Bill Text: NY A07394 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Permits private funding of the sustainable energy loan program and authorizes the municipal corporation to impose requirements on disbursements therefrom.

Spectrum: Partisan Bill (Democrat 23-0)

Status: (Introduced - Dead) 2017-06-19 - substituted by s5990a [A07394 Detail]

Download: New_York-2017-A07394-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7394
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 25, 2017
                                       ___________
        Introduced by M. of A. PAULIN, CRESPO, D'URSO, ENGLEBRIGHT, GALEF, GOTT-
          FRIED,  JAFFEE,  KEARNS, LUPARDO, THIELE, WALKER -- Multi-Sponsored by
          -- M. of A.  HYNDMAN, SIMON -- read once and referred to the Committee
          on Energy
        AN ACT to amend the general municipal law, in relation to the  municipal
          sustainable energy loan program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 6 of section 119-ff of  the  general  municipal
     2  law,  as added by chapter 497 of the laws of 2009, is amended to read as
     3  follows:
     4    6. "Renewable energy system" means an energy generating system for the
     5  generation of electric or thermal energy, [to be used primarily at  such
     6  property,] by means of solar thermal, solar photovoltaic, wind, geother-
     7  mal,  anaerobic digester gas-to-electricity systems, fuel cell technolo-
     8  gies, or other renewable energy technology approved by the authority not
     9  including the combustion or pyrolysis of solid waste.
    10    § 2. Subdivisions 1 and 6 of section 119-gg of the  general  municipal
    11  law, as added by chapter 497 of the laws of 2009, are amended to read as
    12  follows:
    13    1.  The  legislative  body  of any municipal corporation may, by local
    14  law, establish a sustainable energy loan  program  using  federal  grant
    15  assistance or federal credit support or monies available from any public
    16  or private source available for this purpose.
    17    6.  [The]  a.  For  loans  made to an owner of real property that is a
    18  commercial entity, not-for-profit organization, or entity other than  an
    19  individual, the municipal corporation shall have the authority to impose
    20  requirements  on  the  maximum  amount that may be borrowed through such
    21  loan, which may consider factors including but not limited to the  prop-
    22  erty  value,  projected savings, project cost, and existing indebtedness
    23  secured by such property.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11056-01-7
        A. 7394                             2
     1    b. The principal amount of each such loan, excluding  interest,  shall
     2  not  exceed  the  lesser  of  ten percent of the appraised real property
     3  value or the actual cost of installing the renewable energy  system  and
     4  energy  efficiency improvements, including the costs of necessary equip-
     5  ment,  materials,  and labor, the costs of each related energy audit and
     6  renewable energy system feasibility study, and the cost of  verification
     7  of such renewable energy system and energy efficiency improvements.
     8    § 3. This act shall take effect immediately.