S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    965
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by  M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. BRAUN-
   STEIN, MILLER -- read once and referred to  the  Committee  on  Corpo-
   rations, Authorities and Commissions
 
 AN  ACT to amend the public authorities law, in relation to increases in
   fees, rates, rents or other charges established by the New  York  city
   water board

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 1045-j of the  public  authorities
 law,  as added by chapter 513 of the laws of 1984, is amended to read as
 follows:
   1. The water board shall establish, fix and revise, from time to time,
 fees, rates, rents  or  other  charges  for  the  use  of,  or  services
 furnished,  rendered  or made available by, the sewerage system or water
 system, or both, as the case may be, owned by the water  board  pursuant
 to  this title in such amount  at least sufficient at all times so as to
 provide funds in an  amount  sufficient  together  with  other  revenues
 available  to the board, if any, (i) to pay to the authority, in accord-
 ance with any agreement with the authority, an amount sufficient for the
 purpose of paying the principal of and the interest on  the  outstanding
 notes or bonds of the authority as the same shall become due and payable
 and maintaining or funding a capital or debt service reserve fund there-
 for  and,  to  the extent requested by the city in, or annually pursuant
 to, the agreement to pay to the city, in accordance with the  agreement,
 an  amount  sufficient  for  the  purpose of paying the principal of and
 interest on general obligation bonds thereof issued for or allocable  to
 the  water system or sewerage system or both, as the case may be, as the
 same shall become due and payable, and  to  maintain  or  fund  reserves
 therefor,  (ii) to pay to the city, in accordance with the agreement, an
 amount sufficient for the purpose of paying the costs of  administering,
 maintaining,  repairing and operating and the cost of constructing capi-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01523-01-3
              

 A. 965                              2
 
 tal improvements to the water system or sewerage system or both, as  the
 case  may  be, (iii) to pay to the city in accordance with the agreement
 entered into pursuant to section one thousand forty-five-i of this title
 an amount sufficient for the purpose of paying liabilities issued for or
 allocable  to  the  water system or sewerage system or both, as the case
 may be, as the same shall become due  and  payable,  (iv)  to  meet  any
 requirements  of  any  agreement  including requirements relating to the
 establishment of reserves for renewal and  replacement  and  for  uncol-
 lected  charges  and  covenants  respecting  rates, (v) to pay all other
 reasonable and necessary expenses of the authority and the  water  board
 in  relation thereto, and (vi) to the extent requested by the city in or
 pursuant to the agreement, to pay or provide for such other purposes  or
 projects  as such city considers appropriate and in the public interest.
 Any surplus of funds remaining in the water board  after  such  payments
 have  been made shall be returned to the city for deposit in the general
 fund.  ALL FEES, RATES, RENTS OR OTHER CHARGES  ESTABLISHED,  FIXED  AND
 REVISED  BY  THE WATER BOARD SHALL INCREASE BY NO MORE THAN FIVE PERCENT
 ANNUALLY OR THE CURRENT RATE OF INFLATION, WHICHEVER IS GREATER.
   § 2. This act shall take effect immediately.