Bill Text: NY S05219 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the Power Authority of the State of New York to acquire the Long Island power authority as a subsidiary of such authority.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S05219 Detail]

Download: New_York-2011-S05219-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5219
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      May 3, 2011
                                      ___________
       Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Corporations,  Authorities
         and Commissions
       AN  ACT  to amend the public authorities law, in relation to authorizing
         the Power Authority of the state of  New  York  to  acquire  the  Long
         Island power authority as a subsidiary of such authority
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  The public authorities law is  amended  by  adding  a  new
    2  section 1018 to read as follows:
    3    S  1018.  LONG  ISLAND  POWER  AUTHORITY; SUBSIDIARY. THE AUTHORITY IS
    4  HEREBY AUTHORIZED, WITHIN ONE HUNDRED TWENTY DAYS OF THE EFFECTIVE  DATE
    5  OF THIS SECTION, TO ACQUIRE THE LONG ISLAND POWER AUTHORITY AS A SUBSID-
    6  IARY  OF  THE  AUTHORITY. THE AUTHORITY SHALL HAVE THE RIGHT TO EXERCISE
    7  AND PERFORM ALL OR PART OF THE LONG ISLAND POWER AUTHORITY'S POWERS  AND
    8  FUNCTIONS THROUGH ITS DIRECTORS BY RESOLUTION OF THE BOARD DIRECTING ANY
    9  OF  ITS TRUSTEES, OFFICERS OR EMPLOYEES TO ACQUIRE THE LONG ISLAND POWER
   10  AUTHORITY. SUCH RESOLUTION SHALL PRESCRIBE THE  PURPOSE  FOR  WHICH  THE
   11  LONG ISLAND POWER AUTHORITY IS TO BE ACQUIRED.
   12    S  2.  The Long Island power authority, as constituted by title 1-a of
   13  article 5 of the public authorities law is hereby authorized to transfer
   14  such entity to the Power Authority of the State of New York, as  consti-
   15  tuted by title 1 of article 5 of the public authorities law.
   16    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11252-02-1