THE LIPA OVERSIGHT COMMITTEE, HAVING CONSIDERED AND EVALUATED THE PROBLEMATIC LEGAL, FINANCIAL, IRS, REGULATORY,AND ECONOMIC ISSUES PRESENTED BY GOVERNOR CUOMO’S LIPA REORGANIZATION BILL, AND THE PROPOSED AMENDMENTS TO THE OPERATIONS SERVICE AGREEMENT BETWEEN LIPA AND PSE&G, AND HAVING ALSO REVIEWED THE STATEMENTS AND MATERIALS SUBMITTED BY THE GOVERNOR , THE STATE COMPTROLLER, NEW YORK STATE ASSEMBLY MEMBERS, THE COMMENTS OF THE PARTICIPANTS AT THE PUBLIC MEETINGS IN NASSAU AND SUFFOLK COUNTIES, AND THE MEDIA,
UPON MOTION DULY MADE , AND SECONDED, ADOPTED ON JUNE 7, 2013, THE FOLLOWING RESOLUTION :
RESOLVED: THAT THE LIOC OPPOSES, AND RECOMMENDS THAT THE SUFFOLK COUNTY LEGISLATURE OPPOSE THE ENACTMENT OF THE BILL IN ITS PRESENT FORM, IN THIS OR ANY FUTURE LEGISLATIVE SESSION, AND DEMANDS THAT THE BILL, AND ANY PROPOSED CHANGES TO THE OSA BETWSEEN LIPA AND PSE&G, BE AMENDED, AFTER MANDATORY ADVANCE NOTICES, PUBLIC HEARINGS, AND APPROVALS AND RULINGS, BY THE STATE COMPTROLLER, PSC, AND IRS, TO INCLUDE AS CONDITIONS PRECEDENT TO ENACTMENT, PROVISIONS THAT WILL CURE THE DEFECTS IN THE BILL, AND THE PROPOSED NEW OSA., PROTECT THE INTERESTS OF THE RATE PAYERS, TAXPAYERS, AND BONDHOLDERS, AND ASSURE LIPA’S CONTINUED STATUS AS A FINANCIALLY VIABLE TAX EXEMPT PUBLIC POWER AUTHORITY.
