§ 214 — Establishment and purpose; linked deposit program authorization

§ 214. Establishment and purpose; linked deposit program\nauthorization. The excelsior linked deposit program is hereby created.\nThe purpose of the program is to encourage and assist eligible\nbusinesses within the state to undertake eligible projects that will\nmaterially contribute to improving their performance and\ncompetitiveness. The comptroller is hereby authorized to use any moneys\nof the state the comptroller is authorized to invest pursuant to section\nninety-eight-a of this chapter as linked deposits for the program. Not\nmore than one billion dollars of such moneys shall be on deposit\npursuant to the program at any given time. The commissioner of taxation\nand finance is hereby authorized to use funds in the linked deposit\nprogram fund established pursuant to section ninety-two-v of this\nchapter as linked deposits for the program. Not more than one hundred\nmillion dollars from the linked deposit program fund shall be on deposit\npursuant to the program at any given time.\n