S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5883
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 5, 2015
                                      ___________
       Introduced by M. of A. KAVANAGH, WEPRIN -- read once and referred to the
         Committee on Banks
       AN  ACT  to  amend  the banking law, in relation to establishing the New
         York state infrastructure development bank;  making  an  appropriation
         therefor; and providing for the repeal of such provisions upon expira-
         tion thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Short title. This act shall be known and may  be  cited  as
    2  the "New York state infrastructure development bank act".
    3    S  2. The banking law is amended by adding a new article 17 to read as
    4  follows:
    5                                 ARTICLE 17
    6               NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK
    7  SECTION 9100. DEFINITIONS.
    8          9101. ESTABLISHMENT.
    9          9102. BOARD OF DIRECTORS; POWERS AND DUTIES.
   10          9103. EXECUTIVE COMMITTEE.
   11          9104. RISK MANAGEMENT COMMITTEE.
   12          9105. AUDIT COMMITTEE.
   13          9106. ELIGIBILITY CRITERIA AND ASSISTANCE.
   14          9107. EXEMPTION FROM LOCAL TAXATION.
   15          9108. STATUS AND APPLICABILITY OF  CERTAIN  FEDERAL  LAWS;  FULL
   16                  FAITH AND CREDIT.
   17          9109. AUDITS AND REPORTS.
   18    S 9100. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   19    1. THE TERM "BANK" SHALL MEAN THE NEW YORK STATE INFRASTRUCTURE DEVEL-
   20  OPMENT BANK ESTABLISHED PURSUANT TO THIS ARTICLE.
   21    2.  THE  TERM  "BOARD"  SHALL  MEAN  THE NEW YORK STATE INFRASTRUCTURE
   22  DEVELOPMENT BANK BOARD ESTABLISHED UNDER SECTION NINETY-ONE HUNDRED  TWO
   23  OF THIS ARTICLE.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04394-01-5
       A. 5883                             2
    1    3.  THE  TERM "CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER" MEANS THE
