N.Y. State Finance Law § 214: Establishment and purpose; linked deposit program authorization

§ 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 one billion 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.