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NY S07145
Bill
Status
Introduced
4/30/2014
Primary Sponsor
Catharine Young
Click for details
AI Summary
- Establishes the "Private Activity Bond Allocation Act of 2014" to create an alternative formula for distributing New York's statewide bond volume ceiling among state agencies, local agencies, and other issuers
- Divides the statewide ceiling into three equal parts: one-third to local agencies (allocated by population ratio), one-third to state agencies, and one-third to a statewide bond reserve administered by the director of the budget
- Allows local agencies and other issuers to apply to the commissioner for allocations from the statewide bond reserve if their initial allocation is insufficient and the funds are reasonably expected to be used within the calendar year
- Requires issuers of qualified small issue bonds to list new employment opportunities with the New York State Department of Labor and give preference consideration to workforce investment program participants
- Creates a five-member bond allocation policy advisory panel with representatives appointed by the governor, senate president, assembly speaker, and minority leaders to provide policy advice and monitor the allocation process; sections of this act expire July 1, 2016
Legislative Description
Relates to the bond volume allocations made pursuant to the federal tax reform act of 1986, the unified state bond ceiling and the private activity bond allocation act of 2014.
Last Action
SUBSTITUTED BY A9033
6/19/2014
Committee Referrals
Rules6/19/2014
Finance5/19/2014
Housing, Construction, and Community Development4/30/2014
Full Bill Text
No bill text available