§ 222 — Monitoring and report

§ 222. Monitoring and report. 1. The commissioner of economic\ndevelopment shall monitor the activities of participating lenders and\nbusinesses and may require periodic reports or other information the\ncommissioner of economic development deems necessary from participating\nlenders and businesses on the status of the linked loans and the\nprojects to ensure compliance with the provisions and the intent of this\narticle.\n 2. On or before February first, nineteen hundred ninety-five, and\nannually thereafter the commissioner of economic development shall\nsubmit to the governor, the temporary president of the senate and the\nspeaker of the assembly a report regarding the activities of the\nprogram. Such report shall contain a statement of the cost of the\nprogram to the state and to the public authorities, considered as a\nwhole, because of reduced rates on funds invested in linked deposits.\nSuch report shall also include, but shall not be limited to, the number\nand type of linked loans under the program and the amount thereof; the\nnumber and types of lenders making linked loans and of firms receiving\nlinked loans; the geographic distribution of such lenders and firms; the\napproximate number of jobs created or retained as a result of the\nprogram; actions taken by the department of economic development and the\ndepartment of financial services to secure the increased participation\nof lenders in economic development regions in which fewer than ten\nlinked loans have been made on or before April first, nineteen hundred\nninety-five; actions taken by the department of economic development to\nsecure the increased participation of public authorities and public\nbenefit corporations pursuant to section ninety-two-v of this chapter;\nas well as any information the commissioner determines useful in\nevaluating the economic benefits of the program.\n