Bill Text: NY A06206 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the amount of St. Lawrence county economic development power that may be used by the New York Power Authority to generate net earnings.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2022-05-11 - held for consideration in energy [A06206 Detail]

Download: New_York-2021-A06206-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6206

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     March 10, 2021
                                       ___________

        Introduced  by M. of A. WALCZYK -- read once and referred to the Commit-
          tee on Energy

        AN ACT to amend the public authorities law, in relation to the amount of
          St. Lawrence county economic development power that may be used by the
          New York Power Authority to generate net earnings

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph  (c)  of  subdivision 24 of section 1005 of the
     2  public authorities law, as added by chapter 545 of the laws of 2014,  is
     3  amended to read as follows:
     4    (c) The authority shall establish an account to be known as the north-
     5  ern  New  York  economic development fund, which shall consist solely of
     6  net earnings. The authority, as determined to be feasible and  advisable
     7  by  the  trustees, shall deposit net earnings into the fund no less than
     8  quarterly, provided, however, that the amount  of  St.  Lawrence  county
     9  economic development power that may be used by the authority to generate
    10  net  earnings  shall  not  exceed  the lesser of twenty megawatts or the
    11  amount of St. Lawrence county economic development power  that  has  not
    12  been  allocated  by  the authority under the authority-TMED contract for
    13  sub-allocations[, and provided further that beginning  five  years  from
    14  the effective date of this subdivision, the amount of St. Lawrence coun-
    15  ty  economic  development  power  that  may  be used by the authority to
    16  generate net earnings shall not exceed the lesser of  ten  megawatts  or
    17  the  amount  of  St. Lawrence county economic development power that has
    18  not been allocated by the authority under  the  authority-TMED  contract
    19  for sub-allocations]. At least fifteen percent of net earnings paid into
    20  the fund shall be dedicated to eligible projects which are energy-relat-
    21  ed  projects,  programs and services as such term is defined in subpara-
    22  graph two of paragraph (b) of subdivision seventeen of this section.  In
    23  addition  to  funding  eligible projects, the authority may use northern
    24  New York economic development fund monies to cover reasonable costs  and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04422-01-1
        A. 6206                             2

     1  expenses  of  the authority related to the management and administration
     2  of the northern New York power proceeds allocation  program  created  by
     3  article seven-A of the economic development law.
     4    § 2. This act shall take effect immediately.