    2  CHIEF INDIVIDUAL RESPONSIBLE FOR COORDINATING THE MANAGEMENT  OF  ASSETS
    3  AND LIABILITIES OF THE BANK.
    4    4.  THE TERM "CHIEF COMPLIANCE OFFICER" OR "CCO" MEANS THE CHIEF INDI-
    5  VIDUAL RESPONSIBLE FOR OVERSEEING AND MANAGING THE COMPLIANCE AND  REGU-
    6  LATORY AFFAIRS ISSUES OF THE BANK.
    7    5.  THE  TERM  "CHIEF  FINANCIAL  OFFICER"  MEANS THE CHIEF INDIVIDUAL
    8  RESPONSIBLE FOR MANAGING THE FINANCIAL RISKS, PLANNING, AND REPORTING OF
    9  THE BANK.
   10    6. THE TERM "CHIEF LOAN ORIGINATION OFFICER" MEANS THE CHIEF  INDIVID-
   11  UAL RESPONSIBLE FOR THE PROCESSING OF NEW LOANS PROVIDED BY THE BANK.
   12    7.  THE  TERM  "CHIEF  OPERATIONS  OFFICER" MEANS THE CHIEF INDIVIDUAL
   13  RESPONSIBLE FOR INFORMATION TECHNOLOGY AND THE DAY TO DAY OPERATIONS  OF
   14  THE BANK.
   15    8.  THE  TERM "CHIEF RISK OFFICER" OR "CRO" MEANS THE CHIEF INDIVIDUAL
   16  RESPONSIBLE FOR MANAGING OPERATIONAL AND COMPLIANCE-RELATED RISKS OF THE
   17  BANK.
   18    9. THE TERM  "CHIEF  TREASURY  OFFICER"  MEANS  THE  CHIEF  INDIVIDUAL
   19  RESPONSIBLE FOR MANAGING THE BANK'S TREASURY OPERATIONS.
   20    10.  THE  TERMS  "DEVELOPMENT"  AND "DEVELOP" MEAN, WITH RESPECT TO AN
   21  INFRASTRUCTURE PROJECT, ANY:
   22    (A) PRECONSTRUCTION PLANNING, FEASIBILITY REVIEW,  PERMITTING,  DESIGN
   23  WORK, AND OTHER PRECONSTRUCTION ACTIVITIES; AND
   24    (B)  CONSTRUCTION,  RECONSTRUCTION,  REHABILITATION,  REPLACEMENT,  OR
   25  EXPANSION.
   26    11. THE TERM "DISADVANTAGED COMMUNITY" MEANS A COMMUNITY WITH A MEDIAN
   27  HOUSEHOLD INCOME OF LESS THAN EIGHTY PERCENT  OF  THE  STATEWIDE  MEDIAN
   28  HOUSEHOLD INCOME FOR THE STATE.
   29    12.  THE  TERM  "ENERGY  INFRASTRUCTURE PROJECT" MEANS ANY PROJECT FOR
   30  ENERGY TRANSMISSION, ENERGY EFFICIENCY ENHANCEMENT FOR BUILDINGS, PUBLIC
   31  HOUSING, AND SCHOOLS, RENEWABLE ENERGY, AND ENERGY STORAGE.
   32    13. THE TERM "ENTITY" MEANS AN  INDIVIDUAL,  CORPORATION,  PARTNERSHIP
   33  (INCLUDING  A  PUBLIC-PRIVATE  PARTNERSHIP),  JOINT  VENTURE, TRUST, THE
   34  STATE OR OTHER GOVERNMENTAL ENTITY, INCLUDING A POLITICAL SUBDIVISION OR
   35  ANY OTHER INSTRUMENTALITY OF THE STATE OR A REVOLVING FUND.
   36    14. THE TERM "ENVIRONMENTAL INFRASTRUCTURE PROJECT" MEANS ANY  PROJECT
   37  FOR THE ESTABLISHMENT, MAINTENANCE, OR ENHANCEMENT OF ANY DRINKING WATER
   38  AND  WASTEWATER  TREATMENT FACILITY, STORM WATER MANAGEMENT SYSTEM, DAM,
   39  LEVEE, OPEN SPACE MANAGEMENT  SYSTEM,  SOLID  WASTE  DISPOSAL  FACILITY,
   40  HAZARDOUS WASTE FACILITY, OR INDUSTRIAL SITE CLEANUP.
   41    15.  THE TERM "EXECUTIVE DIRECTOR" MEANS THE INDIVIDUAL SERVING AS THE
   42  CHIEF EXECUTIVE OFFICER OF THE BANK.
   43    16. THE TERM "GENERAL COUNSEL" MEANS THE INDIVIDUAL WHO SERVES AS  THE
   44  CHIEF LAWYER FOR THE BANK.
   45    17. THE TERM "INFRASTRUCTURE PROJECT" MEANS ANY ENERGY, ENVIRONMENTAL,
   46  TELECOMMUNICATIONS, OR TRANSPORTATION INFRASTRUCTURE PROJECT.
   47    18. THE TERM "PUBLIC BENEFIT BOND" MEANS A BOND ISSUED WITH RESPECT TO
   48  AN INFRASTRUCTURE PROJECT IN ACCORDANCE WITH THIS ARTICLE:
   49    (A)  THE NET SPENDABLE PROCEEDS FROM THE SALE OF THE ISSUE MAY BE USED
   50  FOR EXPENDITURES INCURRED AFTER THE DATE OF ISSUANCE WITH RESPECT TO THE
   51  PROJECT, SUBJECT TO THE RULES OF THE BANK;
   52    (B) THE BOND ISSUED BY THE BANK IS IN REGISTERED FORM  AND  MEETS  THE
   53  REQUIREMENTS OF THIS ARTICLE AND OTHERWISE APPLICABLE LAW;
   54    (C)  THE  TERM OF EACH BOND WHICH IS PART OF THE ISSUE IS GREATER THAN
   55  THIRTY YEARS; AND
       A. 5883                             3
    1    (D) THE PAYMENT OF PRINCIPAL WITH RESPECT TO THE  BOND  IS  THE  OBLI-
    2  GATION OF THE BANK.
    3    19. THE TERM "PUBLIC-PRIVATE PARTNERSHIP" MEANS ANY ENTITY:
    4    (A)  (I)  WHICH  IS  UNDERTAKING  THE DEVELOPMENT OF ALL OR PART OF AN
    5  INFRASTRUCTURE PROJECT, WHICH WILL HAVE A PUBLIC  BENEFIT,  PURSUANT  TO
    6  REQUIREMENTS ESTABLISHED IN ONE OR MORE CONTRACTS BETWEEN THE ENTITY AND
    7  THE STATE OR AN INSTRUMENTALITY OF THE STATE; OR
    8    (II)  THE  ACTIVITIES OF WHICH, WITH RESPECT TO SUCH AN INFRASTRUCTURE
    9  PROJECT, ARE SUBJECT TO REGULATION BY THE STATE OR  ANY  INSTRUMENTALITY
   10  OF THE STATE; AND
   11    (B)  WHICH  OWNS, LEASES, OR OPERATES, OR WILL OWN, LEASE, OR OPERATE,
   12  THE PROJECT IN WHOLE OR IN PART, AND AT LEAST ONE OF THE PARTICIPANTS IN
   13  THE ENTITY IS A NONGOVERNMENTAL ENTITY.
   14    20. THE TERM "REVOLVING FUND" MEANS A FUND OR PROGRAM  ESTABLISHED  BY
   15  THE  STATE  OR  A  POLITICAL SUBDIVISION OR OTHER INSTRUMENTALITY OF THE
   16  STATE, THE PRINCIPAL ACTIVITY OF WHICH IS TO MAKE LOANS, COMMITMENTS, OR
   17  OTHER FINANCIAL ACCOMMODATION AVAILABLE FOR THE DEVELOPMENT  OF  ONE  OR
   18  MORE CATEGORIES OF INFRASTRUCTURE PROJECTS.
   19    21. THE TERM "SMART GRID" MEANS AN ELECTRICITY DELIVERY SYSTEM USING A
   20  TWO-WAY DIGITAL COMMUNICATIONS SYSTEM AND ASSOCIATED EQUIPMENT AND SOFT-
   21  WARE, INSTALLED ON THE ELECTRICAL DELIVERY SYSTEM AND ON THE PREMISES OF
   22  RETAIL  END-USE CUSTOMERS, WHICH PROVIDES REAL-TIME MONITORING, DIAGNOS-
   23  TIC, AND CONTROL INFORMATION AND SERVICES THAT  IMPROVE  THE  EFFICIENCY
   24  AND RELIABILITY OF THE DISTRIBUTION AND USE OF ELECTRICITY.
   25    22. THE TERM "SMART GROWTH" MEANS AN URBAN PLANNING AND TRANSPORTATION
   26  THEORY  THAT  CONCENTRATES GROWTH IN THE CENTER OF A CITY TO AVOID URBAN
   27  SPRAWL.
   28    23. THE TERM "STATE" MEANS THE STATE OF NEW YORK.
   29    24. THE TERM "TELECOMMUNICATIONS  INFRASTRUCTURE  PROJECT"  MEANS  ANY
   30  PROJECT  INVOLVING  INFRASTRUCTURE REQUIRED TO PROVIDE COMMUNICATIONS BY
   31  WIRE OR RADIO.
   32    25. THE TERM "TRANSPORTATION INFRASTRUCTURE PROJECT" MEANS ANY PROJECT
   33  FOR THE CONSTRUCTION, MAINTENANCE, OR ENHANCEMENT  OF  HIGHWAYS,  ROADS,
   34  BRIDGES,  TRANSIT  AND  INTERMODAL SYSTEMS, INLAND WATERWAYS, COMMERCIAL
   35  PORTS, AIRPORTS, HIGH SPEED RAIL AND FREIGHT RAIL SYSTEMS.
   36    S 9101. ESTABLISHMENT. THERE IS HEREBY ESTABLISHED WITHIN THE  DEPART-
   37  MENT THE NEW YORK STATE INFRASTRUCTURE DEVELOPMENT BANK.
   38    S  9102.  BOARD OF DIRECTORS; POWERS AND DUTIES. 1. (A) THE BANK SHALL
   39  HAVE A BOARD  OF  DIRECTORS  CONSISTING  OF  FIVE  MEMBERS  REPRESENTING
   40  DIFFERENT  REGIONS  OF  THE  STATE  TO  BE  APPOINTED BY THE GOVERNOR AS
   41  FOLLOWS:
   42    (I) TWO MEMBERS SHALL HAVE PUBLIC SECTOR EXPERIENCE; AND
   43    (II) THREE MEMBERS SHALL HAVE PRIVATE SECTOR EXPERIENCE.
