senate Bill S6455

Signed By Governor
2021-2022 Legislative Session

Relates to the Long Island power authority and the issuance of certain bonds

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Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 02, 2021 signed chap.369
Jul 21, 2021 delivered to governor
Jun 08, 2021 returned to senate
passed assembly
ordered to third reading rules cal.606
substituted for a7362b
referred to ways and means
delivered to assembly
passed senate
Jun 03, 2021 amended on third reading 6455c
Jun 01, 2021 amended on third reading 6455b
May 24, 2021 advanced to third reading
amended (t) 6455a
May 20, 2021 2nd report cal.
May 19, 2021 1st report cal.1179
Apr 29, 2021 referred to energy and telecommunications

Votes

view votes

May 19, 2021 - Energy and Telecommunications committee Vote

S6455
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Energy and Telecommunications committee vote details

Energy and Telecommunications Committee Vote: May 19, 2021

Co-Sponsors

S6455 - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd Part B §§2, 3 & 4, Chap 173 of 2013; amd §1020-cc, Pub Auth L

S6455 - Summary

Relates to the Long Island power authority and the utility debt securitization authority; permits the issuance of securitized restructuring bonds to finance system resiliency costs.

S6455 - Sponsor Memo

S6455 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6455
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2021
                                ___________
 
 Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 AN  ACT  to  amend part B of chapter 173 of the laws of 2013 relating to
   the issuance of  securitized  restructuring  bonds  to  refinance  the
   outstanding debt of the Long Island power authority,  in  relation  to
   the  utility  debt  securitization authority;   and   in  relation  to
   permitting  the issuance of securitized restructuring bonds to finance
   system resiliency costs; and to amend the public authorities  law,  in
   relation to certain contracts by the Long Island power authority
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings.  The  legislature  hereby  finds  and
 determines  that  the  establishment  of the utility debt securitization
 authority under part B of chapter 173 of the laws of 2013,  as  amended,
 permitted  the  issuance of securitized restructuring bonds on favorable
 terms which resulted in lower aggregate distribution,  transmission  and
 transition  charges  to Long Island ratepayers, compared to other avail-
 able alternatives, and the purposes of such act will be further advanced
 by amending such act to permit the issuance  of  additional  such  bonds
 subject  to  a  limit on the outstanding principal amount thereof and to
 allow such bonds to be issued to refund bonds of the utility debt  secu-
 ritization authority. The legislature finds and determines that improve-
 ments  to  the  transmission  and distribution system of the Long Island
 Power Authority to increase resiliency and better withstand the  effects
 of  climate  change  are  necessary,  and  that  issuance of securitized
 restructuring bonds by the Utility  Debt  Securitization  Authority  may
 allow  the  funding of such improvements on more favorable terms than if
 such bonds were issued by the Long Island Power Authority. The  legisla-
 ture  hereby  further finds and determines that it is in the interest of
 Long Island ratepayers for the comptroller to  exercise  oversight  over
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

S6455A - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd Part B §§2, 3 & 4, Chap 173 of 2013; amd §1020-cc, Pub Auth L

S6455A - Summary

Relates to the Long Island power authority and the utility debt securitization authority; permits the issuance of securitized restructuring bonds to finance system resiliency costs.

S6455A - Sponsor Memo

S6455A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6455--A
     Cal. No. 1179
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2021
                                ___________
 
 Introduced  by Sens. KAMINSKY, GAUGHRAN -- read twice and ordered print-
   ed, and when printed to be committed to the Committee  on  Energy  and
   Telecommunications  -- reported favorably from said committee, ordered
   to first and second report, amended on second  report,  ordered  to  a
   third  reading, and to be reprinted as amended, retaining its place in
   the order of third reading
 
 AN ACT to amend part B of chapter 173 of the laws of  2013  relating  to
   the issuance of  securitized  restructuring  bonds  to  refinance  the
   outstanding debt of the Long Island power authority,  in  relation  to
   the    utility   debt   securitization authority;  and  in relation to
   permitting the issuance of securitized restructuring bonds to  finance
   system resiliency costs
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings.  The  legislature  hereby  finds  and
 determines  that  the  establishment  of the utility debt securitization
 authority under part B of chapter 173 of the laws of 2013,  as  amended,
 permitted  the  issuance of securitized restructuring bonds on favorable
 terms which resulted in lower aggregate distribution,  transmission  and
 transition  charges  to Long Island ratepayers, compared to other avail-
 able alternatives, and the purposes of such act will be further advanced
 by amending such act to permit the issuance  of  additional  such  bonds
 subject  to  a  limit on the outstanding principal amount thereof and to
 allow such bonds to be issued to refund bonds of the utility debt  secu-
 ritization authority. The legislature finds and determines that improve-
 ments  to  the  transmission  and distribution system of the Long Island
 Power Authority to increase resiliency and better withstand the  effects
 of  climate  change  are  necessary,  and  that  issuance of securitized
 restructuring bonds by the Utility  Debt  Securitization  Authority  may
 allow  the  funding of such improvements on more favorable terms than if
 such bonds were issued by the Long Island Power Authority. The  legisla-
 ture  hereby  further finds and determines that it is in the interest of
 Long Island ratepayers for the comptroller to  exercise  oversight  over

