BILL NUMBER: S9297
SPONSOR: HELMING
 
TITLE OF BILL:
An act to amend the not-for-profit corporation law, in relation to
permitting land bank officers and employees to participate in the New
York state and local retirement system
 
PURPOSE::
Permits land bank officers and employees to participate in the New York
state and local retirement system
 
SUMMARY OF PROVISIONS::
Section 1. Section 1603 of the not-for-profit corporation law is amended
by adding a new paragraph (i) to read as follows:
(i) Each land bank created pursuant to this article shall be a public
organization engaged in public service deriving its power from the New
York state legislature and, upon a resolution duly adopted by its board
of directors, may elect to have its officers and employees participate
in the New York state and local retirement system.
§ 2. The effective date.
 
JUSTIFICATION::
Land banks have become a very valuable tool to assist municipalities in
dealing with tax-delinquent, abandoned, and blighted properties.
Certain land banks would like the option to enroll in the New York State
and Local Retirement System (NYSLRS) in order to better recruitment
and/or retain experienced civil servants on their staff. The NYS Comp-
troller's office has opined that land banks cannot do so unless it is
explicitly permitted in their enabling legislation. Amending the Land
Bank Act to clarify land bank eligibility for this retirement system
would give land banks the option to enroll in the NYSLRS should their
boards of directors so choose.
 
LEGISLATIVE HISTORY::
New bill.
 
FISCAL IMPLICATIONS::
None.
 
EFFECTIVE DATE::
This act shall take effect immediately.