2023 New York Laws › GMU - General Municipal › Article 18-A - Industrial Development › Title 1 - Agencies, Organization and Powers › 859 - Financial Records.

§  859. Financial records. 1. (a) Each agency shall maintain books and
records in such form as may be prescribed by the state comptroller.
(b) Within ninety days following the close of its  fiscal  year,  each
agency  or authority shall prepare a financial statement for that fiscal
year in such form as may be prescribed by the  state  comptroller.  Such
statement  shall  be  audited  within  such  ninety  day  period  by  an
independent certified public accountant in  accordance  with  government
accounting standards established by the United States general accounting
office.  The  audited  financial  statement  shall  include supplemental
schedules listing all straight-lease transactions and  bonds  and  notes
issued,  outstanding  or retired during the applicable accounting period
whether  or  not  such  bonds,  notes  or  transactions  are  considered
obligations  of  the  agency.  For  each  issue  of  bonds or notes such
schedules shall provide the name of each project financed with  proceeds
of  each  issue,  and  whether  the project occupant is a not-for-profit
corporation, the name and address of each owner  of  each  project,  the
estimated  amount  of  tax  exemptions  authorized for each project, the
purpose for which each bond or note was issued, date of issue,  interest
rate at issuance and if variable the range of interest rates applicable,
maturity  date, federal tax status of each issue, and an estimate of the
number  of  jobs  created  and  retained  by  each  project.  For   each
straight-lease  transaction,  such  schedules  shall provide the name of
each project, and whether  the  project  occupant  is  a  not-for-profit
corporation,  the  name  and  address of each owner of each project, the
estimated amount of tax exemptions  authorized  for  each  project,  the
purpose  for  which  each  transaction was made, the method of financial
assistance utilized by  the  project,  other  than  the  tax  exemptions
claimed by the project and an estimate of the number of jobs created and
retained by each project.
(c)  Within  thirty  days  after  completion,  a  copy  of the audited
financial statement shall be transmitted  to  the  commissioner  of  the
department  of  economic  development,  the  state  comptroller  and the
governing body of the municipality for  whose  benefit  the  agency  was
created.
(d)  An  agency  with  no  bonds or notes issued or outstanding and no
projects during the applicable accounting period may apply to the  state
comptroller  for  a  waiver of the required audited financial statement.
Application shall be made on such form as the comptroller may prescribe.
(e) If an agency or authority shall  fail  to  file  or  substantially
complete,   as  determined  by  the  state  comptroller,  the  financial
statement required by this section, the state comptroller shall  provide
notice to the agency or authority. The notice shall state the following:
(i)  that  the  failure to file a financial statement as required is a
violation of this section, or in the case of an  insufficient  financial
statement,  the  manner  in  which  the financial statement submitted is
deficient;
(ii) that the agency or authority has thirty days to comply with  this
section or provide an adequate written explanation to the comptroller of
the agency's or authority's reasons for the inability to comply; and
(iii)  that  the agency's or authority's failure to provide either the
required financial statement or an adequate explanation will  result  in
the  notification of the chief executive officer of the municipality for
whose benefit the agency  or  authority  was  created  of  the  agency's
noncompliance  with  this  section.  Where  such agency or authority has
failed  to  file  the  required   statement,   the   comptroller   shall
additionally  notify  the  agency or authority that continued failure to
file the required statement may  result  in  loss  of  the  agency's  or
authority's authority to provide exemptions from state taxes.
(iv)  If  an  agency or authority after thirty days has failed to file
the required statement or the explanation  in  the  manner  required  by
subparagraph   (i)  of  this  paragraph,  or  provides  an  insufficient
explanation, the comptroller shall notify the chief executive officer of
the  municipality  for whose benefit the agency or authority was created
and the agency of the agency's or authority's  noncompliance  with  this
section.  Such notice from the state comptroller shall further delineate
in what respect the agency or authority has failed to comply  with  this
section.  If  the  agency  or  authority has failed to file the required
statement, the notice shall additionally state that continued failure to
file the required statement may  result  in  loss  of  the  agency's  or
authority's authority to provide exemptions from state taxes.
