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A09205 Summary:

BILL NOA09205
 
SAME ASNo Same As
 
SPONSORWeprin (MS)
 
COSPNSR
 
MLTSPNSRBraunstein, Cusick, Miller M
 
Amd §1045-j, Pub Auth L
 
Limits New York City water board's authority to increase rates charged by no more than 5% annually or current rate of inflation, whichever is greater.
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A09205 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9205
 
                   IN ASSEMBLY
 
                                    February 9, 2022
                                       ___________
 
        Introduced  by  M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. BRAUN-
          STEIN, CUSICK, M. MILLER -- read once and referred to the Committee on
          Corporations, Authorities and Commissions
 
        AN ACT to amend the public authorities law, in relation to increases  in
          fees,  rates,  rents or other charges established by the New York city
          water board

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 1 of section 1045-j of the public authorities
     2  law, as added by chapter 513 of the laws of 1984, is amended to read  as
     3  follows:
     4    1. The water board shall establish, fix and revise, from time to time,
     5  fees,  rates,  rents  or  other  charges  for  the  use  of, or services
     6  furnished, rendered or made available by, the sewerage system  or  water
     7  system,  or  both, as the case may be, owned by the water board pursuant
     8  to this title in such amount  at least sufficient at all times so as  to
     9  provide  funds  in  an  amount  sufficient  together with other revenues
    10  available to the board, if any, (i) to pay to the authority, in  accord-
    11  ance with any agreement with the authority, an amount sufficient for the
    12  purpose  of  paying the principal of and the interest on the outstanding
    13  notes or bonds of the authority as the same shall become due and payable
    14  and maintaining or funding a capital or debt service reserve fund there-
    15  for and, to the extent requested by the city in,  or  annually  pursuant
    16  to,  the agreement to pay to the city, in accordance with the agreement,
    17  an amount sufficient for the purpose of  paying  the  principal  of  and
    18  interest  on general obligation bonds thereof issued for or allocable to
    19  the water system or sewerage system or both, as the case may be, as  the
    20  same  shall  become  due  and  payable, and to maintain or fund reserves
    21  therefor, (ii) to pay to the city, in accordance with the agreement,  an
    22  amount  sufficient for the purpose of paying the costs of administering,
    23  maintaining, repairing and operating and the cost of constructing  capi-
    24  tal  improvements to the water system or sewerage system or both, as the
    25  case may be, (iii) to pay to the city in accordance with  the  agreement
    26  entered into pursuant to section one thousand forty-five-i of this title
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14269-01-2

        A. 9205                             2
 
     1  an amount sufficient for the purpose of paying liabilities issued for or
     2  allocable  to  the  water system or sewerage system or both, as the case
     3  may be, as the same shall become due  and  payable,  (iv)  to  meet  any
     4  requirements  of  any  agreement  including requirements relating to the
     5  establishment of reserves for renewal and  replacement  and  for  uncol-
     6  lected  charges  and  covenants  respecting  rates, (v) to pay all other
     7  reasonable and necessary expenses of the authority and the  water  board
     8  in  relation thereto, and (vi) to the extent requested by the city in or
     9  pursuant to the agreement, to pay or provide for such other purposes  or
    10  projects  as such city considers appropriate and in the public interest.
    11  Any surplus of funds remaining in the water board  after  such  payments
    12  have  been made shall be returned to the city for deposit in the general
    13  fund.  All fees, rates, rents or other charges  established,  fixed  and
    14  revised  by  the water board shall increase by no more than five percent
    15  annually or the current rate of inflation, whichever is greater.
    16    § 2. This act shall take effect immediately.
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