Senate Bill S1357

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1357
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2025
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 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
              

 S. 1357                             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.