NY A11705

Establishes the New York State Infrastructure Development Bank within the Department of Banking to finance energy, environmental, telecommunications, and transportation infrastructure projects through public benefit bonds, direct subsidies, and loans.

Creates a five-member Board of Directors (two public sector, three private sector representatives) appointed by the Governor, supported by an Executive Committee with eight officers (Chief Financial Officer, Chief Risk Officer, Chief Compliance Officer, and others) and separate Risk Management and Audit Committees.

Authorizes the bank to issue public benefit bonds with terms exceeding 30 years, borrow on global capital markets, and lend to entities and commercial banks for infrastructure development while purchasing and pooling infrastructure-related loans and securities.

Requires project eligibility analysis considering economic, environmental, and social benefits with specific evaluation criteria for transportation (smart growth, job creation, carbon reduction), environmental (public health, pollution reduction), energy (renewable energy, smart grid), and telecommunications projects (broadband expansion in underserved areas).

Appropriates $250 million in state funds, exempts bank obligations from local taxation, requires annual independent audits and legislative reports, and repeals the bank effective December 31, 2025.