New York State Finance Law

Sec. § 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 provisions and the intent of this article.

2.

On or before February first, nineteen hundred ninety-five, and annually thereafter the commissioner of economic development shall submit to the governor, the temporary president of the senate and the speaker of the assembly a report regarding the activities of the program. Such report shall contain a statement of the cost of the program to the state and to the public authorities, considered as a whole, because of reduced rates on funds invested in linked deposits. Such report shall also include, but shall not be limited to, the number and type of linked loans under the program and the amount thereof; the number and types of lenders making linked loans and of firms receiving linked loans; the geographic distribution of such lenders and firms; the approximate number of jobs created or retained as a result of the program; actions taken by the department of economic development and the department of financial services to secure the increased participation of lenders in economic development regions in which fewer than ten linked loans have been made on or before April first, nineteen hundred ninety-five; actions taken by the department of economic development to secure the increased participation of public authorities and public benefit corporations pursuant to section ninety-two-v of this chapter; as well as any information the commissioner determines useful in evaluating the economic benefits of the program.
Source

Last accessed
Dec. 13, 2016