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NY A05377
Bill
Status
2/25/2013
Primary Sponsor
James Brennan
Click for details
AI Summary
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Authorizes the Power Authority of the State of New York to partner with mutual housing companies, non-profit housing companies, and limited-profit housing companies to construct, finance, and operate cogeneration facilities that generate electricity and thermal energy for housing projects.
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Limits the Authority's ownership stake to no more than 50 percent of any cogeneration facility and restricts Authority financing to no more than 95 percent of total facility costs.
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Establishes the Housing Cogeneration Facilities Capital Reserve Fund to support bond issuance for cogeneration projects, with a maximum aggregate principal amount of $100 million in outstanding bonds and notes.
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Requires that 25 percent of any cost savings from lower-cost cogeneration energy be applied to reduce mortgage arrears and property tax arrears for participating housing companies.
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Mandates that cogeneration facility project costs be recoverable within 10 years and requires Annual reporting to the Governor, Budget Director, and Public Authorities Control Board on bonds and notes issued.
Legislative Description
Authorizes the power authority of the state of New York to cooperate with and assist companies organized under the private housing finance law to construct, finance and own/operate cogeneration facilities in such housing companies and to issue bonds for such purpose with the goal of reducing utility rates and providing funds to assist in payment of mortgages; sets forth terms and conditions for financing and funding.
Last Action
referred to energy
1/8/2014