Terms Used In N.Y. State Finance Law 220

• Authorized depositor: means the comptroller with respect to linked deposits made by the comptroller and the commissioner of taxation and finance with respect to linked deposits made by the commissioner of taxation and finance. See N.Y. State Finance Law 213
• Certified business: means a business located in an empire zone created pursuant to Article 18-B of the general municipal law and certified pursuant to such article as eligible for the benefits referred to in section nine hundred sixty-six of such article. See N.Y. State Finance Law 213
• Eligible business: means :
  
  (a) a manufacturing firm or agricultural business which employs five hundred or fewer employees within the state on a full-time basis; or
  
  (b) any certified business in an empire zone which business employs one hundred or fewer employees within the state on a full-time basis; or
  
  (b-1) during the whole or any portion of a period in which an area continues to be designated as a renewal community, any renewal community business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or
  
  (b-2) during the whole or any portion of a period in which an area continues to be designated as an empowerment zone, any business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or
  
  (b-3) during the whole or any portion of a period in which an area continues to be designated as an enterprise community, any business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or
  
  (c) any firm seeking financing through the program for an export project, which firm employs one hundred or fewer employees within the state on a full-time basis; or
  
  (d) any business located in a highly distressed area, which business:
  
  (i) is not a retail business, unless financing provided through the program would promote the preservation of existing jobs or an increase in the overall number of retail jobs in the area; and
  
  (ii) employs one hundred or fewer employees within the state on a full-time basis; or
  
  (e) any certified minority-or women-owned business seeking financing necessary to carry out a procurement contract with an agency or authority or other entity of the state or federal government; or
  
  (f) any service business that is independently owned and operated, is not dominant in its field, employs one hundred or fewer persons on a full-time basis within the state, and is seeking financing through the program for a project that will result in the retention or creation of permanent private sector jobs within the state, other than a business that sells a service rendered at a facility personally by an individual for another individual, directly, without the intervention of a third party, or a professional service business such as health, legal, accounting, engineering, or architectural services; or
  
  (g) a qualifying technology or innovation business which business employs one hundred or fewer employees within the state on a full-time basis and engages in:
  
  (1) biotechnologies, which shall be defined as technologies involving the scientific manipulation of living organisms, especially at the molecular and/or the sub-molecular genetic level, to produce products conducive to improving the lives and health of plants, animals, and humans; and the associated scientific research, pharmacological, mechanical, and computational applications and services connected with these improvements;
  
  (2) information and communication technologies, equipment and systems that involve advanced computer software and hardware, visualization technologies, and human interface technologies;
  
  (3) advanced materials and processing technologies that involve the development, modification, or improvement of one or more materials or methods to produce devices and structures with improved performance characteristics or special functional attributes, or to activate, speed up, or otherwise alter chemical, biochemical, or medical processes;
  
  (4) electronic and photonic devices and components for use in producing electronic, optoelectronic, mechanical equipment and products of electronic distribution with interactive media content;
  
  (5) energy efficiency, renewable energy and environmental technologies, products, devices and services; or
  
  (6) small scale systems integration and packaging; or
  
  * (h) a community development financial institution. See N.Y. State Finance Law 213
• Empowerment zone: means an area within the state that has been designated by such term pursuant to section 1391 of the federal Internal Revenue Code (26 United States Code § 1391) under the federal Community Renewal Tax Relief Act of 2000. See N.Y. State Finance Law 213
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lender: means :
  
  (a) any commercial bank which is or shall become an approved depository of state funds under the provisions of section one hundred five of this chapter and which agrees to participate in the program; or
  
  (b) any thrift or credit union which an authorized depositor determines is eligible to accept linked deposits based upon criteria applied by the authorized depositor in making determinations under section one hundred five of this chapter, and which agrees to participate in the program, provided that any linked deposit in such thrift or credit union shall be secured in the same manner as moneys deposited pursuant to section one hundred five of this chapter and such thrifts or credit unions shall pledge assets or furnish other security satisfactory in form and amount to the authorized depositor for the repayment of moneys. 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
• Linked deposit interest rate: means :
  
  (a) for a linked deposit made in connection with a linked loan to a certified business in an empire zone or to an eligible business located in a highly distressed area or to an eligible business that is defined in paragraph (b-1) of subdivision eleven of this section that is located in a renewal community or defined in paragraph (b-2) of such subdivision that is located in an empowerment zone or defined in paragraph (b-3) of such subdivision that is located in an enterprise community, or a qualifying technology or innovation business as defined in paragraph (g) of subdivision eleven of this section, respectively for eligible projects defined in paragraph (c) of subdivision twelve of this section or a certified minority- or women-owned business enterprise for an eligible project defined in paragraph (e) of subdivision twelve of this section or to a defense industry manufacturer for a project defined in paragraph (d) of subdivision twelve of this section, a fixed rate of interest which is three hundred basis points below the lender's posted four year certificate of deposit rate or, if the lender does not offer a four year certificate of deposit, is three hundred basis points below the average statewide rate for four year certificates of deposit as determined by the commissioner of economic development;
  
  (b) for a linked deposit made in connection with any linked loan other than those specified in paragraph (a) of this subdivision, a fixed rate of interest which is two hundred basis points below the lender's posted four year certificate of deposit rate, or if the lender does not offer a four year certificate of deposit, is two hundred basis points below the average statewide rate for four year certificates of deposit as determined by the commissioner of economic development. See N.Y. State Finance Law 213
• Linked loan: means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest for the first four years at the interest rate provided in section two hundred eighteen of this article. See N.Y. State Finance Law 213
• Renewal community: means an area within the state that has been designated by such term in accordance with section 1400E of the federal Internal Revenue Code (26 United States Code § 1400E) under the federal Community Renewal Tax Relief Act of 2000. See N.Y. State Finance Law 213