senate Bill S6432

2011-2012 Legislative Session

Relates to exempting the metropolitan transportation authority from bond issuance charges

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2012 referred to corporations, authorities and commissions
delivered to assembly
passed senate
ordered to third reading cal.1212
committee discharged and committed to rules
Feb 09, 2012 referred to corporations, authorities and commissions

Votes

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S6432 - Bill Details

See Assembly Version of this Bill:
A9280
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2976, Pub Auth L

S6432 - Bill Texts

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

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BILL NUMBER:S6432

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.

JUSTIFICATION:
Recent fare and toll increases are adversely impacting the budgets
working men and women. This proposal will reduce the cost of doing
business for the MTA, and in turn, reduce in part, the need for future
increases in the near future.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
Savings to be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  6432

                            I N  S E N A T E

                            February 9, 2012
                               ___________

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

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
the  MTA  is  scheduled  to  increase  fares and tolls again another 7.5
percent in both January 2013 and 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.
                                                           LBD14444-01-2

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