New York State Energy Research and Development Authority can loan money to utility companies for capital expenditures and issue bonds for this.

This bill amends the public authorities law to authorize the New York State Energy Research and Development Authority to loan money to utility companies for capital expenditures. The loans must be made at an interest rate no more than one percent above the rate at which the bonds are issued. The authority is also authorized to issue bonds specifically for funding these loans. The changes take effect 90 days after the law is enacted.

New York State Energy Research and Development Authority can loan money to utility companies for capital expenditures and issue bonds for this.

This bill amends the public authorities law to authorize the New York State Energy Research and Development Authority to loan money to utility companies for capital expenditures. The loans must be made at an interest rate no more than one percent above the rate at which the bonds are issued. The authority is also authorized to issue bonds specifically for funding these loans. The changes take effect 90 days after the law is enacted.