212 – Short Title.
§ 212. Short title. This article shall be known and may be cited as the “excelsior linked deposit act”.
213 – Definitions.
§ 213. Definitions. When used in this article, unless a different meaning clearly appears from the context, the following terms shall have the following meanings: 1. “Authorized depositor” means the comptroller with respect to linked deposits made by the comptroller and the commissioner of taxation and finance with respect to linked deposits made by the […]
214 – Establishment and Purpose; Linked Deposit Program Authorization.
§ 214. Establishment and purpose; linked deposit program authorization. The excelsior linked deposit program is hereby created. The purpose of the program is to encourage and assist eligible businesses within the state to undertake eligible projects that will materially contribute to improving their performance and competitiveness. The comptroller is hereby authorized to use any moneys […]
215 – Responsibilities of Commissioner of Economic Development, Comptroller, Commissioner of Taxation and Finance and Superintendent of Financial Services.
§ 215. Responsibilities of commissioner of economic development, comptroller, commissioner of taxation and finance and superintendent of financial services. 1. The commissioner of economic development shall administer the program pursuant to section two hundred nineteen of this article, including all decisions with respect to the application and use of the program for eligible projects; market […]
216 – Term of Program.
§ 216. Term of program. 1. The program shall exist for a term which expires on the date this article expires pursuant to chapter seven hundred five of the laws of nineteen hundred ninety-three which added this article. Linked loans may be made only during the term of the program and linked deposits shall mature […]
217 – Linked Loans.
§ 217. Linked loans. Linked loans shall be made by lenders pursuant to the program only to eligible businesses in connection with eligible projects. A linked loan shall be limited to a maximum amount of four million dollars. An eligible business may receive more than one linked loan. During the life of the linked loan […]
218 – Interest Rate for Linked Loans; No Lender’s Fees.
§ 218. Interest rate for linked loans; no lender’s fees. 1. Linked loans made to certified businesses in empire zones or to eligible businesses in highly distressed areas or to eligible businesses that are defined in paragraph (b-1) of subdivision eleven of section two hundred thirteen of this article that are located in a renewal […]
219 – Application Procedure.
§ 219. Application procedure. 1. The commissioner of economic development shall establish procedures and other requirements for participation in the program, and shall provide a simplified application form to the participating lenders for linked deposits. Such form shall reflect the qualifying information required by this article for eligible businesses and shall contain a statement by […]
220 – Renewal of Linked Deposit.
§ 220. Renewal of linked deposit. A lender may, on behalf of a borrower, apply to the commissioner of economic development to request a renewal of the linked deposit for an additional four year period to correspond with a second four year period of a borrower’s linked loan. The commissioner may grant such application if […]
221 – Liability; Early Repayment and Withdrawal.
§ 221. Liability; early repayment and withdrawal. Nothing contained in this article shall impose liability on the state or any of its departments or employees for payment or delays in payment of the principal or interest of a linked loan. Any delay in payments or any default on a linked loan shall in no way […]
222 – Monitoring and Report.
§ 222. Monitoring and report. 1. The commissioner of economic development shall monitor the activities of participating lenders and businesses and may require periodic reports or other information the commissioner of economic development deems necessary from participating lenders and businesses on the status of the linked loans and the projects to ensure compliance with the […]
223 – Promotion of Program.
§ 223. Promotion of program. The department, through its regional offices and with the assistance of the department of financial services and other appropriate state agencies and public benefit corporations, shall actively market and promote awareness of the program in all geographical areas of the state among banks, banking organizations, manufacturing firms, manufacturing organizations, and […]
224 – Rules and Regulations.
§ 224. Rules and regulations. The commissioner of economic development shall, in consultation with the comptroller, the commissioner of taxation and finance and the superintendent of financial services, promulgate rules and regulations necessary and reasonable for the operation of the program.