NY A05883

Establishes the New York State Infrastructure Development Bank within the Department of Banking with a five-member board appointed by the Governor (two public sector, three private sector members) serving staggered six-year terms.

Authorizes the bank to issue public benefit bonds, provide direct subsidies, borrow on capital markets, and lend to entities and commercial banks for funding energy, environmental, telecommunications, and transportation infrastructure projects.

Requires the board to establish eligibility criteria considering project financing structure, job creation, carbon emissions reduction, pollution reduction, broadband expansion in disadvantaged communities, and other economic and environmental benefits.

Appropriates $250,000,000 from the state general fund to the banking department for carrying out the bank's operations, with the law expiring and repealing on December 31, 2030.

Exempts bank bonds and obligations from state and local taxation, deems them obligations of the state backed by full faith and credit, and requires annual audits and reports to the Governor and Legislature.