§ 1828-A — Federal trust fund administration

§ 1828-a. Federal trust fund administration. 1. (a) Where the\nauthority, in its capacity as a trustee or administrator of the Altech\ntrust fund established pursuant to a grant agreement with the federal\neconomic development agency, has, on or before March thirty-first,\nnineteen hundred ninety-five, entered into an agreement or agreements\nwith any local development corporation, banking organization or public\nbenefit corporation, or combination thereof, which obligates the\nauthority to make payments from such trust fund for the purpose of\npaying or guaranteeing, in whole or in part, the cost of financing the\nconstruction of any facility the object of which is to promote economic\ndevelopment within the counties of Albany and Chautauqua, the authority,\nfor the purpose of refinancing its payment obligations under such\nagreement or agreements, shall:\n (i) pursuant to a memorandum of understanding executed with the\nsubject county, purchase, lease or otherwise acquire such facility,\nincluding the site thereof, and sell, convey, lease, mortgage, pledge or\notherwise dispose of such facility, together with the site thereof, upon\nsuch terms and conditions as the authority deems advisable, and in\nconnection therewith, may borrow money from any banking organization and\nissue its notes or other obligations in evidence thereof and may pledge\nto the repayments of such obligations any funds of the authority legally\navailable for such purposes;\n (ii) pursuant to a repayment agreement executed with the federal\neconomic development agency, replace Altech trust fund monies expended\non activities deemed to be ineligible by the United States department of\ncommerce; and\n (iii) enter into any and all agreements as the authority shall deem\nnecessary, convenient or desirable to carry out the powers conferred by\nsubparagraph (a) of this subdivision.\n (b) (i) Prior to the execution of a repayment agreement by the\nauthority pursuant to paragraph (a) of this subdivision, the authority\nshall submit a plan to the federal economic development agency and to\nthe director of the budget, and the chairs of the senate finance\ncommittee and the assembly ways and means committee, which provides for:\n (A) the replacement by the authority of cash or other assets of the\ntrust fund for the purposes of promoting economic development within the\ncounties of Albany and Chautauqua;\n (B) the development of a new revolving loan fund plan to provide for\nthe investment of the trust fund for the promotion of economic\ndevelopment within such counties; and\n (C) a schedule and strategy for the implementation of any federal\nadministrative requirements governing the administration of the fund by\nthe authority.\n (ii) a report submitted to the director of the budget, the chairs of\nthe senate finance committee and the assembly ways and means committee\ndetailing the disposition by the authority of a facility or the\nrepayment of any funds and any amendments to the plan pursuant to\nparagraph (a) of this subdivision.\n (c) Subject to the terms of any special purpose bondholders and\nnoteholders, the special purpose funds described in clauses (b) through\n(g) of subdivision one of section eighteen hundred fifteen of this\ntitle, to the extent that they are not required pursuant to subdivision\ntwo of such section, may also be used to pay or discharge any other\nobligation of the authority imposed thereon by the provisions of this\nsection or by the provision of any contract executed in accordance with\nthis section.\n 2. The authority shall annually submit to the director of the budget,\nand the chairs of the senate finance committee and the assembly ways and\nmeans committee for approval a resolution setting forth its\nresponsibilities as a fiduciary agent and trustee of any fund the\nauthority administers on behalf of the federal government and describing\nthe terms and conditions of any financial assistance to be provided from\nsuch fund.\n