Bill Summary: A04826

• Establishes the New York State Infrastructure Development Bank within the banking department to provide financial assistance for energy, environmental, telecommunications, and transportation infrastructure projects.

• Creates a five-member board of directors appointed by the governor (two public sector, three private sector representatives) and establishes three committees: Executive, Risk Management, and Audit, each with five members headed by a chief officer.

• Authorizes the bank to issue public benefit bonds (with terms greater than 30 years), borrow on capital markets, and provide direct subsidies and loans to eligible infrastructure projects while considering job creation, carbon emissions reduction, and benefits to disadvantaged communities.

• Appropriates $250,000,000 to the banking department from the state general fund to carry out the act's provisions.

• Expires and repeals December 31, 2034; requires annual reporting to the governor and legislature and an evaluation by the state comptroller within five years of implementation.