§ 214. Establishment and purpose; linked deposit program authorization. The excelsior linked deposit program is hereby created. The purpose of the program is to encourage and assist eligible businesses within the state to undertake eligible projects that will materially contribute to improving their performance and competitiveness. The comptroller is hereby authorized to use any moneys of the state the comptroller is authorized to invest pursuant to section ninety-eight-a of this chapter as linked deposits for the program. Not more than four hundred sixty million dollars of such moneys shall be on deposit pursuant to the program at any given time. The commissioner of taxation and finance is hereby authorized to use funds in the linked deposit program fund established pursuant to section ninety-two-v of this chapter as linked deposits for the program. Not more than one hundred million dollars from the linked deposit program fund shall be on deposit pursuant to the program at any given time.

Terms Used In N.Y. State Finance Law 214

  • Comptroller: means the comptroller of the state of New York. See N.Y. State Finance Law 213
  • Eligible projects: means :

    (a) export projects designed to increase a firm's export activities; or

    (b) for manufacturing, agricultural and service firms, projects which involve the preparation of strategic plans for improving productivity and competitiveness; the introduction of modern equipment and/or an expansion of facilities as part of a modernization plan; the introduction of advanced technologies to improve productivity and quality; improvements in production processes and operations, including agricultural operations; introduction of computerized information, reporting and control systems; reorganization or improvement of work place systems and the introduction of total quality and employee participation programs; development and introduction of new products; identification and development of new markets, including entry into foreign markets; financial restructuring for purposes of enabling modernization activities; buyouts of viable companies by employees or local owners residing in the state; and the provision of working capital for other modernization activities that will improve the competitiveness and productivity of a firm and result in the creation or retention of jobs; or

    (c) for certified businesses located in empire zones, for retail businesses located in highly distressed areas, for eligible businesses that are defined in paragraph (b-1) of subdivision eleven of this section that are located in a renewal community, for eligible businesses that are defined in paragraph (b-2) of subdivision eleven of this section that are located in an empowerment zone, and for eligible businesses that are defined in paragraph (b-3) of subdivision eleven of this section that are located in an enterprise community, projects that will create or retain full-time, permanent jobs within the empire zone or empowerment zone or enterprise community or highly distressed area or renewal community, as the case may be; or

    (d) for defense industry manufacturers, projects designed to reduce dependence on department of defense and other military contracts and to change or diversify production in order to take advantage of any market other than that serving the department of defense or other military procurers; or

    (e) for certified minority-and women-owned businesses, projects to provide financing necessary to carry out a procurement contract with an agency or authority or other entity of the state or federal government; or

    * (f) projects in which community development financial institutions make loans. See N.Y. State Finance Law 213
  • Linked deposit: means a deposit, or for farm credit system institutions and the New York business development corporation an investment eligible to be held by such institution or corporation placed with a lender by the comptroller or the commissioner of taxation and finance for a period of four years at the linked deposit interest rate, provided the lender agrees to:

    (a) lend the equivalent value of such deposit to an eligible business at the interest rate provided in section two hundred eighteen of this article; and

    (b) permit the deposit to be comprised of a series of ninety day deposits each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original deposit is placed. See N.Y. State Finance Law 213
  • Program: means the excelsior linked deposit program. See N.Y. State Finance Law 213
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