NY S08703

Creates the New York Water Authority as a public benefit corporation to acquire and operate struggling small water companies in upstate New York that can no longer maintain reliable, safe, and affordable water service

Establishes a 3-member governing body appointed by the governor, temporary president of the senate, and speaker of the assembly, with all members required to be upstate New York residents and possess relevant professional qualifications

Creates a separate 5-member Water Board to operate and manage water, wastewater, and storm water facilities, with authority to set rates, issue bonds, and enter into agreements with municipalities

Appropriates $100,000,000 to the Department of State for the New York Water Authority to carry out the act's provisions

Defines the service area as all of New York State excluding New York City, Long Island, Westchester County, and Rockland County, and requires payments in lieu of taxes to municipalities when property is removed from tax rolls