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Assembly Bill A502A

2015-2016 Legislative Session

Relates to exempting the metropolitan transportation authority from bond issuance charges

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2015-A502 - Details

See Senate Version of this Bill:
S691
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2976, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9280, S6432
2013-2014: A1825, S3633
2017-2018: A1007, S229
2019-2020: A8036, S2786
2021-2022: A6796, S5845
2023-2024: S2872
2025-2026: S4333

2015-A502 - Summary

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

2015-A502 - Bill Text download pdf 

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

                                   502

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced by M. of A. CUSICK, TITONE, MALLIOTAKIS, BORELLI -- read once
  and referred to the Committee on Corporations, Authorities and Commis-
  sions

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 March 2015, the  MTA
plans  to  raise fares and tolls by 4 percent across the board. In 2017,
the MTA plans to again raise fares and tolls  another  4  percent.    In
addition,  the  MTA  has  cut services that have adversely impacted mass
transit riders.  Further the New York State office  of  the  comptroller
has  found  that  for  every  1 billion dollars the MTA borrows from the
government, it would have to raise fares and tolls by 15 percent to make
up the difference in costs.  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.

co-Sponsors

2015-A502A (ACTIVE) - Details

See Senate Version of this Bill:
S691
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2976, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9280, S6432
2013-2014: A1825, S3633
2017-2018: A1007, S229
2019-2020: A8036, S2786
2021-2022: A6796, S5845
2023-2024: S2872
2025-2026: S4333

2015-A502A (ACTIVE) - Summary

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

2015-A502A (ACTIVE) - Bill Text download pdf 

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

                                 502--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced by M. of A. CUSICK, TITONE, MALLIOTAKIS, BORELLI -- read once
  and referred to the Committee on Corporations, Authorities and Commis-
  sions  --  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
  certain public authorities from bond issuance charges

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

  Section 1. 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, NOTES OR OTHER OBLIGATIONS ISSUED BY THE METROPOL-
ITAN TRANSPORTATION AUTHORITY, AND THE NEW YORK CITY TRANSIT  AUTHORITY,
THE  TRIBOROUGH  BRIDGE  AND TUNNEL 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 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00921-05-5

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