2023 New York Laws › WKC - Workers' Compensation › Article 6 - State Insurance Fund. › 87-G - Advances to the Urban Development Corporation.

§  87-g.  Advances  to the urban development corporation. 1. The state
  insurance fund, and all  state  officers  with  responsibility  for  the
  custody  or investment of such fund or of its assets, are authorized and
  directed to take any and all actions necessary or appropriate  to  cause
  such  fund  to  advance  thirty million dollars to the urban development
  corporation as soon as possible,  but  in  no  event  later  than  March
  thirty-first,  nineteen  hundred  ninety-one, in return for repayment of
  the aforesaid advance to the state insurance  fund  over  a  maximum  of
  thirty  years  with interest from the date of advance at the rate of ten
  per centum per annum calculated quarterly using actual days and  payable
  quarterly;  said  payment with accrued interest to be derived solely and
  exclusively from moneys pledged to be repaid by  the  urban  development
  corporation  to the state of New York out of payments on loans or leases
  which the urban development corporation has made or will  make  pursuant
  to  appropriations  and  reappropriations  through  fiscal year nineteen
  hundred eighty-nine--ninety and any subsequent reappropriations  thereof
  under  the following legislative initiatives and any amendments thereof,
  excluding, however, any moneys appropriated for the minority  and  women
  revolving  loan  fund  and  the  Buffalo  minority  and women enterprise
  center:
  Economic Development Purpose:
Chapter 776, section 3, of the laws of 1978, as amended by chapter 54,
  section 3, of the laws of 1988 and reappropriated by chapter 54, section
  3, of the laws of 1989 ($30,000,000); chapter 54, section 1, of the laws
  of 1978, as amended by chapter 54, section 3, of the laws  of  1988  and
  reappropriated   by   chapter  54,  section  3,  of  the  laws  of  1989
  ($24,000,000).
  High Risk Targeted Investment Purpose:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 361,
  section 1, of the laws of 1989 ($4,150,000); chapter 54, section  1,  of
  the  laws  of  1988, as amended by chapter 391, section 2 of the laws of
  1989 ($7,500,000); chapter 54, section  1,  of  the  laws  of  1987,  as
  amended  by  chapter  391,  section 2, of the laws of 1989 ($7,000,000);
  chapter 54, section 1, of the laws of 1986, as amended by  chapter  391,
  section  2,  of the laws of 1989 ($7,000,000); chapter 54, section 1, of
  the laws of 1985, as amended by chapter 54, section 3, of  the  laws  of
  1988  and  reappropriated  by chapter 54, section 3, of the laws of 1989
  ($9,500,000); chapter 54, section 1, of the laws of 1984, as amended  by
  chapter 54, section 3, of the laws of 1988 and reappropriated by chapter
  54,  section 3, of the laws of 1989 ($9,500,000); chapter 54, section 1,
  of the laws of 1983, as last  reappropriated  pursuant  to  chapter  54,
  section  3,  of the laws of 1984 ($9,500,000); chapter 50, section 1, of
  the laws of 1982 ($9,500,000); chapter 50, section 1,  of  the  laws  of
  1981,  as  last  reappropriated by chapter 54, section 3, of the laws of
  1984 ($7,000,000).
  Industrial Building Recycling Program:
Chapter 50, section 1, of the  laws  of  1981,  as  amended  and  last
  reappropriated  pursuant  to  chapter 54, section 3, of the laws of 1988
  ($1,500,000).
  Industrial Innovation Program:
Chapter  54,  section  1,  of  the  laws  of  1984,  as  amended   and
  reappropriated   by   chapter  54,  section  3,  of  the  laws  of  1989
  ($10,000,000).
  Small and Medium-sized Business Assistance Program:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 391,
  section 1, of the laws of 1989 ($2,000,000); chapter 54, section  1,  of
  the  laws  of  1988  ($2,000,000); chapter 54, section 1, of the laws of
  1987, as amended by  chapter  391,  section  2,  of  the  laws  of  1989