(v)  If, thirty days after notification of the chief executive officer
of the municipality for  whose  benefit  the  agency  or  authority  was
created  of  the  agency's  or  authority's noncompliance, the agency or
authority fails to file the required statement,  the  comptroller  shall
notify the chief executive officer of the municipality for whose benefit
that agency or authority was created and the agency or authority that if
such  report  is  not  provided  within  sixty  days, that the agency or
authority will no longer be authorized to provide exemptions from  state
taxes.
(vi)  If,  sixty  days after the notification required by subparagraph
(v) of this paragraph, the comptroller has  not  received  the  required
statement,  the agency or authority shall not offer financial assistance
which  provides  exemptions  from  state  taxes  until  such   financial
statement  is  filed  and  the comptroller shall so notify the agency or
authority and the chief executive officer of the municipality for  whose
benefit   the  agency  was  created.  Provided,  however,  that  nothing
contained in this paragraph shall be deemed to modify the terms  of  any
existing agreements.
(f)  Within  thirty  days  after  completion,  a  copy  of  an audited
financial statement which contains transactions of or bonds or notes  of
civic  facilities as defined in paragraph (b) of subdivision thirteen of
section eight hundred fifty-four of this article, shall  be  transmitted
by  the  agency  to  the commissioner of health, the chair of the senate
finance committee, the chair of the assembly ways and  means  committee,
the  chair  of the senate health committee and the chair of the assembly
health committee.
2. On or before September first of each year, the commissioner of  the
department  of  economic  development  shall  prepare  and submit to the
governor, speaker of the assembly, majority leader of  the  senate,  and
the  state  comptroller,  a  report  setting  forth  a  summary  of  the
significant  trends  in  operations  and  financing  by   agencies   and
authorities;  departures  from  acceptable  practices  by  agencies  and
authorities; a compilation by type of the bonds and notes outstanding; a
compilation of all outstanding straight-lease transactions; an  estimate
of  the total number of jobs created and retained by agency or authority
projects; and  any  other  information  which  in  the  opinion  of  the
commissioner  bears  upon  the  discharge  of the statutory functions of
agencies and authorities.
3.  On  or  before  April  first,  nineteen  hundred  ninety-six,  the
commissioner shall submit to the director of the division of the budget,
the  temporary president of the senate, the speaker of the assembly, the
chairman of the senate finance committee, the chairman of  the  assembly
ways  and  means  committee, the chairman of the senate local government
committee, the chairman of the senate committee  on  commerce,  economic
development  and  small business, the chairman of the assembly committee
on commerce, industry and economic  development,  the  chairman  of  the

assembly  local  governments  committee and the chairman of the assembly
real property taxation committee an  evaluation  of  the  activities  of
industrial development agencies and authorities in the state prepared by
an  entity independent of the department. Such evaluation shall identify
the effect  of  agencies  and  authorities  on:  (a)  job  creation  and
retention  in  the  state,  including  the  types  of  jobs  created and
retained; (b) the value of tax exemptions provided by such agencies  and
authorities;  (c)  the  value  of  payments  received  in  lieu of taxes
received by municipalities and school districts as a result of  projects
sponsored  by such entities; (d) a summary of the types of projects that
received financial assistance; (e) a summary of the types  of  financial
assistance  provided  by  the agencies and authorities; (f) a summary of
criteria for evaluation of projects used by  agencies  and  authorities;
(g) a summary of tax exemption policies of agencies and authorities; and
(h)  such  other  factors  as  may  be  relevant to an assessment of the
performance of such agencies and authorities in creating  and  retaining
job opportunities for residents of the state. Such evaluation shall also
assess  the  process  by which agencies and authorities grant exemptions
from state taxes and make recommendations for  the  most  efficient  and
effective  procedures  for  the  use of such exemptions. Such evaluation
shall further include any recommendations for changes in laws  governing
the  operations of industrial development agencies and authorities which
would enhance the creation and retention of jobs in the state.