Bill > A07039

This bill amends the New York Public Authorities Law to enhance transparency and accountability for project applications involving loans and grants from public benefit corporations. It requires that loan and grant applications include, to the extent practicable, detailed written information about the financial terms, such as repayment dates, interest rates, job creation or retention requirements, and potential clawback provisions if those requirements are not met. The bill mandates that the Public Authorities Control Board can only approve projects with conditional job requirements if the application includes explicit clawback provisions and a binding agreement from the recipient acknowledging those requirements. Additionally, if some required information cannot be readily provided, the applicant must submit a written explanation detailing why. The bill also allows public benefit corporations to submit preliminary projects to the board for advisory comments, with board members and the state comptroller having 30 days to provide non-binding feedback. These changes aim to increase transparency and provide more comprehensive information about public funding projects before they are approved.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7039