Assembly Bill A40

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    40
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  M.  of  A. GRAY, BLANKENBUSH, DeSTEFANO -- read once and
   referred to the Committee on Energy
 
 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  ONE  OR
 MORE  QUALIFIED  APPLICANTS UNDER THE AUTHORITY-TMED CONTRACT.  At least
 fifteen percent of net earnings paid into the fund shall be dedicated to
 eligible  projects  which  are  energy-related  projects,  programs  and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00054-01-5
 A. 40                               2
 
 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 administration 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.