S 4361: Relates to applications for the approval and construction of energy-related projects of the New York Power Authority by the public authorities control board.

  
  STATE OF NEW YORK ________________________________________________________________________ 4361 2025-2026 Regular Sessions  IN SENATE February 4, 2025 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to applications for the approval and construction of energy-related projects The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivisions 1 and 3 of section 51 of the public authori- 2 ties law, subdivisions 1 and 3 as added by chapter 838 of the laws of 3 1983, paragraph k of subdivision 1 as added by chapter 506 of the laws 4 of 1995, paragraph l of subdivision 1 as added by chapter 468 of the 5 laws of 2004, paragraph m of subdivision 1 as added by section 10 of 6 part E of chapter 494 of the laws of 2009, and paragraph n of subdivi- 7 sion 1 as added by chapter 533 of the laws of 2010, are amended to read 8 as follows: 9 1. The New York state public authorities control board shall have the 10 power and it shall be its duty to receive applications for approval of 11 the financing and construction of any project proposed by any of the 12 following state public benefit corporations: 13 a. New York state environmental facilities corporation 14 b. New York state housing finance agency 15 c. New York state medical care facilities finance agency 16 d. Dormitory authority 17 e. New York state urban development corporation 18 f. Job development authority 19 g. Battery park city authority 20 h. New York state project finance agency 21 i. State of New York mortgage agency 22 j. New York state energy research and development authority 23 k. Long Island Power Authority 24 l. Albany Convention Center Authority EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05637-01-5 
 S. 4361 2 1 m. State of New York Municipal Bond Bank Agency for bonds issued 2 pursuant to section two thousand four hundred thirty-six-b of this chap- 3 ter 4 n. North Country Power Authority 5 o. Power Authority of the State of New York 6 Any application made concerning a project shall include the terms, 7 conditions and dates of the repayment of state appropriations authorized 8 by law pursuant to a repayment agreement. Any subsidiary of, or corpo- 9 ration with the same members or directors as, a public benefit corpo- 10 ration subject to the provisions of this section shall also be subject 11 to the provisions of this section. All applications and submissions to 12 the board required to be made by a subsidiary shall be made on behalf of 13 such subsidiary by the public benefit corporation which created the 14 subsidiary. No public benefit corporation subject to the provisions of 15 this section shall make any commitment, enter into any agreement or 16 incur any indebtedness for the purpose of acquiring, constructing, or 17 financing any project unless prior approval has been received from the 18 board by such public benefit corporation as provided herein. 19 3. The board may approve applications only upon its determination 20 that, with relation to any proposed project, there are commitments of 21 funds sufficient to finance the acquisition and construction of such 22 project. In determining the sufficiency of commitments of funds, the 23 board may consider commitments of funds, projections of fees or other 24 revenues and security, which may, in the discretion of the board, 25 include collateral security sufficient to retire a proposed indebtedness 26 or protect or indemnify against potential liabilities proposed to be 27 undertaken. In reviewing an application from the Long Island Power 28 Authority, the North Country Power Authority or the Power Authority of 29 the State of New York for the approval of any project related to energy 30 generation or transmission, in addition to determining the sufficiency 31 of commitments of funds and any other required reviews, the board may 32 consider the consistency of the project with the current state energy 33 plan and other state environmental and energy-related policies. A copy 34 of such determination shall be submitted to the chief executive officer 35 of the appropriate public benefit corporation and the state comptroller. 36 § 2. The public authorities law is amended by adding a new section 37 1005-e to read as follows: 38 § 1005-e. Approval of certain actions by the public authorities 39 control board. The authority shall not make any commitment, enter into 40 any agreement nor incur any indebtedness unless prior approval has been 41 received from the New York state public authorities control board pursu- 42 ant to article one-A of this chapter. 43 § 3. This act shall take effect immediately.