Assembly Bill A10346

Signed By Governor
2023-2024 Legislative Session

Enacts the "New York utility corporation securitization act"

download bill text pdf

Sponsored By

Current Bill Status Via S9339 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-A10346 - Details

Law Section:
Public Service Law
Laws Affected:
Add Art 12 §§300 - 311, Pub Serv L

2023-A10346 - Summary

Enacts the "New York utility corporation securitization act"; allows electric corporations to petition the public service commission for authority to issue storm recovery bonds.

2023-A10346 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10346
 
                           I N  A S S E M B L Y
 
                               May 17, 2024
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Paulin) --
   read once and referred to the Committee on  Corporations,  Authorities
   and Commissions
 
 AN ACT to amend the public service law, in relation to enacting the "New
   York utility corporation securitization act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York utility corporation securitization act".
   §  2.  The public service law is amended by adding a new article 12 to
 read as follows:
                                 ARTICLE 12
              NEW YORK UTILITY CORPORATION SECURITIZATION ACT
   SECTION 300. SHORT TITLE.
           301. DEFINITIONS.
           302. FINANCING ORDERS.
           303. RECOVERY PROPERTY.
           304. SALE, ASSIGNMENT, OR TRANSFER OF RECOVERY PROPERTY.
           305. SECURITY INTERESTS.
           306. CHOICE OF LAW; CONFLICTS.
           307. RECOVERY BONDS NOT PUBLIC DEBT.
           308. STATE PLEDGE.
           309. ASSIGNEE NOT A UTILITY CORPORATION.
           310. EFFECT OF INVALIDITY.
           311. EFFECT OF A FINANCING ORDER.
   § 300. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "NEW YORK UTILITY CORPORATION SECURITIZATION ACT".
   § 301. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1.  "ANCILLARY  AGREEMENT" MEANS ANY BOND, INSURANCE POLICY, LETTER OF
 CREDIT, RESERVE ACCOUNT, SURETY BOND, SWAP ARRANGEMENT, HEDGING ARRANGE-
 MENT, LIQUIDITY OR CREDIT SUPPORT ARRANGEMENT OR OTHER SIMILAR AGREEMENT
 OR ARRANGEMENT ENTERED INTO IN CONNECTION WITH THE ISSUANCE OF  RECOVERY
 BONDS UNDER THIS ARTICLE.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2023-A10346A (ACTIVE) - Details

Law Section:
Public Service Law
Laws Affected:
Add Art 12 §§300 - 311, Pub Serv L

2023-A10346A (ACTIVE) - Summary

Enacts the "New York utility corporation securitization act"; allows electric corporations to petition the public service commission for authority to issue storm recovery bonds.

2023-A10346A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10346--A
 
                           I N  A S S E M B L Y
 
                               May 17, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON  RULES  -- (at request of M. of A. Paulin,
   McDonald, Kelles, Woerner, Solages) -- read once and referred  to  the
   Committee  on  Corporations,  Authorities and Commissions -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to enact the "New York utility corporation securitization act"

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York utility corporation securitization act".
   § 2. Definitions. As used in this act, the following terms shall  have
 the following meanings:
   1.  "Ancillary  agreement" means any bond, insurance policy, letter of
 credit, reserve account, surety bond, swap arrangement, hedging arrange-
 ment, liquidity or credit support arrangement or other similar agreement
 or arrangement entered into in connection with the issuance of  recovery
 bonds under this act, that is designed to promote the credit quality and
 marketability  of  such  recovery  bonds  or  to mitigate the risk of an
 increase in interest rates.
   2. "Assignee" means any  individual,  corporation,  limited  liability
 company,  partnership  or  limited  partnership,  trust or other legally
 recognized entity to which an interest in recovery property is  created,
 recognized,  assigned,  sold  or  transferred,  other  than as security,
 including any assignee of such property.
   3. "Commission" means the public service commission.
   4. "Consumer" means any individual, governmental body, trust, business
 entity, nonprofit organization or other legally recognized  entity  that
 takes  electric  delivery  service  within  the service area by means of
 electric transmission or distribution facilities, whether those electric
 transmission or distribution facilities are owned by  a  utility  corpo-
 ration or other entity.
   5. "Financing costs" means:
   (a)  interest and acquisition, defeasance, or redemption premiums that
 are payable on recovery bonds;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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