Section 1001-A. Emergency provisions for the metropolitan area of the city of New York

The  legislature  hereby   finds   and   declares   that  extraordinary  circumstances,  including  excessive  costs, shortages of
  supply, and the inflated price of fuel threaten the capacity to  provide
  utility  service  essential  to the continued safety, health, prosperity
  and well-being of the people of the metropolitan area of the city of New
  York and, by  reason  of  the  interconnection  and  interdependence  of
  electric  facilities,  the  reliability  of  such service throughout the
  state and require emergency action by the state and its agencies. It  is
  therefore declared that:
    1.  To  preserve  reliability  of electric service in the metropolitan
  area of the city of New York and throughout the state and to  assist  in
  deterring  further extraordinary increases in rates for electric service
  the authority should provide such supplemental electricity for such  use
  in  the  metropolitan area of the city of New York as is consistent with
  continuing and maintaining the exemption of interest on authority  bonds
  from  the  income tax imposed by the Internal Revenue Code of the United
  States and regulations and ruling thereunder.
    2. It is essential that such electricity be provided at  the  earliest
  practicable time.
    3.  The  authority  should  be  authorized  to  acquire  completed  or
  partially completed generation, transmission and related facilities  and
  fuel and fuel contracts.
    4.  Any  cost  savings  realized  in  the  production  or  delivery of
  electricity by reason of any such acquisition by the authority shall  be
  passed on to consumers.