   44    (B) AS DESIGNATED AT THE TIME OF APPOINTMENT, ONE OF THE DIRECTORS  OF
   45  THE  BOARD  SHALL BE DESIGNATED CHAIRPERSON OF THE BOARD BY THE GOVERNOR
   46  AND ONE SHALL BE DESIGNATED AS VICE CHAIRPERSON  OF  THE  BOARD  BY  THE
   47  GOVERNOR.
   48    (C)  (I)  EXCEPT  AS  PROVIDED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH,
   49  EACH DIRECTOR SHALL BE APPOINTED FOR A TERM OF SIX YEARS.
   50    (II) OF THE INITIAL MEMBERS OF THE BOARD:
   51    (A) THE CHAIRPERSON AND THE VICE CHAIRPERSON SHALL  BE  APPOINTED  FOR
   52  TERMS OF SIX YEARS;
   53    (B) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF FIVE YEARS;
   54    (C) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF FOUR YEARS;
   55    (D) ONE MEMBER SHALL BE APPOINTED FOR A TERM OF THREE YEARS.
       A. 5883                             4
    1    (D)  THE  INITIAL APPOINTMENTS BY THE GOVERNOR SHALL BE MADE NOT LATER
    2  THAN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS ARTICLE.
    3    (E)  A VACANCY ON THE BOARD SHALL BE FILLED IN THE MANNER IN WHICH THE
    4  ORIGINAL APPOINTMENT WAS MADE. ANY DIRECTOR APPOINTED TO FILL A  VACANCY
    5  OCCURRING  BEFORE  THE  EXPIRATION  OF THE TERM FOR WHICH THE DIRECTOR'S
    6  PREDECESSOR WAS APPOINTED SHALL BE APPOINTED ONLY FOR THE  REMAINDER  OF
    7  SUCH TERM.
    8    (F)  A DIRECTOR MAY SERVE AFTER THE EXPIRATION OF THAT DIRECTOR'S TERM
    9  UNTIL A SUCCESSOR HAS TAKEN OFFICE.
   10    (G) ANY DIRECTOR OF THE BOARD MAY BE REAPPOINTED ONCE BY THE  GOVERNOR
   11  IN ACCORDANCE WITH THIS SUBDIVISION.
   12    2. THREE DIRECTORS SHALL CONSTITUTE A QUORUM.
