Bill Text: NY S01924 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to a New York state three phase power revolving loan program.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO FINANCE [S01924 Detail]

Download: New_York-2017-S01924-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1924
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 11, 2017
                                       ___________
        Introduced  by  Sens.  RITCHIE,  GALLIVAN,  MARCHIONE  -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Finance
        AN  ACT  to amend the state finance law, in relation to a New York state
          three phase power revolving loan program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  state finance law is amended by adding a new section
     2  97-u to read as follows:
     3    § 97-u. New York state three phase power revolving loan program.    1.
     4  There  is hereby established in the joint custody of the commissioner of
     5  taxation and finance and the comptroller, a special fund to be known  as
     6  the "New York state three phase power revolving loan fund".
     7    2.  The  program  shall  consist  of  all  moneys appropriated for its
     8  purpose, all moneys transferred to such account pursuant to law, and all
     9  moneys required by this section or any other law  to  be  paid  into  or
    10  credited  to  this account, including all moneys received by the account
    11  or donated to it, payments of principal and interest on loans made  from
    12  the account, and any interest earnings which may accrue from the invest-
    13  ment  or  reinvestment  of  moneys from the account. The total of monies
    14  deposited as a result of appropriation from state funds into  this  fund
    15  shall  not  exceed  the  sum of five million dollars. Monies in the fund
    16  shall be kept separate and shall not be commingled with any other monies
    17  otherwise appropriated or received.
    18    3. Moneys of the fund, when allocated, shall be available to  the  New
    19  York  state energy research and development authority for the purpose of
    20  providing farmers with low interest loans to upgrade  their  electricity
    21  to  three phase power. The duration of such low interest loans shall not
    22  exceed thirty years.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07615-01-7
        S. 1924                             2
     1    4. The New York state energy research and development authority  shall
     2  promulgate  rules  and  regulations  for the purpose of carrying out the
     3  provisions of this section, including establishing:
     4    (a) an application process whereby farmers may apply for loans;
     5    (b)  criteria and standards for determining a farmer's eligibility for
     6  a loan;
     7    (c) criteria and standards for determining the priority to be  granted
     8  among the three phase power projects;
     9    (d)  criteria  and  standards  for determining the amount of financial
    10  assistance to be provided to a farmer for a three phase  power  project;
    11  and
    12    (e)  criteria  and standards to be used in determining the loan repay-
    13  ment periods and the terms of any repayment agreements.
    14    § 2. This act shall take effect on the ninetieth day  after  it  shall
    15  have  become  a  law.  Effective  immediately, any rules and regulations
    16  necessary to implement the provisions of this act on its effective  date
    17  are authorized to be promulgated on or before such date.