Senate Bill S8276

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8276

                            I N  S E N A T E

                              June 18, 2010
                               ___________

Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN  ACT  to  amend  the public authorities law, in relation to the North
  Country power authority, and to repeal certain provisions of such  law
  relating thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Sections 1021-i, 1021-u, 1021-v, 1021-w and 1021-x  of  the
public authorities law, as added by a chapter of the laws of 2010 amend-
ing  the public authorities law and the executive law relating to estab-
lishing the North Country power authority, and providing for its  powers
and  duties,  as  proposed  in  legislative  bills  numbers S.2813-B and
A.6694-C, are REPEALED.
  S 2. Sections 1021-j, 1021-k, 1021-l, 1021-m, 1021-n, 1021-o,  1021-p,
1021-q, 1021-r, 1021-s, 1021-t, 1021-y, 1021-z and 1021-aa of the public
authorities  law, as added by a chapter of the laws of 2010 amending the
public authorities law and the executive law  relating  to  establishing
the  North  Country  power  authority,  and providing for its powers and
duties, as proposed in legislative bills numbers S.2813-B and  A.6694-C,
are  renumbered sections 1021-i, 1021-j, 1021-k, 1021-l, 1021-m, 1021-n,
1021-o, 1021-p, 1021-q, 1021-r, 1021-s, 1021-t, 1021-u and 1021-v.
  S 3. Subdivisions 8 and 9 of section 1021-d of the public  authorities
law,  as  added  by  a  chapter  of the laws of 2010 amending the public
authorities law and the executive law relating to establishing the North
Country power authority, and providing for its  powers  and  duties,  as
proposed in legislative bills numbers S.2813-B and A.6694-C, are amended
to read as follows:
  8.  The  authority  and  its  corporate existence shall continue until
terminated by law, subject to the provisions of subdivision nine of this
section and section one thousand  [twenty-one-s]  TWENTY-ONE-R  of  this
title,  provided, however, that no such law shall take effect so long as
the  authority  shall  have  securities  outstanding,  unless   adequate
provision has been made for the payment thereof.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD17823-02-0
              

S. 8276                             2

  9.    In  the event that the authority does not commence either one or
more of transmitting, delivering and generating  electric  power  within
[ten]  SEVEN  years  of  the effective date of this title, the authority
shall cease to exist and the provisions of this title  shall  be  of  no
further force and effect, subject to the provisions of section one thou-
sand  [twenty-one-m]  TWENTY-ONE-L  of  this  title and the terms of any
bonds, notes or other debt obligations then outstanding.
  S 4. Subdivision 11 of section 1021-e of the public  authorities  law,
as  added  by a chapter of the laws of 2010 amending the public authori-
ties law and the executive law relating to establishing the North  Coun-
try  power  authority,  and  providing  for  its  powers  and duties, as
proposed in legislative bills numbers S.2813-B and A.6694- C, is amended
to read as follows:
  11. To execute contracts, borrow money, issue bonds, notes  and  other
obligations   as   provided   in  section  one  thousand  [twenty-one-k]
TWENTY-ONE-J of this title, and sell the same in  such  amounts  and  at
such  prices,  interest rates and other financial terms as may be deter-
mined by the directors;
  S 5. Subdivisions 2 and 3 of section 1021-j of the public  authorities
law,  as  added  by  a  chapter  of the laws of 2010 amending the public
authorities law and the executive law relating to establishing the North
Country power authority, and providing for its  powers  and  duties,  as
proposed  in  legislative  bills  numbers S.2813-B and A.6694-C and such
section as renumbered by section two of this act, are amended to read as
follows:
  2. Except as may be otherwise expressly provided by the authority, the
issuance of bonds, notes or other obligations, up to one hundred [seven-
ty-five] FIFTY million dollars annually, shall be general obligations of
the authority payable out of any moneys or revenues  of  the  authority,
subject  only  to  any  agreements with the holders of particular bonds,
notes or other obligations pledging any particular moneys or revenues.
  3. The authority shall have power from time to time, whenever it deems
refunding expedient, to refund any bonds, notes or other obligations  by
the issuance of new bonds, notes or other obligations, up to one hundred
[seventy-five]  FIFTY million dollars annually, whether the bonds, notes
or other obligations to be refunded have or have not  matured,  and  may
issue bonds, notes or other obligations partly to refund bonds, notes or
other  obligations  then  outstanding  and  partly for any other purpose
described in this section. Refunding bonds, notes or  other  obligations
may  be  exchanged  for  the  bonds,  notes  or  other obligations to be
refunded, with such cash adjustments as may be agreed, or  may  be  sold
with  the proceeds applied to the purchase or payment of the bonds to be
refunded.
  S 6. Subdivision 2 of section 1021-m of the public authorities law, as
added by a chapter of the laws of 2010 amending the  public  authorities
law  and  the  executive  law relating to establishing the North Country
power authority, and providing for its powers and duties, as proposed in
legislative bills numbers S.2813-B and  A.6694-C  and  such  section  as
renumbered by section two of this act, is amended to read as follows:
  2.  The property of the authority, and its income and operations shall
be exempt from taxation or assessments of every  kind  and  nature;  nor
shall  the  authority  be required to pay any filing or recording fee or
transfer tax of any kind on account of instruments filed or recorded  by
it or on its behalf, provided that nothing in this section shall prevent
the  authority from entering into agreements to make payments in lieu of
taxes with the governing bodies of municipalities or other local govern-