   13    3.  DIRECTORS  OF THE BOARD SHALL SERVE ON A PART-TIME BASIS AND SHALL
   14  RECEIVE A PER DIEM WHEN ENGAGED IN THE ACTUAL PERFORMANCE OF BANK  BUSI-
   15  NESS,  PLUS  REASONABLE  REIMBURSEMENT FOR TRAVEL, SUBSISTENCE AND OTHER
   16  NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES.
   17    4. NO DIRECTOR OF THE BOARD MAY PARTICIPATE IN ANY REVIEW OR  DECISION
   18  AFFECTING  A PROJECT UNDER CONSIDERATION FOR ASSISTANCE UNDER THIS ARTI-
   19  CLE IF THE DIRECTOR HAS OR IS AFFILIATED WITH  ANY  PERSON  WHO  HAS  AN
   20  INTEREST IN SUCH PROJECT.
   21    5. (A) IN ORDER TO CARRY OUT THE PURPOSES OF THE BANK, THE BOARD SHALL
   22  BE  RESPONSIBLE  FOR  MONITORING AND OVERSEEING INFRASTRUCTURE PROJECTS,
   23  SHALL ESTABLISH CRITERIA FOR DETERMINING PROJECT ELIGIBILITY FOR  FINAN-
   24  CIAL ASSISTANCE UNDER THIS ARTICLE AND SHALL HAVE THE FOLLOWING POWERS:
   25    (I)  TO  ISSUE  PUBLIC  BENEFIT  BONDS AND PROVIDE DIRECT SUBSIDIES TO
   26  INFRASTRUCTURE PROJECTS;
   27    (II) TO BORROW ON THE GLOBAL CAPITAL MARKET AND LEND TO  ENTITIES  AND
   28  COMMERCIAL BANKS FOR FUNDING INFRASTRUCTURE PROJECTS; AND
   29    (III)  TO  PURCHASE,  POOL  AND  SELL INFRASTRUCTURE-RELATED LOANS AND
   30  SECURITIES ON SUCH MARKET.
   31    (B) THE BOARD SHALL CONDUCT ITS BUSINESS IN A MANNER  CONSISTENT  WITH
   32  THE REQUIREMENTS OF THIS SECTION.
   33    (C)  THE  PROVISION  OF  FINANCIAL ASSISTANCE BY THE BOARD PURSUANT TO
   34  THIS ARTICLE SHALL NOT BE CONSTRUED AS:
   35    (I) LIMITING THE RIGHT OF THE STATE OR ANY  POLITICAL  SUBDIVISION  OR
   36  OTHER  INSTRUMENTALITY  OF THE STATE TO APPROVE OR REGULATE THE RATES OF
   37  RETURN ON PRIVATE EQUITY INVESTED IN A PROJECT; OR
   38    (II) OTHERWISE SUPERSEDING ANY LAW, RULE OR REGULATION  OF  THE  STATE
   39  APPLICABLE TO A PROJECT.
   40    (D)  THE  BOARD  SHALL  HAVE THE POWER TO REQUEST THE ASSISTANCE, ON A
   41  REIMBURSABLE BASIS, OF PERSONNEL FROM ANY STATE AGENCIES  WITH  SPECIFIC
   42  EXPERTISE  NOT  AVAILABLE FROM WITHIN THE BANK OR ELSEWHERE. THE HEAD OF
   43  ANY STATE AGENCY MAY ASSIGN, ON A REIMBURSABLE BASIS, ANY  PERSONNEL  OF
   44  SUCH AGENCY REQUESTED BY THE BOARD AND SHALL NOT UNREASONABLY REFUSE THE
   45  ASSISTANCE OF ANY PERSONNEL REQUESTED BY THE BOARD.
   46    6.  (A)  ALL MEETINGS OF THE BOARD HELD TO CONDUCT THE BUSINESS OF THE
   47  BANK SHALL BE OPEN TO THE PUBLIC AND SHALL  BE  PRECEDED  BY  REASONABLE
   48  NOTICE.
   49    (B)  THE BOARD SHALL MEET NOT LATER THAN NINETY DAYS AFTER THE DATE ON
   50  WHICH ALL OF THE DIRECTORS OF THE BOARD ARE FIRST APPOINTED  AND  OTHER-
   51  WISE AT THE CALL OF THE CHAIRPERSON.
   52    (C)  PURSUANT  TO  SUCH RULES AS THE BOARD MAY ESTABLISH THROUGH THEIR
   53  BYLAWS, THE DIRECTORS MAY CLOSE A MEETING OF THE BOARD IF, AT THE  MEET-
   54  ING,  THERE  IS LIKELY TO BE DISCLOSED INFORMATION WHICH COULD ADVERSELY
   55  AFFECT OR LEAD TO SPECULATION  RELATING  TO  AN  INFRASTRUCTURE  PROJECT
   56  UNDER CONSIDERATION FOR ASSISTANCE UNDER THIS ARTICLE OR IN FINANCIAL OR
       A. 5883                             5
    1  SECURITIES  OR  COMMODITIES  MARKETS OR INSTITUTIONS, UTILITIES, OR REAL
    2  ESTATE. THE DETERMINATION TO CLOSE ANY MEETING OF  THE  BOARD  SHALL  BE
    3  MADE  IN A MEETING OF THE BOARD, OPEN TO THE THE PUBLIC, AND PRECEDED BY
    4  REASONABLE  NOTICE. THE BOARD SHALL PREPARE MINUTES OF ANY MEETING WHICH
    5  IS CLOSED TO THE PUBLIC AND MAKE SUCH MINUTES AVAILABLE AS SOON  AS  THE
    6  CONSIDERATIONS NECESSITATING CLOSING SUCH MEETING NO LONGER APPLY.
    7    7. THE CHAIRPERSON OF THE BOARD, EXECUTIVE DIRECTOR, CRO AND CCO SHALL
    8  APPOINT,  REMOVE,  FIX THE COMPENSATION OF AND DEFINE THE DUTIES OF SUCH
    9  QUALIFIED PERSONNEL TO SERVE UNDER THE BOARD, EXECUTIVE COMMITTEE,  RISK
   10  MANAGEMENT  COMMITTEE  OR AUDIT COMMITTEE, AS THE CASE MAY BE, AS NECES-
   11  SARY AND PRESCRIBED BY THIS ARTICLE, THE BYLAWS  OF  THE  BANK  AND  THE
   12  BOARD.
   13    S  9103.  EXECUTIVE  COMMITTEE.  1.  THE BOARD SHALL HAVE AN EXECUTIVE
   14  COMMITTEE CONSISTING OF NINE MEMBERS, HEADED BY THE  EXECUTIVE  DIRECTOR
   15  OF THE BANK.
   16    2.  A  MAJORITY  OF  THE BOARD SHALL HAVE THE AUTHORITY TO APPOINT AND
   17  REAPPOINT THE EXECUTIVE DIRECTOR.
   18    3. THE EXECUTIVE DIRECTOR SHALL BE THE CHIEF EXECUTIVE OFFICER OF  THE
   19  BANK,  WITH  SUCH  EXECUTIVE  FUNCTIONS,  POWERS  AND  DUTIES  AS MAY BE
   20  PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK OR THE BOARD.
   21    4. THE BOARD SHALL APPOINT, REMOVE, FIX THE  COMPENSATION  AND  DEFINE
   22  THE  DUTIES  OF EIGHT OTHER EXECUTIVE OFFICERS TO SERVE ON THE EXECUTIVE
   23  COMMITTEE AS THE:
   24    (A) CHIEF COMPLIANCE OFFICER;
   25    (B) CHIEF FINANCIAL OFFICER;
   26    (C) CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER;
   27    (D) CHIEF LOAN ORIGINATION OFFICER;
   28    (E) CHIEF OPERATIONS OFFICER;
   29    (F) CHIEF RISK OFFICER;
   30    (G) CHIEF TREASURY OFFICER; AND
   31    (H) GENERAL COUNSEL.
   32    5. THE EXECUTIVE DIRECTOR AND  OTHER  EXECUTIVE  OFFICERS  SHALL  HAVE
   33  DEMONSTRATED EXPERIENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   34    (A) TRANSPORTATION INFRASTRUCTURE.
   35    (B) ENVIRONMENTAL INFRASTRUCTURE.
   36    (C) ENERGY INFRASTRUCTURE.
   37    (D) TELECOMMUNICATIONS INFRASTRUCTURE.
   38    (E) ECONOMIC DEVELOPMENT.
   39    (F) WORKFORCE  DEVELOPMENT.
   40    (G) PUBLIC HEALTH.
   41    (H) PRIVATE OR PUBLIC FINANCE.
