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
