N.Y. Public Authorities Law § 1001-a: Emergency provisions for the metropolitan area of the city of New York

§ 1001-a. Emergency provisions for the metropolitan area of the city

of New York. The legislature hereby finds and declares that

extraordinary circumstances, including excessive costs, shortages of

supply, and the inflated price of fuel threaten the capacity to provide

utility service essential to the continued safety, health, prosperity

and well-being of the people of the metropolitan area of the city of New

York and, by reason of the interconnection and interdependence of

electric facilities, the reliability of such service throughout the

state and require emergency action by the state and its agencies. It is

therefore declared that:

1. To preserve reliability of electric service in the metropolitan

area of the city of New York and throughout the state and to assist in

deterring further extraordinary increases in rates for electric service

the authority should provide such supplemental electricity for such use

in the metropolitan area of the city of New York as is consistent with

continuing and maintaining the exemption of interest on authority bonds

from the income tax imposed by the Internal Revenue Code of the United

States and regulations and ruling thereunder.

2. It is essential that such electricity be provided at the earliest

practicable time.

3. The authority should be authorized to acquire completed or

partially completed generation, transmission and related facilities and

fuel and fuel contracts.

4. Any cost savings realized in the production or delivery of

electricity by reason of any such acquisition by the authority shall be

passed on to consumers.