Bill > S03736

This bill amends the Public Authorities Law to enhance transparency and accountability for project applications involving loans and grants from public benefit corporations. The bill requires that any loan or grant application must now include detailed, written information about the project, such as job retention or creation requirements, specific terms of repayment or disbursement, interest rates, project costs, funding sources, ownership details, and potential clawback provisions. For projects with job-related conditions, applicants must now include explicit clawback provisions and obtain a binding agreement from recipients acknowledging these job requirements. Additionally, the bill introduces a new process allowing public benefit corporations to submit preliminary projects to the Public Authorities Control Board for advisory comments, with board members and the state comptroller having 30 days to provide non-binding feedback. The changes aim to increase scrutiny and documentation of public funding projects, ensuring more comprehensive disclosure of project terms and potential financial risks. The bill takes effect immediately and applies to various public benefit corporations and their project applications.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3736