S. 8276                             3

ment taxing entities AND, FURTHER, THAT THE AUTHORITY SHALL  ENTER  INTO
AGREEMENTS  TO  MAKE PAYMENTS IN LIEU OF TAXES WITH THE GOVERNING BODIES
OF MUNICIPALITIES AND OTHER LOCAL GOVERNMENT TAXING  BODIES  WITHIN  THE
NORTH  COUNTRY  POWER  AUTHORITY  SERVICE AREA AS DEFINED IN SECTION ONE
THOUSAND TWENTY-ONE-C OF THIS TITLE. Mortgages made or financed (direct-
ly or indirectly) by the authority shall be  exempt  from  the  mortgage
recording taxes imposed by article eleven of the tax law.
  S 7. Section 1021-u of the public authorities law, as added by a chap-
ter  of  the  laws  of  2010 amending the public authorities law and the
executive law relating to establishing the North Country power  authori-
ty,  and providing for its powers and duties, as proposed in legislative
bills numbers S.2813-B and A.6694-C and such section  as  renumbered  by
section two of this act, is amended to read as follows:
  S  1021-u.  Periodic  review by legislature for continuation or termi-
nation. Beginning in the year two thousand [fifty] TWENTY-FIVE, and  not
more  than  [once]  every  ten  years thereafter, the legislature of the
state of New York shall conduct a comprehensive review[, not  to  exceed
three  months  from commencement to conclusion, of the structure, activ-
ities and operations] of the NCPA,  and  the  NCPA  shall  provide  such
records,  reports and testimony as the legislature may request to assist
in the conduct of this review.  Upon the conclusion of each such compre-
hensive review, the legislature  may  in  its  discretion  determine  to
terminate  the  authority  by  enactment  into law, and signature by the
governor of a statute repealing this title as of a date certain, subject
to the provisions of section one thousand [twenty-one-m] TWENTY-ONE-L of
this title and the terms of any bonds, notes or other  debt  obligations
then  outstanding.  Such  statute  shall, among other things, assign the
authority's rights and responsibilities and dispose of its assets to the
state or a subdivision thereof. In the event that the  legislature  does
not  so determine and so enact, the corporate existence of the authority
shall continue indefinitely in accordance with the  provisions  of  this
title.
  S  8.  This  act  shall  take  effect on the same date and in the same
manner as a chapter of the laws of 2010 amending the public  authorities
law  and  the  executive  law relating to establishing the North Country
power authority, and providing for its powers and duties, as proposed in
legislative bills numbers S.2813-B and A.6694-C, takes effect.