Bill Text: NY S05468 | 2013-2014 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO FINANCE [S05468 Detail]

Download: New_York-2013-S05468-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5468
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     May 16, 2013
                                      ___________
       Introduced  by  Sen. RITCHIE -- 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  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    S  97-U.  THREE  PHASE POWER REVOLVING LOAN PROGRAM. 1. THERE SHALL BE
    4  ESTABLISHED IN EACH OF THE FOLLOWING COUNTIES: JEFFERSON, OSWEGO AND ST.
    5  LAWRENCE; A REVOLVING LOAN FUND FOR THE  PURPOSE  OF  PROVIDING  FARMERS
    6  WITH  LOW  INTEREST  LOANS  TO  UPGRADE THEIR ELECTRICITY TO THREE PHASE
    7  POWER. THE DURATION OF SUCH LOW INTEREST LOANS SHALL NOT  EXCEED  THIRTY
    8  YEARS. THE AMOUNT OF FUNDS AVAILABLE FOR THE THREE PHASE POWER REVOLVING
    9  LOAN  PROGRAM  IN  EACH COUNTY SHALL BE SUBJECT TO A BUDGETARY APPROPRI-
   10  ATION.
   11    2. THE INDUSTRIAL DEVELOPMENT AGENCY IN EACH  OF  THE  THREE  COUNTIES
   12  THAT  ARE  PART  OF  THE  THREE PHASE POWER REVOLVING LOAN PROGRAM SHALL
   13  PROMULGATE RULES AND REGULATIONS FOR THE PURPOSE  OF  CARRYING  OUT  THE
   14  PROVISIONS OF THIS SECTION, INCLUDING ESTABLISHING:
   15    (A) AN APPLICATION PROCESS WHEREBY FARMERS MAY APPLY FOR LOANS;
   16    (B)  CRITERIA AND STANDARDS FOR DETERMINING A FARMER'S ELIGIBILITY FOR
   17  A LOAN;
   18    (C) CRITERIA AND STANDARDS FOR DETERMINING THE PRIORITY TO BE  GRANTED
   19  AMONG THE THREE PHASE POWER PROJECTS;
   20    (D)  CRITERIA  AND  STANDARDS  FOR DETERMINING THE AMOUNT OF FINANCIAL
   21  ASSISTANCE TO BE PROVIDED TO A FARMER FOR A THREE PHASE  POWER  PROJECT;
   22  AND
   23    (E)  CRITERIA  AND STANDARDS TO BE USED IN DETERMINING THE LOAN REPAY-
   24  MENT PERIODS AND THE TERMS OF ANY REPAYMENT AGREEMENTS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10943-01-3
       S. 5468                             2
    1    3. THE COUNTY INDUSTRIAL DEVELOPMENT AGENCY SHALL PROVIDE LOW INTEREST
    2  LOANS TO FARMERS WITHIN THE AMOUNTS  AVAILABLE  IN  THE  COUNTY'S  THREE
    3  PHASE POWER REVOLVING LOAN FUND ESTABLISHED PURSUANT TO THIS SECTION.
    4    S 2. This act shall take effect on the one hundred eightieth day after
    5  it  shall have become a law; provided, however, that any rules and regu-
    6  lations necessary to implement the provisions of this act on its  effec-
    7  tive  date  are  authorized  and directed to be promulgated on or before
    8  such date.