Relates to a three phase power revolving loan program

1 Co-sponsor

• George Amedore

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, Montgomery, Oswego, and St. Lawrence, Counties with low interest loans so that they can upgrade their electricity to three phase power.

Summary of provisions

Section 1 adds a new section 97-u to the State Finance Law. 97-u establishes a Three Phase Power Revolving Loan Program in the counties of Jefferson, Montgomery, Oswego, and Saint Lawrence, and 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. This section also 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. Lastly, the loans must be within the amount available in each county's three phase power revolving loan program.

Section 2 provides the effective 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, Montgomery, Oswego, and Saint Lawrence Counties with low interest loans to help cover the cost of bringing three phase power to their farm.

Legislative history

2013-2014: S.5468/A.7985

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. Effective immediately, any rules and regulations necessary to implement the provisions of this act on its effective date are authorized to be promulgated on or before such date.