N.Y. GMU Law § 103-G — New York Code / Act GMU / Article 5-A / Section 103-G
Iranian energy sector divestment
Status: in_force

§ 103-g. Iranian energy sector divestment. 1. As used in this section:\n  a. "Energy sector" shall have the same meaning as defined in paragraph\n(a) of subdivision one of section one hundred sixty-five-a of the state\nfinance law.\n  b. "Financial institution" shall have the same meaning as defined in\nparagraph (b) of subdivision one of section one hundred sixty-five-a of\nthe state finance law.\n  c. "Investment" shall have the same meaning as defined in paragraph\n(c) of subdivision one of section one hundred sixty-five-a of the state\nfinance law.\n  d. "Iran" shall have the same meaning as defined in paragraph (d) of\nsubdivision one of section one hundred sixty-five-a of the state finance\nlaw.\n  e. "Person" shall have the same meaning as defined in paragraph (e) of\nsubdivision one of section one hundred sixty-five-a of the state finance\nlaw.\n  2. For purposes of this section, a person engages in investment\nactivities in Iran if:\n  a. The person provides goods or services of twenty million dollars or\nmore in the energy sector of Iran, including a person that provides oil\nor liquefied natural gas tankers, or products used to construct or\nmaintain pipelines used to transport oil or liquefied natural gas, for\nthe energy sector of Iran; or\n  b. The person is a financial institution that extends twenty million\ndollars or more in credit to another person, for forty-five days or\nmore, if that person will use the credit to provide goods or services in\nthe energy sector in Iran.\n  3. A person that is identified on a list created pursuant to paragraph\n(b) of subdivision three of section one hundred sixty-five-a of the\nstate finance law as a person engaging in investment activities in Iran\nas described in subdivision two of this section, shall not be deemed a\nresponsible bidder or offerer pursuant to section one hundred three of\nthis article.\n  4. Every bid or proposal hereafter made to a political subdivision of\nthe state or any public department, agency or official thereof where\ncompetitive bidding is required by statute, rule, regulation or local\nlaw, for work or services performed or to be performed or goods sold or\nto be sold, shall contain the following statement subscribed by the\nbidder and affirmed by such bidder as true under the penalties of\nperjury:\n  a. "By submission of this bid, each bidder and each person signing on\nbehalf of any bidder certifies, and in the case of a joint bid each\nparty thereto certifies as to its own organization, under penalty of\nperjury, that to the best of its knowledge and belief that each bidder\nis not on the list created pursuant to paragraph (b) of subdivision 3 of\nsection 165-a of the state finance law."\n  b. Notwithstanding paragraph a of this subdivision, the statement of\nnon-investment in the Iranian energy sector may be submitted\nelectronically in accordance with the provisions of subdivision one of\nsection one hundred three of this article.\n  c. A bid shall not be considered for award nor shall any award be made\nwhere the condition set forth in paragraph a of this subdivision has not\nbeen complied with; provided, however, that if in any case the bidder\ncannot make the foregoing certification, the bidder shall so state and\nshall furnish with the bid a signed statement which sets forth in detail\nthe reasons therefor. A political subdivision may award a bid to a\nbidder who cannot make the certification pursuant to paragraph a of this\nsubdivision on a case-by-case basis if:\n  (1) The investment activities in Iran were made before the effective\ndate of this section, the investment activities in Iran have not been\nexpanded or renewed after the effective date of this section, and the\nperson has adopted, publicized, and is implementing a formal plan to\ncease the investment activities in Iran and to refrain from engaging in\nany new investments in Iran; or\n  (2) The political subdivision makes a determination that the goods or\nservices are necessary for the political subdivision to perform its\nfunctions and that, absent such an exemption, the political subdivision\nwould be unable to obtain the goods or services for which the contract\nis offered. Such determination shall be made in writing and shall be a\npublic document.\n