NY A08578

Establishes the New York state infrastructure development bank within the banking department as a new entity to provide financial assistance for infrastructure projects including transportation, environmental, energy, and telecommunications.

Creates a five-member board of directors appointed by the governor (two public sector, three private sector members) with six-year terms, plus an executive committee with nine members including eight executive officers responsible for operations, compliance, finance, risk management, and other functions.

Authorizes the bank to issue public benefit bonds (with terms over 30 years), borrow on capital markets, provide direct subsidies, and purchase/pool infrastructure-related loans and securities.

Requires the bank to evaluate projects based on economic and social benefits, job creation, carbon emissions reduction, workforce development for women and minorities, and poverty reduction, with specific criteria for transportation, environmental, energy, and telecommunications projects.

Appropriates $250,000,000 from the state general fund to establish and operate the bank, with the act set to expire and be repealed on December 31, 2032.