Co-Sponsors

S6455B - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd Part B §§2, 3 & 4, Chap 173 of 2013; amd §1020-cc, Pub Auth L

S6455B - Summary

Relates to the Long Island power authority and the utility debt securitization authority; permits the issuance of securitized restructuring bonds to finance system resiliency costs.

S6455B - Sponsor Memo

S6455B - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6455--B
     Cal. No. 1179
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2021
                                ___________
 
 Introduced  by Sens. KAMINSKY, GAUGHRAN -- read twice and ordered print-
   ed, and when printed to be committed to the Committee  on  Energy  and
   Telecommunications  -- reported favorably from said committee, ordered
   to first and second report, amended on second  report,  ordered  to  a
   third  reading, and to be reprinted as amended, retaining its place in
   the order of third reading -- reported favorably from said  committee,
   ordered  to  first  and  second  report,  ordered  to a third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third reading
 
 AN  ACT  to  amend part B of chapter 173 of the laws of 2013 relating to
   the issuance of  securitized  restructuring  bonds  to  refinance  the
   outstanding debt of the Long Island power authority,  in  relation  to
   the  utility  debt  securitization authority;   and   in  relation  to
   permitting  the issuance of securitized restructuring bonds to finance
   system resiliency costs
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Legislative  findings.  The  legislature hereby finds and
 determines that the establishment of  the  utility  debt  securitization
 authority  under  part B of chapter 173 of the laws of 2013, as amended,
 permitted the issuance of securitized restructuring bonds  on  favorable
 terms  which  resulted in lower aggregate distribution, transmission and
 transition charges to Long Island ratepayers, compared to  other  avail-
 able alternatives, and the purposes of such act will be further advanced
 by  amending  such  act  to permit the issuance of additional such bonds
 subject to a limit on the outstanding principal amount  thereof  and  to
 allow  such bonds to be issued to refund bonds of the utility debt secu-
 ritization authority. The legislature finds and determines that improve-
 ments to the transmission and distribution system  of  the  Long  Island
 Power  Authority to increase resiliency and better withstand the effects
 of climate change  are  necessary,  and  that  issuance  of  securitized
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

S6455C (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd Part B §§2, 3 & 4, Chap 173 of 2013; amd §1020-cc, Pub Auth L

S6455C (ACTIVE) - Summary

Relates to the Long Island power authority and the utility debt securitization authority; permits the issuance of securitized restructuring bonds to finance system resiliency costs.

S6455C (ACTIVE) - Sponsor Memo

S6455C (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6455--C
     Cal. No. 1179
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2021
                                ___________
 
 Introduced  by Sens. KAMINSKY, GAUGHRAN -- read twice and ordered print-
   ed, and when printed to be committed to the Committee  on  Energy  and
   Telecommunications  -- reported favorably from said committee, ordered
   to first and second report, amended on second  report,  ordered  to  a
   third  reading, and to be reprinted as amended, retaining its place in
   the order of third reading -- reported favorably from said  committee,
   ordered  to  first  and  second  report,  ordered  to a third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third  reading  --  again amended and ordered reprinted, retaining its
   place in the order of third reading
 
 AN ACT to amend part B of chapter 173 of the laws of  2013  relating  to
   the issuance of  securitized  restructuring  bonds  to  refinance  the
   outstanding debt of the Long Island power authority,  in  relation  to
   the    utility   debt   securitization authority;  and  in relation to
   permitting the issuance of securitized restructuring bonds to  finance
   system resiliency costs
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings.  The  legislature  hereby  finds  and
 determines  that  the  establishment  of the utility debt securitization
 authority under part B of chapter 173 of the laws of 2013,  as  amended,
 permitted  the  issuance of securitized restructuring bonds on favorable
 terms which resulted in lower aggregate distribution,  transmission  and
 transition  charges  to Long Island ratepayers, compared to other avail-
 able alternatives, and the purposes of such act will be further advanced
 by amending such act to permit the issuance  of  additional  such  bonds
 subject  to  a  limit on the outstanding principal amount thereof and to
 allow such bonds to be issued to refund bonds of the utility debt  secu-
 ritization authority. The legislature finds and determines that improve-
 ments  to  the  transmission  and distribution system of the Long Island
 Power Authority to increase resiliency and better withstand the  effects
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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