N.Y. PBA Law § 1001-A

§ 1001-a. Emergency provisions for the metropolitan area of the city\nof New York. The legislature hereby finds and declares that\nextraordinary circumstances, including excessive costs, shortages of\nsupply, and the inflated price of fuel threaten the capacity to provide\nutility service essential to the continued safety, health, prosperity\nand well-being of the people of the metropolitan area of the city of New\nYork and, by reason of the interconnection and interdependence of\nelectric facilities, the reliability of such service throughout the\nstate and require emergency action by the state and its agencies. It is\ntherefore declared that:\n 1. To preserve reliability of electric service in the metropolitan\narea of the city of New York and throughout the state and to assist in\ndeterring further extraordinary increases in rates for electric service\nthe authority should provide such supplemental electricity for such use\nin the metropolitan area of the city of New York as is consistent with\ncontinuing and maintaining the exemption of interest on authority bonds\nfrom the income tax imposed by the Internal Revenue Code of the United\nStates and regulations and ruling thereunder.\n 2. It is essential that such electricity be provided at the earliest\npracticable time.\n 3. The authority should be authorized to acquire completed or\npartially completed generation, transmission and related facilities and\nfuel and fuel contracts.\n 4. Any cost savings realized in the production or delivery of\nelectricity by reason of any such acquisition by the authority shall be\npassed on to consumers.\n