S T A T E   O F   N E W   Y O R K
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                                  4411

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by  M. of A. BRENNAN, BRINDISI, CLARK, CRESPO, JAFFEE, SCHI-
  MEL, WEPRIN -- Multi-Sponsored by  --  M.  of  A.  ABBATE,  DenDEKKER,
  GLICK,  ROBERTS,  ROBINSON, ROSENTHAL, TITUS -- read once and referred
  to the Committee on Ways and Means

AN ACT authorizing the creation of a state debt to the  amount  of  four
  billion  five  hundred  million  dollars,  in relation to creating the
  Transportation Infrastructure Bond Act of 2015, to provide monies  for
  the  improvement,  enhancement,  preservation  and  restoration of the
  quality of the state's transportation  infrastructure,  and  providing
  for the submission to the people of a proposition or question therefor
  to be voted upon at the general election in November 2015

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

  Section 1. The Transportation  Infrastructure  Bond  Act  of  2015  is
enacted to read as follows:
              TRANSPORTATION INFRASTRUCTURE BOND ACT OF 2015
Section 1. Short title.
        2. Creation of a state debt.
        3. Bonds of the state.
        4. Use of moneys received.
  Section 1. Short  title.  This  act shall be known and may be cited as
the "Transportation Infrastructure Bond Act of 2015".
  S 2. Creation of a state debt. The creation of  a  state  debt  to  an
amount  not exceeding in the aggregate four billion five hundred million
dollars ($4,500,000,000) is hereby authorized to provide moneys for  the
single  purpose  of  improving,  enhancing, preserving and restoring the
quality of the state's transportation infrastructure by the planning and
design, construction, reconstruction, replacement, improvement, recondi-
tioning, rehabilitation and preservation, including the  acquisition  of
real  property and interests therein required or expected to be required
in connection therewith, of: state highways, bridges and parkways; high-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01258-01-5
              

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ways and bridges either on or off the state highway system necessary  or
reasonably expected to be necessary as a project component or incidental
to  projects  otherwise  authorized  by  this act involving airports and
aviation  facilities, the canal system and appurtenances thereto, ports,
and transit and rail projects; border crossing enhancements either on or
off the state highway system;  the  improvement  and/or  elimination  of
highway-railroad  grade  crossings  either  on  or off the state highway
system; moveable bridges that cross over the canal system; airports  and
aviation  facilities,  equipment and related projects exclusive of those
airports and facilities under the jurisdiction of the port authority  of
New  York and New Jersey or operated by the state of New York; the canal
system and appurtenances thereto; ports exclusive  of  those  under  the
jurisdiction  of  the  port authority of New York and New Jersey; marine
terminals and marine transportation facilities exclusive of those  under
the  jurisdiction  of  the  port  authority  of New York and New Jersey;
pedestrian and/or bicycle trails, pathways and bridges serving transpor-
tation needs; urban, commuter and  intercity  passenger  rail,  omnibus,
mass  transit  and  rapid  transit  systems,  facilities  and equipment,
including  acquisition;  freight  rail;  and  intermodal  passenger  and
freight  facilities and equipment, to achieve a more secure and reliable
transportation system for the inhabitants of the state.
  The legislature may, by appropriate legislation and  subject  to  such
conditions  as  it may impose, make available out of the proceeds of the
sale of bonds authorized in this act, moneys for state programs or state
grants to any city, county, town, village, public  benefit  corporation,
or  other public corporation or authority, or two or more of the forego-
ing acting jointly, for the single purpose of this act and/or  to  match
federal  funds which may from time to time be made available by congress
for such purpose.
  S 3. Bonds of the state. The state comptroller  is  hereby  authorized
and empowered to issue and sell bonds of the state to the amount of four
billion five hundred million dollars ($4,500,000,000) for the purpose of
this  act,  subject  to the provisions of article 5 of the state finance
law.  The aggregate principal amount of such bonds shall not exceed four
billion five hundred million dollars  ($4,500,000,000)  excluding  bonds
issued  to  refund  or  otherwise repay bonds heretofore issued for such
purpose; provided, however, that upon any such refunding  or  repayment,
the total aggregate principal amount of outstanding bonds may be greater
than  four billion five hundred million dollars ($4,500,000,000) only if
the present value of the aggregate debt  service  of  the  refunding  or
repayment  bonds  to be issued shall not exceed the present value of the
aggregate debt service of the bonds to be refunded or repaid. The method
for calculating present value shall be determined by law.
  S 4. Use of moneys received. The moneys received by the state from the
sale of bonds sold pursuant to this act shall be expended in the follow-
ing amounts, pursuant to annual appropriations:
  a. For the planning and design, construction, reconstruction, replace-
ment,  improvement,  reconditioning,  rehabilitation  and  preservation,
including  the  acquisition  of  real  property  and  interests  therein
required or expected to be required in connection therewith,  of:  state
highways, bridges and parkways; highways and bridges off the state high-
way system necessary or reasonably expected to be necessary as a project
component  or  incidental  to  projects otherwise authorized by this act
involving the canal system and appurtenances  thereto;  border  crossing
enhancements  either on or off the state highway system; the improvement
and/or elimination of highway-railroad grade crossings either on or  off

