assembly Bill A8082

2021-2022 Legislative Session

Enacts the "New York electric corporation storm recovery securitization act"

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Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 11, 2021 referred to corporations, authorities and commissions

A8082 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Service Law
Laws Affected:
Add Art 12 §§300 - 311, Pub Serv L

A8082 (ACTIVE) - Summary

Enacts the "New York electric corporation storm recovery securitization act"; allows electric corporations to petition the public service commission for authority to issue storm recovery bonds.

A8082 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8082
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 11, 2021
                                ___________
 
 Introduced by M. of A. PAULIN -- read once and referred to the Committee
   on Corporations, Authorities and Commissions
 
 AN ACT to amend the public service law, in relation to enacting the "New
   York electric corporation storm recovery securitization act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York electric corporation storm recovery securitization act".
   §  2.  The public service law is amended by adding a new article 12 to
 read as follows:
                                 ARTICLE 12
      NEW YORK ELECTRIC CORPORATION STORM RECOVERY SECURITIZATION ACT
   SECTION 300. SHORT TITLE.
           301. DEFINITIONS.
           302. FINANCING ORDERS.
           303. STORM RECOVERY PROPERTY.
           304. SALE, ASSIGNMENT, OR TRANSFER OF STORM RECOVERY PROPERTY.
           305. SECURITY INTERESTS.
           306. CHOICE OF LAW; CONFLICTS.
           307. STORM RECOVERY BONDS NOT PUBLIC DEBT.
           308. STATE PLEDGE.
           309. ASSIGNEE NOT AN ELECTRIC CORPORATION.
           310. EFFECT OF INVALIDITY.
           311. EFFECT OF A FINANCING ORDER.
   § 300. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "NEW YORK ELECTRIC CORPORATION STORM RECOVERY SECURITIZATION ACT".
   § 301. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1.  "ANCILLARY  AGREEMENT" MEANS ANY BOND, INSURANCE POLICY, LETTER OF
 CREDIT, RESERVE ACCOUNT, SURETY BOND, SWAP ARRANGEMENT, HEDGING ARRANGE-
 MENT, LIQUIDITY OR CREDIT SUPPORT ARRANGEMENT OR OTHER SIMILAR AGREEMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.