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

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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) 2024-01-03 - REFERRED TO ENERGY AND TELECOMMUNICATIONS [S04876 Detail]

Download: New_York-2023-S04876-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          4876

                               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

        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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07705-01-3

        S. 4876                             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.
feedback