Bill > S08703

This bill establishes the New York Water Authority, a public benefit corporation, to address the financial struggles of small private water companies in New York State, aiming to ensure reliable, adequate, and safe water service at affordable rates. The Authority will have the power to purchase, upgrade, and maintain these water companies, and it will be governed by a three-member board appointed by the Governor, the Temporary President of the Senate, and the Speaker of the Assembly, all of whom must be residents of the "upstate New York region" (defined as the state excluding New York City, Long Island, Westchester, and Rockland counties). A separate "New York Water Board" may also be created by special act to manage and operate water, wastewater, and stormwater facilities, with its own five-member governing body. The bill outlines extensive powers for both the Authority and the Water Board, including borrowing money, issuing bonds, entering into contracts, acquiring property, and managing water systems. It also establishes an advisory board composed of representatives from various organizations and professionals to provide recommendations. The legislation includes provisions for financing through bonds, remedies for bondholders, tax exemptions for the Authority and Water Board, and procedures for actions against them, with the goal of improving water infrastructure and services across the upstate region.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8703