   42    6.  IN  ORDER  TO  CARRY  OUT  THE PURPOSES OF THE BANK, THE EXECUTIVE
   43  COMMITTEE SHALL:
   44    (A) ESTABLISH DISCLOSURE AND APPLICATION PROCEDURES FOR ENTITIES NOMI-
   45  NATING PROJECTS FOR ASSISTANCE UNDER THIS ARTICLE;
   46    (B) ACCEPT, FOR  CONSIDERATION,  PROJECT  PROPOSALS  RELATING  TO  THE
   47  DEVELOPMENT  OF  INFRASTRUCTURE  PROJECTS, WHICH MEET THE BASIC CRITERIA
   48  ESTABLISHED BY THE BOARD, AND WHICH ARE SUBMITTED BY AN ENTITY;
   49    (C) PROVIDE RECOMMENDATIONS TO THE BOARD AND PLACE  PROJECT  PROPOSALS
   50  ACCEPTED  BY  THE  EXECUTIVE COMMITTEE ON THE LIST FOR CONSIDERATION FOR
   51  FINANCIAL ASSISTANCE FROM THE BOARD;
   52    (D) PROVIDE TECHNICAL ASSISTANCE TO ENTITIES RECEIVING FINANCING  FROM
   53  THE BANK AND OTHERWISE IMPLEMENT DECISIONS OF THE BOARD.
   54    7.  A VACANCY IN THE POSITION OF EXECUTIVE DIRECTOR SHALL BE FILLED IN
   55  THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
       A. 5883                             6
    1    8. THE COMPENSATION OF THE EXECUTIVE COMMITTEE SHALL BE DETERMINED  BY
    2  THE BOARD.
    3    9. THE EXECUTIVE OFFICERS MAY BE REMOVED AT THE DISCRETION OF A MAJOR-
    4  ITY OF THE BOARD.
    5    10. THE EXECUTIVE OFFICERS SHALL SERVE FOR A TERM OF SIX YEARS AND MAY
    6  BE REAPPOINTED ONCE IN ACCORDANCE WITH THIS SECTION.
    7    11. THE EXECUTIVE OFFICERS SHALL NOT:
    8    (A) HOLD ANY OTHER PUBLIC OFFICE;
    9    (B)  HAVE  ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED BY THE
   10  BOARD;
   11    (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
   12  OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
   13  FROM THE BANK; AND
   14    (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
   15  DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
   16    S 9104. RISK MANAGEMENT COMMITTEE. 1. THE BANK SHALL ESTABLISH A  RISK
   17  MANAGEMENT  COMMITTEE  CONSISTING  OF  FIVE MEMBERS, HEADED BY THE CHIEF
   18  RISK OFFICER.
   19    2. A MAJORITY OF THE BOARD SHALL HAVE THE  AUTHORITY  TO  APPOINT  AND
   20  REAPPOINT THE CRO OF THE BANK.
   21    3.  (A) THE CRO SHALL HAVE SUCH FUNCTIONS, POWERS AND DUTIES AS MAY BE
   22  PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK AND  THE  BOARD.  THE
   23  CRO SHALL REPORT DIRECTLY TO THE BOARD.
   24    (B)  IN  ORDER  TO  CARRY  OUT  THE PURPOSES OF THIS ARTICLE, THE RISK
   25  MANAGEMENT COMMITTEE SHALL:
   26    (I) CREATE FINANCIAL, CREDIT AND OPERATIONAL  RISK  MANAGEMENT  GUIDE-
   27  LINES FOR THE BANK;
   28    (II)  SET STANDARDS TO ENSURE DIVERSIFICATION OF LENDING ACTIVITIES BY
   29  BOTH REGION AND INFRASTRUCTURE PROJECT TYPE; AND
   30    (III) CREATE CONFORMING STANDARDS FOR INFRASTRUCTURE  FINANCE  SECURI-
   31  TIES.
   32    4.  (A)  THE  BOARD  SHALL  APPOINT,  REMOVE, FIX THE COMPENSATION AND
   33  DEFINE THE DUTIES OF FOUR OTHER RISK MANAGEMENT  OFFICERS  TO  SERVE  ON
   34  SUCH COMMITTEE.
   35    (B) THE CRO AND OTHER RISK MANAGEMENT OFFICERS SHALL HAVE DEMONSTRATED
   36  EXPERIENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   37    (I) TREASURY AND ASSET AND LIABILITY MANAGEMENT.
   38    (II) INVESTMENT REGULATIONS.
   39    (III) CREDIT RISK MANAGEMENT AND CREDIT EVALUATIONS.
   40    (IV) RELATED DISCIPLINES.
   41    5.  A  VACANCY IN THE POSITION OF ANY RISK MANAGEMENT OFFICER SHALL BE
   42  FILLED IN THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
   43    6. THE COMPENSATION OF THE RISK MANAGEMENT OFFICERS  SHALL  BE  DETER-
   44  MINED BY THE BOARD.
   45    7.  THE  RISK  MANAGEMENT OFFICERS MAY BE REMOVED AT THE DISCRETION OF
   46  THE MAJORITY OF THE BOARD.
   47    8. THE RISK MANAGEMENT OFFICERS SHALL SERVE A SIX YEAR TERM AND MAY BE
   48  REAPPOINTED ONCE IN ACCORDANCE WITH THIS SECTION.
   49    9. THE RISK MANAGEMENT OFFICERS SHALL NOT:
   50    (A) HOLD ANY OTHER PUBLIC OFFICE;
   51    (B) HAVE ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED  BY  THE
   52  BOARD;
   53    (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
   54  OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
   55  FROM THE BANK; AND
       A. 5883                             7
    1    (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
    2  DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
    3    S  9105. AUDIT COMMITTEE. 1. THE BANK SHALL ESTABLISH AN AUDIT COMMIT-
    4  TEE CONSISTING OF FIVE MEMBERS, HEADED BY THE CHIEF COMPLIANCE OFFICER.
    5    2. A MAJORITY OF THE BOARD SHALL HAVE THE  AUTHORITY  TO  APPOINT  AND
    6  REAPPOINT THE CCO OF THE BANK.
    7    3.  (A) THE CCO SHALL HAVE SUCH FUNCTIONS, POWERS AND DUTIES AS MAY BE
    8  PRESCRIBED BY THIS ARTICLE, THE BYLAWS OF THE BANK AND  THE  BOARD.  THE
    9  CCO SHALL REPORT DIRECTLY TO THE BOARD.
   10    (B)  IN  ORDER  TO  CARRY  OUT THE PURPOSES OF THIS ARTICLE, THE AUDIT
   11  COMMITTEE SHALL:
   12    (I) PROVIDE INTERNAL CONTROLS AND INTERNAL AUDITING ACTIVITIES FOR THE
   13  BANK;
   14    (II) MAINTAIN RESPONSIBILITY FOR  THE  ACCOUNTING  ACTIVITIES  OF  THE
   15  BANK;
   16    (III) ISSUE FINANCIAL REPORTS OF THE BANK; AND
   17    (IV)  COMPLETE  REPORTS  WITH  OUTSIDE AUDITORS AND PUBLIC ACCOUNTANTS
   18  APPOINTED BY THE BOARD.
   19    4. (A) THE BOARD SHALL  APPOINT,  REMOVE,  FIX  THE  COMPENSATION  AND
   20  DEFINE  THE DUTIES OF FOUR OTHER AUDIT OFFICERS TO SERVE ON SUCH COMMIT-
   21  TEE.
   22    (B) THE CCO AND OTHER AUDIT OFFICERS SHALL HAVE  DEMONSTRATED  EXPERI-
   23  ENCE AND EXPERTISE IN ONE OR MORE OF THE FOLLOWING:
   24    (I) INTERNAL AUDITING.
   25    (II) INTERNAL INVESTIGATIONS.
   26    (III) ACCOUNTING PRACTICES.
