§ 179-z. Not-for-profit short-term revolving loans. 1. The state comptroller is authorized to provide loans from the not-for-profit short-term revolving loan fund established by section ninety-seven-jj of this chapter to any not-for-profit organization in receipt of a written directive from a state agency. The state comptroller may provide such a loan to a not-for-profit organization upon receipt of a written agreement providing reasonable assurances of repayment that is satisfactory to the comptroller. Such loan shall not bear interest and repayment of such loan may be prorated over the term of the expected or renewal contract, provided the term of the loan does not exceed one year. The amount of each such loan shall not exceed one-half of the first quarter payment of the subject contract.

Terms Used In N.Y. State Finance Law 179-Z

  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means an enforceable agreement entered into by a not-for-profit organization and a state agency or any agent acting for such state agency in the procurement process. See N.Y. State Finance Law 179-Q
  • organization: means a domestic corporation incorporated pursuant to or otherwise subject to the not-for-profit corporation law, a charitable organization registered with the secretary of state, a special act corporation created pursuant to chapter four hundred sixty-eight of the laws of eighteen hundred ninety-nine, as amended, a special act corporation formed pursuant to chapter two hundred fifty-six of the laws of nineteen hundred seventeen, as amended, a corporation authorized pursuant to an act of congress approved January fifth, nineteen hundred five, (33 stat. See N.Y. State Finance Law 179-Q
  • State agency: means any department, board, bureau, commission, division, office, council, institution or committee in the executive branch of government, the urban development corporation or the natural heritage trust to which an appropriation is made for the purposes of carrying out a program as defined herein. See N.Y. State Finance Law 179-Q
  • Written directive: means a written request by a state agency to a not-for-profit organization authorizing such organization either to begin providing services during the negotiation of a contract or to continue providing services during the negotiation of a renewal contract. See N.Y. State Finance Law 179-Q

2. The state comptroller shall only make loans after finding that the not-for-profit organization has a written directive from a state agency and cannot provide or continue to provide services without a loan from the not-for-profit short-term revolving loan fund.

3. The state comptroller shall promulgate rules and regulations within ninety days of the enactment date of this act for the operation of the not-for-profit short-term revolving loan fund which shall include, but not be limited to, the criteria to be used in determining not-for-profit organizations eligible for assistance; a procedure and any necessary information that not-for-profit organizations need to submit applications for a loan from the not-for-profit short-term revolving loan fund; a schedule for reviewing such applications, not to exceed thirty days, and notification to an applicant of approval or disapproval of such application for interim funding, and any other requirements deemed necessary by the state comptroller.

4. Any not-for-profit organization receiving a loan from the not-for-profit short-term revolving loan fund shall be ineligible to receive interest from a state agency, notwithstanding the provisions of section one hundred seventy-nine-v of this article and shall be ineligible to receive advance payments, notwithstanding section one hundred seventy-nine-u of this article.