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This entry was published on 2014-09-22
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SECTION 1001-A
Emergency provisions for the metropolitan area of the city of New York
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1
§ 1001-a. Emergency provisions for the metropolitan area of the city
of New York. The legislature hereby finds and declares that
extraordinary circumstances, including excessive costs, shortages of
supply, and the inflated price of fuel threaten the capacity to provide
utility service essential to the continued safety, health, prosperity
and well-being of the people of the metropolitan area of the city of New
York and, by reason of the interconnection and interdependence of
electric facilities, the reliability of such service throughout the
state and require emergency action by the state and its agencies. It is
therefore declared that:

1. To preserve reliability of electric service in the metropolitan
area of the city of New York and throughout the state and to assist in
deterring further extraordinary increases in rates for electric service
the authority should provide such supplemental electricity for such use
in the metropolitan area of the city of New York as is consistent with
continuing and maintaining the exemption of interest on authority bonds
from the income tax imposed by the Internal Revenue Code of the United
States and regulations and ruling thereunder.

2. It is essential that such electricity be provided at the earliest
practicable time.

3. The authority should be authorized to acquire completed or
partially completed generation, transmission and related facilities and
fuel and fuel contracts.

4. Any cost savings realized in the production or delivery of
electricity by reason of any such acquisition by the authority shall be
passed on to consumers.