   27    (IV) FINANCING PRACTICES.
   28    5.  A  VACANCY IN THE POSITION OF ANY AUDIT OFFICER SHALL BE FILLED IN
   29  THE MANNER IN WHICH THE ORIGINAL APPOINTMENT WAS MADE.
   30    6. THE COMPENSATION OF THE AUDIT OFFICERS SHALL BE DETERMINED  BY  THE
   31  BOARD.
   32    7. THE AUDIT OFFICERS MAY BE REMOVED AT THE DISCRETION OF THE MAJORITY
   33  OF THE BOARD.
   34    8.  THE  AUDIT  OFFICERS  SHALL SERVE A SIX YEAR TERM AND MAY BE REAP-
   35  POINTED ONCE IN ACCORDANCE WITH THIS SECTION.
   36    9. THE AUDIT OFFICERS SHALL NOT:
   37    (A) HOLD ANY OTHER PUBLIC OFFICE;
   38    (B) HAVE ANY INTEREST IN AN INFRASTRUCTURE PROJECT CONSIDERED  BY  THE
   39  BOARD;
   40    (C) HAVE ANY INTEREST IN AN INVESTMENT INSTITUTION, COMMERCIAL BANK OR
   41  OTHER ENTITY SEEKING FINANCIAL ASSISTANCE FOR ANY INFRASTRUCTURE PROJECT
   42  FROM THE BANK; AND
   43    (D) HAVE ANY SUCH INTEREST DURING THE TWO YEAR PERIOD BEGINNING ON THE
   44  DATE SUCH OFFICER CEASES TO SERVE IN SUCH CAPACITY.
   45    S  9106.  ELIGIBILITY CRITERIA AND ASSISTANCE. 1. NO FINANCIAL ASSIST-
   46  ANCE SHALL BE AVAILABLE UNDER THIS ARTICLE  FROM  THE  BANK  UNLESS  THE
   47  APPLICANT  FOR  SUCH  ASSISTANCE HAS DEMONSTRATED TO THE SATISFACTION OF
   48  THE BOARD THAT THE PROJECT FOR WHICH SUCH  ASSISTANCE  IS  BEING  SOUGHT
   49  MEETS:
   50    (A) THE REQUIREMENTS OF THIS ARTICLE; AND
   51    (B)  ANY  CRITERIA  ESTABLISHED IN ACCORDANCE WITH THIS ARTICLE BY THE
   52  BOARD.
   53    2. (A) CONSISTENT WITH THE REQUIREMENTS OF SUBDIVISIONS THREE AND FOUR
   54  OF THIS SECTION, THE BOARD SHALL ESTABLISH:
   55    (I) CRITERIA FOR  DETERMINING  ELIGIBILITY  FOR  FINANCIAL  ASSISTANCE
   56  UNDER THIS ARTICLE;
       A. 5883                             8
    1    (II)  DISCLOSURE AND APPLICATION PROCEDURES TO BE FOLLOWED BY ENTITIES
    2  TO NOMINATE PROJECTS FOR ASSISTANCE UNDER THIS ARTICLE; AND
    3    (III)  SUCH OTHER CRITERIA AS THE BOARD MAY CONSIDER TO BE APPROPRIATE
    4  FOR PURPOSES OF CARRYING OUT THIS ARTICLE.
    5    (B) (I) THE BANK SHALL CONDUCT AN ANALYSIS THAT TAKES INTO ACCOUNT THE
    6  ECONOMIC, ENVIRONMENTAL, SOCIAL BENEFITS AND COSTS OF EACH PROJECT UNDER
    7  CONSIDERATION FOR FINANCIAL ASSISTANCE UNDER THIS ARTICLE,  PRIORITIZING
    8  PROJECTS  THAT  CONTRIBUTE  TO ECONOMIC GROWTH, LEAD TO JOB CREATION AND
    9  ARE OF REGIONAL OR LOCAL SIGNIFICANCE.
   10    (II) THE CRITERIA ESTABLISHED PURSUANT TO SUBPARAGRAPH  (I)  OF  PARA-
   11  GRAPH (A) OF THIS SUBDIVISION SHALL PROVIDE FOR THE CONSIDERATION OF THE
   12  FOLLOWING  FACTORS  IN  CONSIDERING ELIGIBILITY FOR FINANCIAL ASSISTANCE
   13  UNDER THIS ARTICLE:
   14    (A) THE MEANS BY WHICH DEVELOPMENT OF THE INFRASTRUCTURE PROJECT UNDER
   15  CONSIDERATION IS BEING FINANCED, INCLUDING:
   16    (1) THE TERMS AND CONDITIONS AND FINANCIAL STRUCTURE OF  THE  PROPOSED
   17  FINANCING; AND
   18    (2)  THE FINANCIAL ASSUMPTIONS AND PROJECTIONS ON WHICH THE PROJECT IS
   19  BASED.
   20    (B) THE LIKELIHOOD THAT THE PROVISION OF ASSISTANCE BY THE  BANK  WILL
   21  CAUSE SUCH DEVELOPMENT TO PROCEED MORE PROMPTLY AND WITH LOWER COSTS FOR
   22  FINANCING THAN WOULD BE THE CASE WITHOUT SUCH ASSISTANCE.
   23    (C)  THE EXTENT TO WHICH THE PROVISION OF ASSISTANCE BY THE BANK MAXI-
   24  MIZES THE LEVEL OF PRIVATE  INVESTMENT  IN  THE  INFRASTRUCTURE  PROJECT
   25  WHILE PROVIDING A PUBLIC BENEFIT.
   26    3.  (A) FOR ANY TRANSPORTATION INFRASTRUCTURE PROJECT, THE BOARD SHALL
   27  CONSIDER THE FOLLOWING:
   28    (I) JOB CREATION, INCLUDING WORKFORCE DEVELOPMENT FOR WOMEN AND MINOR-
   29  ITIES, RESPONSIBLE EMPLOYMENT PRACTICES, AND QUALITY JOB TRAINING OPPOR-
   30  TUNITIES.
   31    (II) REDUCTION IN CARBON EMISSIONS.
   32    (III) REDUCTION IN SURFACE AND AIR TRAFFIC CONGESTION.
   33    (IV) SMART GROWTH IN URBAN AREAS.
