STATE OF NEW YORK
________________________________________________________________________
4261
2021-2022 Regular Sessions
IN SENATE
February 3, 2021
___________
Introduced by Sen. GRIFFO -- 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
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (c) of subdivision 24 of section 1005 of the
2 public authorities law, as added by chapter 545 of the laws of 2014, is
3 amended to read as follows:
4 (c) The authority shall establish an account to be known as the north-
5 ern New York economic development fund, which shall consist solely of
6 net earnings. The authority, as determined to be feasible and advisable
7 by the trustees, shall deposit net earnings into the fund no less than
8 quarterly, provided, however, that the amount of St. Lawrence county
9 economic development power that may be used by the authority to generate
10 net earnings shall not exceed the lesser of twenty megawatts or the
11 amount of St. Lawrence county economic development power that has not
12 been allocated by the authority under the authority-TMED contract for
13 sub-allocations[, and provided further that beginning five years from
14 the effective date of this subdivision, the amount of St. Lawrence coun-
15 ty economic development power that may be used by the authority to
16 generate net earnings shall not exceed the lesser of ten megawatts or
17 the amount of St. Lawrence county economic development power that has
18 not been allocated by the authority under the authority-TMED contract
19 for sub-allocations]. At least fifteen percent of net earnings paid into
20 the fund shall be dedicated to eligible projects which are energy-relat-
21 ed projects, programs and services as such term is defined in subpara-
22 graph two of paragraph (b) of subdivision seventeen of this section. In
23 addition to funding eligible projects, the authority may use northern
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04422-01-1
S. 4261 2
1 New York economic development fund monies to cover reasonable costs and
2 expenses of the authority related to the management and administration
3 of the northern New York power proceeds allocation program created by
4 article seven-A of the economic development law.
5 § 2. This act shall take effect immediately.
