senate Bill S3633A

Relates to exempting the metropolitan transportation authority from bond issuance charges

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Feb / 2013
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 11 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 11 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1254
  • 12 / Jun / 2013
    • PASSED SENATE
  • 12 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2013
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 15 / Jan / 2014
    • AMEND AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 15 / Jan / 2014
    • PRINT NUMBER 3633A
  • 24 / Mar / 2014
    • REPORTED AND COMMITTED TO FINANCE
  • 19 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 19 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1601
  • 19 / Jun / 2014
    • PASSED SENATE
  • 19 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 19 / Jun / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Summary

Exempts the metropolitan transportation authority from bond issuance charges otherwise required to be paid to the state.

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Bill Details

See Assembly Version of this Bill:
A1825A
Versions:
S3633
S3633A
Legislative Cycle:
2013-2014
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2976, Pub Auth L
Versions Introduced in 2011-2012 Legislative Cycle:
S6432, A9280

Sponsor Memo

BILL NUMBER:S3633A

TITLE OF BILL: An act to amend the public authorities law, in
relation to exempting the metropolitan transportation authority from
bond issuance charges

PURPOSE: To exempt the MTA from bond issuance fees required under
current law.

SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill states the
Legislative intent.

Section two of the bill amends subdivision 4 of section 2976 of the
Public Authorities Law is to exempt the MTA from the state bond
issuance charge

Section three of the bill provides that this act shall take effect
immediately.

EXISTING LAW: Currently, bonds issued by the MTA are subject to the
bond issuance charge imposed by Public Authorities Law section 2976..

JUSTIFICATION: Fare and toll increases adversely impact the budgets
of working men and women. This proposal will reduce the cost of doing
business for the MTA, and in turn help to reduce the need for future
fare and toll increases.

PRIOR LEGISLATIVE HISTORY: 2013: S.3633 - Passed the Senate 2012:
S.6432 - Passed the Senate

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This act shall take effect immediately

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3633--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 7, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions  --  recommitted  to  the  Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the public authorities law, in relation to exempting the
  metropolitan transportation authority from bond issuance charges

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  intent.  In  December 2010, the Metropolitan
Transportation Authority (MTA) increased fares and tolls 7.5 percent and
increased tolls again in March 2013 by an additional  7.5  percent,  the
costs  of  a  monthly metrocard has gone up 32 percent since the current
series of fare hikes commenced in 2008  and  the  MTA  is  scheduled  to
increase fares and tolls again in January 2015. In addition, the MTA has
cut services that have adversely impacted mass transit riders. It is the
intent  of the legislature that the MTA use the savings that accrue from
this act for maintenance and operations and to ensure that mass  transit
riders do not face any further service cuts.
  S  2.  Subdivision 4 of section 2976 of the public authorities law, as
added by section 12 of part E of chapter 494 of the  laws  of  2009,  is
amended to read as follows:
  4.  The  provisions  of subdivisions one and two of this section shall
not apply TO BONDS ISSUED BY THE METROPOLITAN  TRANSPORTATION  AUTHORITY
AND to recovery act bonds issued by the state of New York municipal bond
bank  agency in connection with local American Recovery and Reinvestment
Act pursuant to section two thousand four hundred thirty-six-b  of  this
chapter.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04340-02-4

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