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Senate Bill S6916

2019-2020 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee

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2019-S6916 (ACTIVE) - Details

Current Committee:
Senate Energy And Telecommunications
Law Section:
Public Authorities Law
Laws Affected:
Amd §1005, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2021-2022: S4261
2023-2024: S4876
2025-2026: S1357

2019-S6916 (ACTIVE) - Summary

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.

2019-S6916 (ACTIVE) - Sponsor Memo

2019-S6916 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6916
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             December 20, 2019
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- 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 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:
 
   Section  1.  Paragraph  (c)  of  subdivision 24 of section 1005 of the
 public authorities law, as added by chapter 545 of the laws of 2014,  is
 amended to read as follows:
   (c) The authority shall establish an account to be known as the north-
 ern  New  York  economic development fund, which shall consist solely of
 net earnings. The authority, as determined to be feasible and  advisable
 by  the  trustees, shall deposit net earnings into the fund no less than
 quarterly, provided, however, that the amount  of  St.  Lawrence  county
 economic development power that may be used by the authority to generate
 net  earnings  shall  not  exceed  the lesser of twenty megawatts or the
 amount of St. Lawrence county economic development power  that  has  not
 been  allocated  by  the authority under the authority-TMED contract for
 sub-allocations[, and provided further that beginning  five  years  from
 the effective date of this subdivision, the amount of St. Lawrence coun-
 ty  economic  development  power  that  may  be used by the authority to
 generate net earnings shall not exceed the lesser of  ten  megawatts  or
 the  amount  of  St. Lawrence county economic development power that has
 not been allocated by the authority under  the  authority-TMED  contract
 for sub-allocations]. At least fifteen percent of net earnings paid into
 the fund shall be dedicated to eligible projects which are energy-relat-
 ed  projects,  programs and services as such term is defined in subpara-
 graph two of paragraph (b) of subdivision seventeen of this section.  In
 addition  to  funding  eligible projects, the authority may use northern
 New York economic development fund monies to cover reasonable costs  and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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