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the  state  highway  system; the canal system and appurtenances thereto;
moveable bridges that cross over the canal system; and pedestrian and/or
bicycle trails, pathways and bridges serving transportation  needs,  two
billion twenty-five million dollars ($2,025,000,000); and
  b. For the planning and design, construction, reconstruction, replace-
ment,  improvement,  reconditioning,  rehabilitation  and  preservation,
including  the  acquisition  of  real  property  and  interests  therein
required  or expected to be required in connection therewith, of:  high-
ways and bridges either on or off the state highway system necessary  or
reasonably expected to be necessary as a project component or incidental
to  projects  otherwise  authorized  by  this act involving airports and
aviation facilities, ports, transit  and  rail  projects;  airports  and
aviation  facilities,  equipment and related projects exclusive of those
airports and facilities under the jurisdiction of the port authority  of
New  York  and  New  Jersey  or operated by the state of New York; ports
exclusive of those under the jurisdiction of the port authority  of  New
York  and  New  Jersey  or  the  canal corporation; marine terminals and
marine transportation facilities exclusive of those under the  jurisdic-
tion  of  the  port  authority  of  New York and New Jersey or the canal
corporation; omnibus, mass transit and rapid transit systems, facilities
and equipment, including acquisition, exclusive  of  those  operated  or
acquired by or under the jurisdiction of the metropolitan transportation
authority  and its subsidiaries, the New York city transit authority and
its subsidiaries and the Triborough bridge and tunnel authority;  urban,
commuter  and  intercity  passenger  rail,  freight rail, and intermodal
passenger and freight facilities  and  equipment,  including  facilities
used  jointly by commuter railroad companies and freight railroad compa-
nies, but otherwise exclusive of those operated by or under  the  juris-
diction  of  the  metropolitan  transportation authority and its subsid-
iaries, the New York city transit authority and its subsidiaries and the
Triborough bridge and tunnel authority, two hundred twenty-five  million
dollars ($225,000,000);
  c. For the planning and design, construction, reconstruction, replace-
ment,  improvement,  reconditioning,  rehabilitation  and  preservation,
including  the  acquisition  of  real  property  and  interests  therein
required  or  expected  to be required in connection therewith, of urban
and commuter passenger and freight rail, omnibus, mass transit and rapid
transit systems, facilities and equipment, including acquisition,  oper-
ated or acquired by or under the jurisdiction of the metropolitan trans-
portation  authority  and  its  subsidiaries,  the New York city transit
authority and its subsidiaries and  the  Triborough  bridge  and  tunnel
authority,    two    billion   two   hundred   fifty   million   dollars
($2,250,000,000).
  S 2. This  act  shall  take  effect  immediately,  provided  that  the
provisions  of  section one of this act shall not take effect unless and
until this act shall have been submitted to the people  at  the  general
election  to  be held in November 2015 and shall have been approved by a
majority of all votes cast for and against it  at  such  election.  Upon
approval  by the people, section one of this act shall take effect imme-
diately. The ballots  to  be  furnished  for  the  use  of  voters  upon
submission  of  this act shall be in the form prescribed by the election
law and the proposition or question to be  submitted  shall  be  printed
thereon in substantially the following form, namely "Shall chapter (here
insert  the  number  of  the  chapter)  of the laws of 2015 known as the
transportation infrastructure bond act of 2015, authorizing the creation
of state debt in the amount of four billion five hundred million dollars

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($4,500,000,000) to provide moneys  for  the  improvement,  enhancement,
preservation  and  restoration of the quality of the state's transporta-
tion infrastructure, including the state's  highways,  bridges,  canals,
ports, airports, rail and transit systems, be approved?".