq of the state 23 finance law. 24 § 3. Paragraph (b) of subdivision 2 of section 1676 of the public 25 authorities law is amended by adding two new undesignated paragraphs to 26 read as follows: 27 Public charter schools pursuant to section ninety-nine-qq of the state 28 finance law. 29 The private debt or equity fund or not-for-profit loan fund, in which 30 the state or any state agency, public authority or public benefit corpo- 31 ration, or division thereof, has invested and is selected pursuant to 32 subdivision thirty-five of section sixteen hundred seventy-eight of this 33 title to the extent authorized in subdivision thirty-three of such 34 section. 35 § 4. Subdivision 1 of section 1680 of the public authorities law is 36 amended by adding two new undesignated paragraphs to read as follows: 37 Public charter schools pursuant to section ninety-nine-qq of the state 38 finance law. 39 The private debt or equity fund or not-for-profit loan, in which the 40 state or any agency, authority or division thereof has invested and is 41 selected pursuant to subdivision thirty-five of section sixteen hundred 42 seventy-eight of this title to the extent authorized in subdivision 43 thirty-three of such section. 44 § 5. Severability. If any provision of this act, or any application of 45 any provision of this act, is held to be invalid, that shall not affect 46 the validity or effectiveness of any other provision of this act, or of 47 any other application of any provision of this act, which can be given 48 effect without that provision or application; and to that end, the 49 provisions and applications of this act are severable. 50 § 6. This act shall take effect immediately.