   34    (V) POVERTY AND INEQUALITY REDUCTION  THROUGH  TARGETED  TRAINING  AND
   35  EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   36    (VI)  USE  OF  SMART  TOLLING,  SUCH  AS  VEHICLE  MILES  TRAVELED AND
   37  CONGESTION PRICING, FOR HIGHWAY, ROAD, AND BRIDGE PROJECTS.
   38    (VII) PUBLIC HEALTH BENEFITS.
   39    (B) FOR ANY ENVIRONMENTAL  INFRASTRUCTURE  PROJECT,  THE  BOARD  SHALL
   40  CONSIDER THE FOLLOWING:
   41    (I) PUBLIC HEALTH BENEFITS.
   42    (II) POLLUTION REDUCTIONS.
   43    (III)  JOB  CREATION,  INCLUDING  WORKFORCE  DEVELOPMENT FOR WOMEN AND
   44  MINORITIES, RESPONSIBLE EMPLOYMENT PRACTICES AND  QUALITY  JOB  TRAINING
   45  OPPORTUNITIES.
   46    (IV)  POVERTY  AND  INEQUALITY REDUCTION THROUGH TARGETED TRAINING AND
   47  EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   48    (V) ENVIRONMENTAL JUSTICE.
   49    (C) FOR ANY ENERGY INFRASTRUCTURE PROJECT, THE  BOARD  SHALL  CONSIDER
   50  THE FOLLOWING:
   51    (I) JOB CREATION, INCLUDING WORKFORCE DEVELOPMENT FOR WOMEN AND MINOR-
   52  ITIES,  RESPONSIBLE EMPLOYMENT PRACTICES AND QUALITY JOB TRAINING OPPOR-
   53  TUNITIES.
   54    (II) POVERTY AND INEQUALITY REDUCTION THROUGH  TARGETED  TRAINING  AND
   55  EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   56    (III) REDUCTION IN CARBON EMISSIONS.
       A. 5883                             9
    1    (IV) ENVIRONMENTAL JUSTICE.
    2    (V) SMART GROWTH IN URBAN AREAS.
    3    (VI)  EXPANDED  USE OF RENEWABLE ENERGY, INCLUDING, BUT NOT LIMITED TO
    4  HYDROELECTRIC, SOLAR, WIND AND WASTE-TO-ENERGY.
    5    (VII) DEVELOPMENT OF A SMART GRID.
    6    (VIII) ENERGY EFFICIENT BUILDING, HOUSING,  SCHOOL  MODERNIZATION  AND
    7  WEATHERIZATION.
    8    (IX)  IN  ANY  CASE  IN  WHICH  THE  PROJECT  IS ALSO A PUBLIC HOUSING
    9  PROJECT:
   10    (A) IMPROVEMENT OF THE PHYSICAL SHAPE AND LAYOUT;
   11    (B) ENVIRONMENTAL IMPROVEMENT; AND
   12    (C) MOBILITY IMPROVEMENTS FOR RESIDENTS.
   13    (X) PUBLIC HEALTH BENEFITS.
