N.Y. Public Authorities Law § 1850-a: Legislative declaration

§ 1850-a. Legislative declaration. It is hereby declared that the need

for obtaining and maintaining an adequate and continuous supply of safe,

dependable and economical power and energy is a matter of serious

concern to the people of the state; that accelerated development and use

within the state of new energy technologies to supplement energy derived

from existing sources will promote the state's economic growth, protect

its environmental values and be in the best interests of the health and

welfare of the state's population; and that such development and use

requires special efforts to foster research, development, and

demonstration in the methods of production and use of new energy

technologies. The objective of this title is the development and

utilization of safe, dependable, renewable and economic energy sources

and the conservation of energy and energy resources.

It is further declared that implementation of this objective can best

be effectuated by changing and reconstituting the New York state atomic

and space development authority into the New York state energy research

and development authority. While maintaining its present commitments to

its bondholders, the authority shall direct its efforts toward the

development of new energy technologies, with special emphasis on

renewable energy sources and energy conservation technologies.

It is further declared and found that the objective of this title can

be achieved by (1) continuing the authority's authorization to issue

bonds and notes and to lend or otherwise apply the proceeds therefrom

for the benefit of gas and power companies in financing projects

including, without limitation, experimental or developmental facilities

implementing new energy technologies, pollution control facilities,

facilities required by the public interest in development, health,

recreation, safety, conservation of natural resources and aesthetics,

and facilities for the furnishing of electric energy or gas, and (2)

empowering the authority to issue bonds and notes and to lend or

otherwise apply the proceeds therefrom to finance special energy

projects for the benefit of persons in the state.