S T A T E O F N E W Y O R K
________________________________________________________________________
2918--A
2023-2024 Regular Sessions
I N A S S E M B L Y
February 1, 2023
___________
Introduced by M. of A. GRAY, BLANKENBUSH, DeSTEFANO -- read once and
referred to the Committee on Energy -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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; and to amend the
economic development law, in relation to authority-TMED contracts
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] OR DIRECTLY ALLOCATED BY THE AUTHORITY TO A QUALI-
FIED APPLICANT UNDER THE AUTHORITY-TMED CONTRACT, AND PROVIDED FURTHER
THAT THE AMOUNT OF ST. LAWRENCE COUNTY ECONOMIC DEVELOPMENT POWER THAT
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07705-02-3
A. 2918--A 2
THE AUTHORITY MAY DIRECTLY ALLOCATE TO A QUALIFIED APPLICANT SHALL NOT
EXCEED TEN MEGAWATTS. At least fifteen percent of net earnings paid
into the fund shall be dedicated to eligible projects which are energy-
related projects, programs and services as such term is defined in
subparagraph 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 expenses of the authority related to the management and admin-
istration of the northern New York power proceeds allocation program
created by article seven-A of the economic development law.
§ 2. Subdivision 2 of section 197-a of the economic development law,
as added by chapter 545 of the laws of 2014, is amended to read as
follows:
2. "Authority-TMED contract" refers to a certain contract between the
authority and the town of Massena electric department, entitled "Agree-
ment Governing the Sale of St. Lawrence-FDR Project Power and Energy to
the Town of Massena Electric Department for Economic Development
Purposes," executed and dated by the authority on October eighteenth,
two thousand twelve, and the associated authority service tariff issued
and effective August twenty-first, two thousand twelve, AND ANY EXTEN-
SION OR SUCCESSOR TARIFF AND CONTRACT, DESCRIBED AS SUCH IN SUCH EXTEN-
SION OR SUCCESSOR TARIFF AND CONTRACT, THAT EXPIRES ON OR BEFORE TWO
THOUSAND FORTY.
§ 3. This act shall take effect immediately.