Green Jobs – Green New York Financing
The Authority’s Green Jobs – Green New York (“GJGNY”) Program was authorized by Title 9-A of Article 8 of the Public Authorities Law of the State of New York to establish a program to provide funding to support sustainable community development, create opportunities for green jobs, and establish a revolving loan fund to finance energy audits and energy efficiency retrofits or improvements for the owners or occupants of residential, multifamily, small business, and not-for-profit structures. The GJGNY Act allocated $112 million from the proceeds of selling CO2 allowances under the Regional Greenhouse Gas Initiative (“RGGI”) to promote energy efficiency and the installation of clean technologies to reduce energy costs and greenhouse gas emissions.
In August 2013, NYSERDA issued $24,300,000 of Residential Energy Efficiency Financing Revenue Bonds (Series 2013A) to finance and refinance loans made by NYSERDA to fund energy efficiency improvements in one-to-four family residential structures for eligible applicants as part of the GJGNY program. The Bonds were issued under an Indenture of Trust between NYSERDA and The Bank of New York Mellon, as Trustee. The Bonds are limited obligations of NYSERDA, payable solely from and secured by money held by the Trustee under the Indenture and payments to the Trustee under a Series 2013A Guarantee issued by the New York State Environmental Facilities Corporation, secured by certain source under its 2010 Master Financing Indenture. Following is a link to the Official Statement for this transaction: NYSERDA 2013A Final OS [PDF]
Holding down the price of energy for New Yorkers is important to NYSERDA. Through its financing program, NYSERDA issues tax-exempt bonds and notes on behalf of utility companies to finance certain eligible costs of their electric, gas, or steam-service systems. Under certain circumstances, NYSERDA also can issue tax-exempt special energy project bonds to reduce costs of borrowing for businesses and institutions in the State. These interest-cost savings directly benefit New Yorkers.
New York State's utility customers will save nearly $3.7 billion in interest costs on the close to $3.7 billion in bonds that NYSERDA has outstanding.
NYSERDA has over $30.1 million outstanding in tax-exempt and taxable State Service Contract Revenue Bonds issued to finance a portion of the State's share of West Valley Demonstration Program expenditures.
This is a table listing outstanding bond program benefits.
|Bond Program Benefits
||Amount Outstanding (in thousands)
|Brooklyn Union Gas Company
|Central Hudson Gas & Electric Corp.
|Consolidated Edison Company of New York, Inc.
|KeySpan Energy Delivery New York
|New York State Electric & Gas Corporation
|Niagara Mohawk Power Corporation
|Orange and Rockland Utilities, Inc.
|Rochester Gas and Electric Corp.