Senate Bill S5199

2015-2016 Legislative Session

Relates to a New York state three phase power revolving loan program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S5199 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add §97-u, St Fin L
Versions Introduced in 2017-2018 Legislative Session:
S1924

2015-S5199 (ACTIVE) - Summary

Relates to a New York state three phase power revolving loan program.

2015-S5199 (ACTIVE) - Sponsor Memo

2015-S5199 (ACTIVE) - Bill Text download pdf

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

                                  5199

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 7, 2015
                               ___________

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 New  York  state
  three phase power revolving loan program

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

  Section 1. The state finance law is amended by adding  a  new  section
97-u to read as follows:
  S  97-U.  NEW YORK STATE THREE PHASE POWER REVOLVING LOAN PROGRAM.  1.
THERE IS HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE COMMISSIONER  OF
TAXATION  AND FINANCE AND THE COMPTROLLER, A SPECIAL FUND TO BE KNOWN AS
THE "NEW YORK STATE THREE PHASE POWER REVOLVING LOAN FUND".
  2. THE PROGRAM SHALL  CONSIST  OF  ALL  MONEYS  APPROPRIATED  FOR  ITS
PURPOSE, ALL MONEYS TRANSFERRED TO SUCH ACCOUNT PURSUANT TO LAW, AND ALL
MONEYS  REQUIRED  BY  THIS  SECTION  OR ANY OTHER LAW TO BE PAID INTO OR
CREDITED TO THIS ACCOUNT, INCLUDING ALL MONEYS RECEIVED BY  THE  ACCOUNT
OR  DONATED TO IT, PAYMENTS OF PRINCIPAL AND INTEREST ON LOANS MADE FROM
THE ACCOUNT, AND ANY INTEREST EARNINGS WHICH MAY ACCRUE FROM THE INVEST-
MENT OR REINVESTMENT OF MONEYS FROM THE ACCOUNT.  THE  TOTAL  OF  MONIES
DEPOSITED  AS  A RESULT OF APPROPRIATION FROM STATE FUNDS INTO THIS FUND
SHALL NOT EXCEED THE SUM OF FIVE MILLION DOLLARS.  MONIES  IN  THE  FUND
SHALL BE KEPT SEPARATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONIES
OTHERWISE APPROPRIATED OR RECEIVED.
  3.  MONEYS  OF THE FUND, WHEN ALLOCATED, SHALL BE AVAILABLE TO THE NEW
YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY FOR THE PURPOSE  OF
PROVIDING  FARMERS  WITH LOW INTEREST LOANS TO UPGRADE THEIR ELECTRICITY
TO THREE PHASE POWER. THE DURATION OF SUCH LOW INTEREST LOANS SHALL  NOT
EXCEED THIRTY YEARS.
  4.  THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL
PROMULGATE RULES AND REGULATIONS FOR THE PURPOSE  OF  CARRYING  OUT  THE
PROVISIONS OF THIS SECTION, INCLUDING ESTABLISHING:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10486-01-5
              

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