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History
- Referred to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to a three phase power revolving loan program
In Assembly Committee · Ways And Means · Sponsor Kenneth Blankenbush
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5468
Title of bill
An act to amend the state finance law, in relation to a three phase power revolving loan program
Purpose
This bill establishes a revolving loan program to provide farmers in Jefferson, Oswego and St. Lawrence Counties with low interest loans so that they can upgrade their electricity to three phase power.
Summary of provisions
This bill adds a new section 97-u to the State Finance Law.
Establishes a Three Phase Power Revolving Loan Program in the counties of Jefferson, Oswego, and Saint Lawrence to provide farmers with low interest loans so that they can upgrade their electricity to three phase power. The amount of funds available for the program in each county shall be subject to a budgetary appropriation.
Provides that the Industrial Development Agency in each of the counties that are part of the program shall promulgate the rules and regulations necessary to carry out the provisions of this section.
Provides that the loans must be within the amount available in each county's three phase power revolving loan program. This act shall take effect on the one hundred eightieth day after it shall have become a law; provided, however, that any rules and regulations necessary to implement the provisions of this act on its effective date are authorized to be made on or before such date.
Justification
As technology continues to change and advance, so too does the need for steady and reliable electricity to support the changes and advances in technology. The farm is no exception. New and modern farm equipment requires steady and reliable electricity. The current form of electricity, single phase power, is no longer strong enough or reliable enough to support new and modern farm equipment. To remain competitive and be able to grow, farms are being faced with the need to upgrade the type of electricity that comes into their farm to three phase power. Three phase power provides three alternating currents that reach their instantaneous peak value at one third of a cycle from each other.
Upgrading to three phase power is expensive. It requires the installation of new lines and equipment that bring the three phase power from its current closest location to the farm. Farmers need financial assistance to help cover the cost of this necessary upgrade. This bill does that by creating the Three Phase Power Revolving Loan Program which will provide farmers in Jefferson, Oswego, and Saint Lawrence Counties with low interest loans to help cover the cost of bringing three phase power to their farm.
Legislative history
New Bill.
Fiscal implications
Subject to budgetary appropriation.
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law; provided, however,
that any rules and regulations necessary to implement the provisions of this act on its effective date are authorized to be made on or before such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.