What's happening
This bill creates a revolving loan program in four New York counties to provide low-interest loans for farmers upgrading to three-phase electricity.
Why it matters
Addresses a critical infrastructure gap. Three-phase power is essential for running modern agricultural equipment efficiently. Many rural farms are limited by single-phase power, which restricts productivity and the adoption of advanced technology.
Targets economic development in specific counties. By focusing on Jefferson, Montgomery, Oswego, and St. Lawrence counties, the bill aims to directly support communities where agriculture is a key economic driver, potentially boosting local economies and job creation.
Empowers local decision-making and flexibility. The industrial development agencies in each county will set the eligibility standards, loan terms, and priorities, ensuring that the program can be tailored to local needs and conditions rather than using a one-size-fits-all statewide approach.
Reduces financial barriers for farmers. Upgrading to three-phase power can be prohibitively expensive. This program offers low-interest, long-term loans (up to 30 years), making it financially feasible for more farmers to modernize and remain competitive.
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Who cares
Headline styles
Low-Interest Loans for Farmers
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to finance
- Referred to finance
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
746
2017-2018 Regular Sessions
IN SENATE
January 4, 2017
Introduced by Sens. RITCHIE, AMEDORE -- read twice and ordered printed, and when printed to be committed to the Committee on Finance
AN ACT to amend the state finance law, in relation to a three phase power revolving loan program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The state finance law is amended by adding a new section 97-u to read as follows:
§ 97-u. Three phase power revolving loan program. 1. There shall be established in each of the following counties: Jefferson, Montgomery, Oswego and St. Lawrence; a revolving loan fund for the purpose of providing farmers with low interest loans to upgrade their electricity to three phase power. The duration of such low interest loans shall not exceed thirty years. The amount of funds available for the three phase power revolving loan program in each county shall be subject to a budgetary appropriation.
2. The industrial development agency in each of the four counties that are part of the three phase power revolving loan program shall promulgate rules and regulations for the purpose of carrying out the provisions of this section, including establishing:
(a) an application process whereby farmers may apply for loans;
(b) criteria and standards for determining a farmer's eligibility for a loan;
(c) criteria and standards for determining the priority to be granted among the three phase power projects;
(d) criteria and standards for determining the amount of financial assistance to be provided to a farmer for a three phase power project; and
(e) criteria and standards to be used in determining the loan repayment periods and the terms of any repayment agreements.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06696-01-7
S. 746 2
3. The county industrial development agency shall provide low interest loans to farmers within the amounts available in the county's three phase power revolving loan fund established pursuant to this section.
§ 2. 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.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
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 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
2015-2016: S.2304-A Referred to Finance. 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.