senate Bill S6890

Relates to exempting the Niagara frontier transit authority (NFTA) 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

  • 26 / Mar / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 12 / May / 2014
    • REPORTED AND COMMITTED TO FINANCE
  • 20 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 20 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1671
  • 20 / Jun / 2014
    • PASSED SENATE
  • 20 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 20 / Jun / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Summary

Relates to exempting the Niagara Frontier Transit Authority from bond issuance charges.

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Bill Details

See Assembly Version of this Bill:
A9580
Versions:
S6890
Legislative Cycle:
2013-2014
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2976, Pub Auth L

Sponsor Memo

BILL NUMBER:S6890

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

PURPOSE: To exempt the Niagara Frontier Transportation Authority
(NFTA) from bond issuance fees required under current law.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill states the
Legislative intent.

Section 2 of the bill amends subdivision 4 of section 2976 of the
Public Authorities Law to exempt the NFTA from the state bond issuance
charge.

Section 3 of the bill provides that this act shall take effect
immediately.

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

JUSTIFICATION: This proposal will reduce the cost of doing business
for the NFTA, and thus offer more funds to provide better service and
maintenance and reduce the need for future fare and toll increases.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to state

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
________________________________________________________________________

                                  6890

                            I N  S E N A T E

                             March 26, 2014
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee on Corporations, Author-
  ities and Commissions

AN ACT to amend the public authorities law, in relation to exempting the
  Niagara frontier 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.   Over the past several years, while
support of mass transit in the greater New York City  metropolitan  area
has  expanded, state support for regional transit in the greater Buffalo
Niagara Falls area has not seen similar support. This  lack  of  support
has  adversely  impacted  mass  transit  riders  in  the greater Buffalo
Niagara region  serviced  by  the  Niagara  frontier  transit  authority
(NFTA).  It  is  the  intent  of  the  legislature that the NFTA 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 NIAGARA FRONTIER TRANSPORTATION AUTHOR-
ITY AND to recovery act bonds issued by the state of New York  municipal
bond  bank  agency  in connection with local American Recovery and Rein-
vestment 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.
                                                           LBD14530-01-4

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