New York · statute · N.Y. Private Activity Bond 47/90 Law · 15 active provisions
* PRIVATE ACTIVITY BOND ALLOCATION ACT OF 1990 Section 1. Short title. 2. Definitions. 3. Local agency set-aside. 4. State agency set-aside. 5. Statewide bond reserve. 6. Access to employment opportunities. 7. Overlapping jurisdictions. 8. Ineligible local agencies. 9. Municipal reallocation. 10. Year end allocation re…
* § 1. Short title. This act shall be known and may be cited as the "private activity bond allocation act of 1990". * NB Repealed January 1, 1991
* § 2. Definitions. As used in this act, unless the context requires otherwise: 1. "Bonds" means bonds, notes or other obligations. 2. "Carryforward" means an amount of unused private activity bond ceiling available to an issuer pursuant to an election filed with the internal revenue service pursuant to section 146(f)…
* § 3. Local agency set-aside. A set-aside of statewide ceiling for local agencies for any calendar year shall be an amount which bears the same ratio to one-third of the statewide ceiling as the population of the jurisdiction of such local agency bears to the population of the entire state. The commissioner shall admi…
* § 4. State agency set-aside. A set-aside of statewide ceiling for all state agencies for any calendar year shall be one-third of the statewide ceiling. The director shall administer allocations of such set-aside to state agencies and may grant an allocation to any state agency upon receipt of an application in such f…
* § 5. Statewide bond reserve. One-third of the statewide ceiling is hereby set aside as a statewide bond reserve to be administered by the director. 1. Allocation of the statewide bond reserve among state agencies, local agencies and other issuers. The director shall transfer a portion of the statewide bond reserve to…
* § 6. Access to employment opportunities. 1. All issuers shall require that any new employment opportunities created in connection with industrial or manufacturing projects financed through the issuance of qualified small issue bonds shall be listed with the New York state department of labor job service division, and…
* § 7. Overlapping jurisdictions. In a geographic area represented by a county local agency and one or more sub-county local agencies, the allocation granted by section three of this act with respect to such area of overlapping jurisdiction shall be apportioned one-half to the county local agency and one-half to the su…
* § 8. Ineligible local agencies. To the extent that any allocation of the local agency set-aside would be made by this act to a local agency which is ineligible to receive such allocation under the code or under regulations interpreting the state volume ceiling provisions of the code, such allocation shall instead be…
* § 9. Municipal reallocation. The chief executive officer of any political subdivision or, if such political subdivision has no chief executive officer, the governing board of the political subdivision for the benefit of which a local agency has been established, may withdraw all or any portion of the allocation grant…
* § 10. Year end allocation recapture. On or before October first of each year, each state agency shall report to the director and each local agency and each other issuer shall report to the commissioner the amount of bonds subject to allocation under this act that will be issued prior to the end of the then current ca…
* § 11. Allocation carryforward. 1. No local agency or other issuer shall make a carryforward election utilizing any unused allocation (pursuant to section 146(f) of the code) without the prior approval of the commissioner. Likewise no state agency shall make or file such an election, or elect to issue or carry forward…
* § 12. New York state bond allocation policy advisory panel. 1. There is hereby created a policy panel and process to provide policy advice regarding the priorities for distribution of the statewide ceiling. 2. The panel shall consist of five members, one designee being appointed by each of the following: the governor…
* § 13. Expiration and repeal of certain provisions. The provisions of sections one through twelve of this act shall expire and be deemed repealed on January 1, 1991; except that the provisions of subdivision eight of section twelve of this act shall expire and be deemed repealed on January 31, 1991. * NB Repealed Janu…
* § 14. Severability. If any clause, sentence, paragraph, section, or part of this act shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section,…