Bill Text: NY S04876 | 2023-2024 | General Assembly | Amended

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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 and authority-TMED contracts.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed) 2024-05-16 - referred to energy [S04876 Detail]

Download: New_York-2023-S04876-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4876--A
            Cal. No. 876

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 16, 2023
                                       ___________

        Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
          printed to be committed to the Committee on  Energy  and  Telecommuni-
          cations  --  reported  favorably from said committee, ordered to first
          and second report, ordered to a third  reading,  amended  and  ordered
          reprinted, retaining its place in the order of third reading

        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; and to amend the
          economic development law, in relation to authority-TMED contracts

          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]  or  directly allocated by the authority to one or
    20  more qualified applicants under the authority-TMED contract.   At  least

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07705-05-3
        S. 4876--A                          2

     1  fifteen percent of net earnings paid into the fund shall be dedicated to
     2  eligible  projects  which  are  energy-related  projects,  programs  and
     3  services as such term is defined in subparagraph two of paragraph (b) of
     4  subdivision  seventeen  of this section. In addition to funding eligible
     5  projects, the authority may use northern New York  economic  development
     6  fund  monies  to  cover  reasonable  costs and expenses of the authority
     7  related to the management and administration of the  northern  New  York
     8  power  proceeds  allocation  program  created  by article seven-A of the
     9  economic development law.
    10    § 2. Subdivision 2 of section 197-a of the economic  development  law,
    11  as  added  by  chapter  545  of  the laws of 2014, is amended to read as
    12  follows:
    13    2. "Authority-TMED contract" refers to a certain contract between  the
    14  authority  and the town of Massena electric department, entitled "Agree-
    15  ment Governing the Sale of St. Lawrence-FDR Project Power and Energy  to
    16  the  Town  of  Massena  Electric  Department  for  Economic  Development
    17  Purposes," executed and dated by the authority  on  October  eighteenth,
    18  two  thousand twelve, and the associated authority service tariff issued
    19  and effective August twenty-first, two thousand twelve, and  any  exten-
    20  sion  or successor tariff and contract, described as such in such exten-
    21  sion or successor tariff and contract, that expires  on  or  before  two
    22  thousand forty.
    23    § 3. This act shall take effect immediately.