Bill Text: NY S04261 | 2021-2022 | General Assembly | Introduced
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: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2022-05-18 - referred to energy [S04261 Detail]
Download: New_York-2021-S04261-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4261 2021-2022 Regular Sessions IN SENATE February 3, 2021 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations 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 from14the effective date of this subdivision, the amount of St. Lawrence coun-15ty economic development power that may be used by the authority to16generate net earnings shall not exceed the lesser of ten megawatts or17the amount of St. Lawrence county economic development power that has18not been allocated by the authority under the authority-TMED contract19for 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04422-01-1S. 4261 2 1 New York economic development fund monies to cover reasonable costs and 2 expenses of the authority related to the management and administration 3 of the northern New York power proceeds allocation program created by 4 article seven-A of the economic development law. 5 § 2. This act shall take effect immediately.