  ($4,200,000);  chapter 54, section 1, of the laws of 1986, as amended by
  chapter 54, section 3, of the laws of 1988 ($8,000,000).
  Strategic Resurgence Fund:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 391,
  section  1,  of the laws of 1989 ($6,850,000); chapter 54, section 1, of
  the laws of 1988, as amended by chapter 54, section 3, of  the  laws  of
  1989  ($10,000,000);  chapter  54,  section  1,  of the laws of 1987, as
  amended  by  chapter  839,  section  29,  of  the  laws  of  1987,   and
  reappropriated   by   chapter  54,  section  3,  of  the  laws  of  1989
  ($10,500,000).
  Regional Economic Development Program:
Chapter 54, section 1, of the laws of 1985, as amended by chapter  54,
  section 3, of the laws of 1987 ($5,000,000).
Notwithstanding  any  other  provision  of  law,  to the extent of the
  moneys to be so repaid with accrued  interest  to  the  state  insurance
  fund,  any obligations of the urban development corporation to the state
  of New York under the  appropriations  and  reappropriations  enumerated
  above  are  replaced  by and become obligations of the urban development
  corporation to the state insurance fund until such time as the aforesaid
  advance, with interest, is fully repaid; and all  payments  received  by
  the  urban  development  corporation  from  the  loans  and  leases made
  pursuant to appropriations and reappropriations  enumerated  above,  and
  from  such  other  loans  and  leases then held by the urban development
  corporation and in which the state is not a leasee or subleasee  as  the
  director  of  the  budget  may  approve,  shall be remitted to the state
  insurance fund, and to no other person or entity, including the state of
  New York, until there is repayment  in  full  of  the  advance  and  all
  accrued  interest  to  the  state  insurance  fund, such remittals to be
  credited first against any unpaid  accrued  interest  and  then  to  the
  principal of the advance.
2.  It  is hereby found and declared that any and all such advances to
  the urban development corporation are reasonable,  prudent,  proper  and
  legal  investments  for  the  state  insurance  fund  and  for all state
  officers with responsibility for the custody or investment of such  fund
  or of its assets.
3.  In  order  to  obtain  the  funds  necessary  to make the advances
  required by subdivision one of this section, the state  insurance  fund,
  and all state officers with responsibility for the custody or investment
  of  such  fund or of its assets, are authorized and directed to take any
  and all actions necessary or appropriate to  cause  such  fund  to  sell
  securities  owned  by  the fund or to borrow an amount not exceeding the
  obligation incurred by such fund pursuant to this section and to  pledge
  as  collateral therefor such assets, on such terms and conditions as are
  found to be fair and reasonable by the state superintendent of financial
  services.
4. Notwithstanding any other provision of law, no state  officer  with
  responsibility for the custody or investment of the state insurance fund
  or  of its assets, or for the approval of the sale or investment of such
  assets, nor any investment advisor, attorney, accountant or actuary  who
  shall  have  been  employed by or shall have advised such officer, shall
  incur or suffer any liability whatsoever to  any  person  by  reason  of
  actions taken pursuant to the authorization and direction of subdivision
  one  or  three of this section. Any action which could have been brought
  against any aforementioned state officer, investment advisor,  attorney,
  accountant  or  actuary,  except for the provisions of this subdivision,
  may be brought against the state insurance fund.
5. a. Notwithstanding  any  other  provision  of  law,  including  the
  provisions  of  section  seventeen of the public officers law, the state

  insurance fund and the state, jointly and severally, shall save harmless
  and indemnify each and every state officer with responsibility  for  the
  custody  or investment of such fund or of its assets or for the approval
  of  the  sale  or investment of such assets, and any investment advisor,
  attorney, accountant or actuary who shall have been employed by  or  who
  shall  have  advised such officer, and the state shall save harmless and
  indemnify the state insurance fund, from any and all financial loss  and
  expense  arising  out  of or in connection with any claim, demand, suit,
  action, proceeding or judgment for alleged negligence, gross negligence,
  waste or breach of fiduciary duty, or incapacity of any kind  by  reason
  of  any  transaction  pursuant  to  the  authorization  and direction of
  subdivision one or three of this section, provided  that  such  officer,
  investment  advisor,  attorney,  accountant  or  actuary  shall,  within
  fifteen days after the date on which he is personally  served  with,  or
  receives  actual  notice  of,  any  summons, complaint, process, notice,
  demand, claim or pleading, give notice  thereof  to  such  fund  or  the
  attorney  general.  Upon  such  notice  the state insurance fund and the
  attorney  general  shall,  if  so  requested,  assume  control  of   the
  representation   of   such  officer  or  investment  advisor,  attorney,
  accountant or actuary, in connection  with  such  claim,  demand,  suit,
  action  or  proceeding. Each person so represented shall cooperate fully
  with the fund and the attorney general or any other person designated to
  assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to  the  contrary,  the  state
  shall  also save harmless and indemnify the state insurance fund for any
  and all financial loss and expense arising out of or in connection  with
  any  claim,  demand,  suit,  action,  proceeding  or  judgment  rendered
  thereupon against such fund pursuant to subdivision four  hereof  or  by
  reason of any transaction pursuant to the authorization and direction of
  subdivision one or three of this section, provided that such fund shall,
  within  fifteen  days  after  the  date  on  which it is served with, or
  receives actual notice of,  any  summons,  complaint,  process,  notice,
  demand,  claim or pleading, give notice thereof to the attorney general.
  Upon such notice the  attorney  general  shall  assume  control  of  the
  representation of such fund in connection with such claim, demand, suit,
  action  or  proceeding. The fund shall cooperate fully with the attorney
  general or any other person designated to assume such defense in respect
  of such representation or defense.