NY Pub Auth L § 1012-A (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 1 - Power Authority of the State of New York 1012-A - Emergency Contributions to County of Niagara and City of Niagara Falls.

§  1012-a.  Emergency  contributions  to county of Niagara and city of   Niagara Falls. 1. On June seventh, nineteen hundred fifty-six a collapse   of the rock wall of  the  Niagara  river  resulted  in  the  substantial   destruction  of  a  hydro-electric power generating plant which annually   produced more than three billion kilowatt  hours  of  low-cost  electric   energy,  most  of  which  was  used by industrial plants employing great   numbers of workers in the city of  Niagara  Falls  and  vicinity.  These   industries  would  be  forced to curtail their operations drastically or   abandon them and thousands of jobs would be lost if the industries  were   not  able  to  obtain  necessary power at high cost on a temporary basis   from the hydro-electric power commission of Ontario.  This commission is   using not only Ontario's share of the water of the Niagara  river  under   the  treaty  signed  on February twenty-seventh, nineteen hundred fifty,   between the United States and Canada, but  also  a  large  part  of  New   York's  share  of such water. To provide for the retention and expansion   of existing industry and the attraction of new  industry  vital  to  the   economy  of  the  area  and  to  the defense of the United States, it is   essential that power authority of the state of New York complete a power   project to utilize all of the waters of the  Niagara  available  in  the   United  States.  The  destruction  caused  by the rock slide resulted in   reducing to the extent of some ten million dollars the  total  valuation   of  real property subject to taxation in the city of Niagara Falls. This   will result in a temporary tax loss to the county  of  Niagara  and  the   city  of  Niagara  Falls of approximately seven hundred thousand dollars   per year with resulting hardship to taxpayers.  An increase in  the  tax   base  sufficient  to  offset  such  loss  cannot  be brought about until   industrial activities in the area are expanded and increased through the   availability of low-cost power from such  new  New  York  hydro-electric   power project. An emergency justifying financial relief to the county of   Niagara  and city of Niagara Falls exists and will continue until such a   project  is  completed.  It  is  recognized  that   public   authorities   constitute  valuable  governmental  entities  in  the  state, performing   important functions on a businesslike basis through the use  of  private   funds borrowed from prudent investors without state or municipal credit,   and  that  the  integrity  and independence of these authorities must be   maintained and their present exemption from taxation protected.2. Power authority of the state of New York is  hereby  authorized  to   include  in  financing the cost of its Niagara river project a total sum   of (1) three million dollars in addition to that otherwise required  and   to  contribute  such  additional  total  sum  as emergency relief to the   county of Niagara and city of Niagara Falls on the basis  of  decreasing   annual  allotments  over  a five-year construction and expansion period;   such annual allotments shall be allocated for school and other  purposes   in  the same proportion as other moneys collected as real property taxes   in such city; and (2) the power authority of the state of  New  York  is   hereby  authorized to expend the sum of one and one-half million dollars   for local improvements in the city of Niagara  Falls  incidental  to  or   reasonably related to the Niagara power project of the authority.