   14    (D) FOR ANY TELECOMMUNICATIONS PROJECT, THE BOARD SHALL  CONSIDER  THE
   15  FOLLOWING:
   16    (I)  THE  EXTENT TO WHICH ASSISTANCE EXPANDS OR IMPROVES BROADBAND AND
   17  WIRELESS SERVICES IN RURAL AND DISADVANTAGED COMMUNITIES.
   18    (II) JOB CREATION,  INCLUDING  WORKFORCE  DEVELOPMENT  FOR  WOMEN  AND
   19  MINORITIES,  RESPONSIBLE  EMPLOYMENT  PRACTICES AND QUALITY JOB TRAINING
   20  OPPORTUNITIES.
   21    (III) POVERTY AND INEQUALITY REDUCTION THROUGH TARGETED  TRAINING  AND
   22  EMPLOYMENT OPPORTUNITIES FOR LOW INCOME WORKERS.
   23    4.  (A) CONSIDERATION OF PROJECTS BY THE EXECUTIVE COMMITTEE AND BOARD
   24  SHALL BE CONDUCTED WITH PERSONNEL ASSISTING THE BANK FROM RELEVANT STATE
   25  AND LOCAL AGENCIES FROM AMONG INDIVIDUALS  WHO  ARE  FAMILIAR  WITH  AND
   26  EXPERIENCED IN THE SELECTION CRITERIA FOR COMPETITIVE PROJECTS.
   27    (B)  A  FEE  MAY  BE CHARGED FOR THE REVIEW OF ANY PROJECT PROPOSAL IN
   28  SUCH AMOUNT AS MAY BE CONSIDERED APPROPRIATE BY THE EXECUTIVE  COMMITTEE
   29  TO COVER THE COST OF SUCH REVIEW.
   30    5. CONSISTENT WITH OTHER PROVISIONS OF THIS ARTICLE, ANY DETERMINATION
   31  OF  THE  BOARD  TO  PROVIDE ASSISTANCE TO ANY PROJECT, AND THE MANNER IN
   32  WHICH SUCH ASSISTANCE IS PROVIDED, INCLUDING THE TERMS, CONDITIONS, FEES
   33  AND CHARGES SHALL BE AT THE SOLE DISCRETION OF THE BOARD.
   34    6. THE PROVISION OF ASSISTANCE BY THE BOARD IN  ACCORDANCE  WITH  THIS
   35  ARTICLE  SHALL  NOT  BE DEEMED TO RELIEVE ANY RECIPIENT OF ASSISTANCE OR
   36  THE RELATED PROJECT OF ANY OBLIGATION TO OBTAIN REQUIRED,  STATE,  LOCAL
   37  AND FEDERAL PERMIT AND APPROVALS.
   38    7.  AN  ENTITY  RECEIVING  ASSISTANCE FROM THE BOARD SHALL MAKE ANNUAL
   39  REPORTS TO THE BOARD ON THE USE OF ANY  SUCH  ASSISTANCE,  CRITERIA  SET
   40  FORTH  IN  THIS SECTION AND A DISCLOSURE OF ALL ENTITIES WITH A DEVELOP-
   41  MENT, OWNERSHIP  OR  OPERATIONAL  INTEREST  IN  A  PROJECT  ASSISTED  OR
   42  PROPOSED TO BE ASSISTED UNDER THIS ARTICLE.
   43    S 9107. EXEMPTION FROM LOCAL TAXATION. ALL NOTES, DEBENTURES, BONDS OR
   44  OTHER  SUCH OBLIGATIONS ISSUED BY THE BANK, AND THE INTEREST ON OR CRED-
   45  ITS WITH RESPECT TO SUCH  BONDS  OR  OTHER  OBLIGATIONS,  SHALL  NOT  BE
   46  SUBJECT  TO  TAXATION BY ANY STATE, COUNTY, MUNICIPALITY OR LOCAL TAXING
   47  AUTHORITY.
   48    S 9108. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS;  FULL  FAITH
   49  AND  CREDIT.  1.  THE BANK SHALL COMPLY WITH ALL FEDERAL LAWS REGULATING
   50  BUDGETARY AND AUDITING PRACTICES OF A GOVERNMENT CORPORATION, EXCEPT  AS
   51  OTHERWISE PROVIDED FOR IN THIS ARTICLE.
   52    2.  ANY BOND OR OTHER OBLIGATION ISSUED BY THE BANK UNDER THIS ARTICLE
   53  SHALL BE AN OBLIGATION SUPPORTED BY THE FULL FAITH  AND  CREDIT  OF  THE
   54  UNITED STATES.
   55    3. ALL DEBT SECURITIES AND OTHER OBLIGATIONS ISSUED BY THE BANK PURSU-
   56  ANT  TO  THIS ARTICLE SHALL BE DEEMED TO BE EXEMPT SECURITIES WITHIN THE
       A. 5883                            10
    1  MEANING OF LAWS ADMINISTERED BY THE SECURITIES AND  EXCHANGE  COMMISSION
    2  TO  THE  SAME  EXTENT  AS SECURITIES WHICH ARE DIRECT OBLIGATIONS OF, OR
    3  OBLIGATIONS FULLY GUARANTEED AS TO PRINCIPAL OR INTEREST BY, THE  UNITED
    4  STATES.
    5    4.  THE  OBLIGATIONS OF THE BANK ISSUED PURSUANT TO THIS ARTICLE SHALL
    6  BE DEEMED TO BE OBLIGATIONS OF THE STATE.
    7    S 9109. AUDITS AND REPORTS. 1. THE BOOKS OF ACCOUNT OF THE BANK  SHALL
    8  BE  MAINTAINED  IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCI-
    9  PLES AND SHALL BE SUBJECT TO  AN  ANNUAL  AUDIT  BY  INDEPENDENT  PUBLIC
   10  ACCOUNTANTS  APPOINTED  BY THE BOARD AND OF NATIONALLY RECOGNIZED STAND-
   11  ING.
   12    2. (A) THE BOARD SHALL SUBMIT TO THE GOVERNOR AND LEGISLATURE,  WITHIN
   13  NINETY  DAYS  AFTER  THE  LAST  DAY  OF EACH FISCAL YEAR, A COMPLETE AND
   14  DETAILED REPORT WITH RESPECT  TO  THE  PRECEDING  FISCAL  YEAR,  SETTING
   15  FORTH:
   16    (I) A SUMMARY OF THE BANK'S OPERATIONS FOR SUCH PRECEDING FISCAL YEAR;
   17    (II)  A  SCHEDULE  OF  THE  BANK'S  OBLIGATIONS AND CAPITAL SECURITIES
   18  OUTSTANDING AT THE END OF SUCH PRECEDING FISCAL YEAR, WITH  A  STATEMENT
   19  OF  THE AMOUNTS ISSUED AND REDEEMED OR PAID DURING SUCH PRECEDING FISCAL
   20  YEAR; AND
   21    (III) THE STATUS OF PROJECTS RECEIVING  FUNDING  OR  OTHER  ASSISTANCE
   22  PURSUANT  TO  THIS  ARTICLE, INCLUDING, BUT NOT LIMITED TO DISCLOSURE OF
   23  ALL ENTITIES WITH A DEVELOPMENT, OWNERSHIP OR  OPERATIONAL  INTEREST  IN
   24  SUCH PROJECTS.
   25    (B)  NOT  LATER THAN FIVE YEARS AFTER THE EFFECTIVE DATE OF THIS ARTI-
   26  CLE, THE NEW YORK STATE COMPTROLLER SHALL SUBMIT  TO  THE  GOVERNOR  AND
   27  LEGISLATURE  A  REPORT  EVALUATING ACTIVITIES OF THE BANK FOR THE FISCAL
   28  YEARS COVERED BY THE REPORT THAT INCLUDES AN ASSESSMENT  OF  THE  IMPACT
   29  AND  BENEFITS  OF  EACH FUNDED PROJECT, INCLUDING A REVIEW OF HOW EFFEC-
   30  TIVELY EACH PROJECT ACCOMPLISHED THE GOALS  PRIORITIZED  BY  THE  BANK'S
   31  PROJECT CRITERIA.
   32    3.  (A)  THE BANK SHALL MAINTAIN ADEQUATE BOOKS AND RECORDS TO SUPPORT
   33  THE FINANCIAL TRANSACTIONS OF THE BANK WITH A DESCRIPTION  OF  FINANCIAL
   34  TRANSACTIONS  AND  INFRASTRUCTURE  PROJECTS  RECEIVING  FUNDING, AND THE
   35  AMOUNT OF FUNDING FOR EACH PROJECT MAINTAINED ON A  PUBLICLY  ACCESSIBLE
   36  DATABASE.
   37    (B)  THE  BOOKS AND RECORDS OF THE BANK SHALL BE MAINTAINED IN ACCORD-
   38  ANCE  WITH  RECOMMENDED  ACCOUNTING  PRACTICES  AND  SHALL  BE  OPEN  TO
   39  INSPECTION BY THE SUPERINTENDENT AND THE NEW YORK STATE COMPTROLLER.
   40    S  3.  The  sum of two hundred fifty million dollars ($250,000,000) is
   41  hereby appropriated to the banking department out of any moneys  in  the
   42  state  treasury  in the general fund to the credit of the state purposes
   43  account, not otherwise appropriated, and made immediately available, for
   44  the purpose of carrying out the provisions  of  this  act.  Such  moneys
   45  shall be payable on the audit and warrant of the comptroller on vouchers
   46  certified or approved by the superintendent of banking department in the
   47  manner prescribed by law.
   48    S  4.  This  act  shall take effect on the sixtieth day after it shall
   49  have become a law and shall expire and be deemed repealed  December  31,
   50  2030.