Proposed LIPA Legislation Should Be Amended


THE BILL SHOULD BE AMENDED :

TO PROVIDE THAT THE LEGISLATION SHALL NOT BECOME EFFECTIVE UNLESS AND UNTIL THERE ARE FAVORABLE  IRS  RULINGS THAT THE LIPA BONDS TO BE ISSUED ARE   QUALIFIED PRIVATE ACTIVITY BONDS, AND THAT THE  REVISIONS TO THE MANAGEMENT SERVICE AGREEMENT BETWEEN LIPA AND PSE&G WILL  COMPLY WITH REV PROC 97-13,  TO ASSURE THAT LIPA WILL RETAIN ITS TAX EXEMPT STATUS; AND

TO PROVIDE THAT COPIES OF ALL APPLICATIONS FOR IRS RULINGS, AND THE RULINGS THEMSELVES SHALL BE PUBLICLY DISCLOSED, AND PUBLIC HEARINGS HELD  OVER A PERIOD OF AT LEAST 30 DAYS, PRIOR TO THE EFFECTIVE DATE OF THE PROPOSED LEGISLATION;

TO PROVIDE THAT COPIES OF ALL LEGAL OPINIONS SUPPORTING THE PROPOSED LEGISLATION AND ADDRESSING ITS CONSTITUTIONALITY AND LEGALITY, IN COMPLIANCE WITH THE NEW YORK STATE CONSTITUTION, ARTICLE VII, SEC, 8, AND ARTICLE VIII, SEC 1, SHALL BE PUBLICLY DISCLOSED AND PUBLIC HEARINGS HELD OVER A PERIOD OF AT LEAST 30 DAYS, PRIOR TO THE EFFECTIVE DATE OF THE PROPOSED LEGISLATION. 

TO GIVE  THE RATE PAYERS   STANDING TO SEEK ADMINISTRATIVE AND JUDICIAL REVIEW OF THE DECISIONS OF THE SPECIAL PURPOSE CORPORATE MUNICIPAL INSTRUMENTALITY RELATING TO THE SECURITZATION OF THE SHOREHAM DEBT

Advertisements

About lipaoversight

LIPA Oversight Committee was created to analyze the rates and practices to determine if it is working in the best interests of the Suffolk County ratepayers
This entry was posted in Uncategorized and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s