NY Pub Auth L § 1828-A (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 8 - New York Job Development Authority Subtitle I General Provisions Sub Title 5 - Subtitle v Miscellaneous Provisions 1828-A - Federal Trust Fund Administration.

§  1828-a.  Federal  trust  fund  administration.  1.  (a)  Where  the authority, in its capacity as a trustee or administrator of  the  Altech trust  fund  established  pursuant to a grant agreement with the federal economic development agency,  has,  on  or  before  March  thirty-first, nineteen  hundred  ninety-five,  entered into an agreement or agreements with any local development corporation, banking organization  or  public benefit   corporation,  or  combination  thereof,  which  obligates  the authority to make payments from such  trust  fund  for  the  purpose  of paying  or  guaranteeing, in whole or in part, the cost of financing the construction of any facility the object of which is to promote  economic development within the counties of Albany and Chautauqua, the authority, for  the  purpose  of  refinancing  its  payment  obligations under such agreement or agreements, shall:  (i) pursuant to  a  memorandum  of  understanding  executed  with  the subject  county,  purchase,  lease  or  otherwise acquire such facility, including the site thereof, and sell, convey, lease, mortgage, pledge or otherwise dispose of such facility, together with the site thereof, upon such terms and conditions as  the  authority  deems  advisable,  and  in connection therewith, may borrow money from any banking organization and issue  its notes or other obligations in evidence thereof and may pledge to the repayments of such obligations any funds of the authority legally available for such purposes;  (ii) pursuant to a  repayment  agreement  executed  with  the  federal economic  development  agency, replace Altech trust fund monies expended on activities deemed to be ineligible by the United States department of commerce; and  (iii) enter into any and all agreements as the  authority  shall  deem necessary,  convenient or desirable to carry out the powers conferred by subparagraph (a) of this subdivision.  (b) (i) Prior to  the  execution  of  a  repayment  agreement  by  the authority  pursuant  to paragraph (a) of this subdivision, the authority shall submit a plan to the federal economic development  agency  and  to the  director  of  the  budget,  and  the  chairs  of the senate finance committee and the assembly ways and means committee, which provides for:  (A) the replacement by the authority of cash or other  assets  of  the trust fund for the purposes of promoting economic development within the counties of Albany and Chautauqua;  (B)  the  development of a new revolving loan fund plan to provide for the  investment  of  the  trust  fund  for  the  promotion  of  economic development within such counties; and  (C)  a  schedule  and  strategy  for the implementation of any federal administrative requirements governing the administration of the fund  by the authority.  (ii)  a  report submitted to the director of the budget, the chairs of the senate finance committee and the assembly ways and  means  committee detailing  the  disposition  by  the  authority  of  a  facility  or the repayment of any funds and  any  amendments  to  the  plan  pursuant  to paragraph (a) of this subdivision.  (c)  Subject  to  the  terms  of  any  special purpose bondholders and noteholders, the special purpose funds described in clauses (b)  through (g)  of  subdivision  one  of  section  eighteen hundred fifteen of this title, to the extent that they are not required pursuant to  subdivision two  of  such  section,  may  also be used to pay or discharge any other obligation of the authority imposed thereon by the  provisions  of  this section  or by the provision of any contract executed in accordance with this section.   2. The authority shall annually submit to the director of the  budget, and the chairs of the senate finance committee and the assembly ways and  means   committee   for   approval   a   resolution  setting  forth  its responsibilities as a fiduciary  agent  and  trustee  of  any  fund  the authority administers on behalf of the federal government and describing the terms and conditions of any financial assistance to be provided from such fund.