LBD15088-02-4
S. 9528 2
The massive increase in emissions from the FHV fleet has moved New York
City away from the goal established by the City Council of zero carbon
emissions by 2050. Statewide, rideshare vehicles are a disproportionate
driver of greenhouse gas emissions that cause climate change because
they are on the road more hours than privately used vehicles. Addi-
tionally, the State is far behind the curve in meeting its emissions
reductions and renewable energy production established by the Climate
Leadership and Community Protection Act (CLCPA).
c. Wheelchair accessibility. Very few rideshare vehicles are wheel-
chair accessible across New York State. In 2011, people with disabili-
ties launched a campaign to bring New York City's taxicab fleet into
line with the requirements of the Americans with Disabilities Act. In
2014, the campaign won a consent decree that mandated that half of the
taxicab fleet of 13,587 vehicles would be made up of Wheelchair Accessi-
ble Vehicles ("WAVs") by 2020. To fund this mandate, in 2015 the City of
New York created a 30-cent surcharge on all yellow and green cab rides
to establish a Taxicab Improvement Fund ("TIF") which would issue
grants of up to $30,000 to medallion owners to buy vehicles. This
surcharge was recently increased to $1/trip. To date, approximately
4,200 WAV vehicles have been purchased and deployed as taxis, less than
half the fleet of 13,587 taxis, and around half the medallion fleet has
not come back on the road since the start of the pandemic. As of the
most recent report, the Taxicab Improvement Fund held $47 million
unspent while the program falls short of its goals of a 50% accessible
taxi fleet. With no funding available on the For-Hire Vehicle side of
the industry, the situation is even worse with only approximately 5,900
wheelchair-accessible vehicles out of a total of 94,000 FHVs in New York
City. Statewide there is no mandate for accessibility, and wheelchair-
accessible vehicles are even more scarce.
2. It is in the interest of the state to establish a dedicated public
authority, the Green Transition Authority, to address the three crises
of driver poverty, climate change and wheelchair accessibility in the
FHV industry. The Green Transition Authority will be able to manage
funding collected through a surcharge on FHV rides, additional govern-
ment appropriations, and bond issuances to:
a. Work with auto manufacturers and retrofitters to rapidly develop
and market vehicles that are both zero emissions and wheelchair accessi-
ble;
b. Establish a co-investment program to incentivize and enable FHV
drivers to purchase zero-emission and wheelchair-accessible vehicles;
c. Develop electric and zero-emission vehicle charging infrastructure
and maintenance facilities;
d. Establish a voluntary transition program for excess drivers to
receive paid training for employment in green jobs;
e. Fund other initiatives to advance economic development with the
goal of decarbonization of the economy and creating good, green jobs;
and
f. Improve paratransit service across New York State.
3. It is critical that the Green Transition Authority represent the
public, drivers, autoworkers, environmental justice advocates, and disa-
bility justice advocates, and be transparent and accountable to these
stakeholders in managing funding and programs.
§ 3. Article 8 of the public authorities law is amended by adding a
new title 7 to read as follows:
TITLE 7
GREEN TRANSITION AUTHORITY
S. 9528 3
SECTION 1750. DEFINITIONS.
1751. GREEN TRANSITION AUTHORITY.
1752. MEMBERS.
1753. PURPOSES, POWERS AND DUTIES OF THE AUTHORITY.
1754. ADDITIONAL POWERS OF THE AUTHORITY.
1755. GREEN TRANSITION FUND.
1756. ACCOUNTS AND FUNDING.
1757. EXEMPTION FROM TAXES, ASSESSMENTS AND CERTAIN FEES.
1758. AUDIT AND ANNUAL REPORT.
1759. LABOR AND PROCUREMENT STANDARDS.
1760. BONDS AND NOTES.
1761. RESERVE FUNDS AND APPROPRIATIONS.
1762. EXEMPTION FROM TAXATION OF BONDS AND NOTES.
1763. BONDS AND NOTES LEGAL INVESTMENTS FOR FIDUCIARIES.
1764. RIGHT OF STATE TO REQUIRE REDEMPTION OF BONDS.
1765. RIGHTS AND REMEDIES OF BONDHOLDERS AND NOTEHOLDERS.
1766. STATE NOT LIABLE ON BONDS AND NOTES.
§ 1750. DEFINITIONS. AS USED OR REFERRED TO IN THIS TITLE, UNLESS A
DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT:
1. "AUTHORITY" MEANS THE GREEN TRANSITION AUTHORITY ESTABLISHED PURSU-
ANT TO SECTION SEVENTEEN HUNDRED FIFTY-ONE OF THIS TITLE.
2. "DISADVANTAGED COMMUNITIES" MEANS COMMUNITIES THAT BEAR THE BURDENS
OF NEGATIVE PUBLIC HEALTH EFFECTS, ENVIRONMENTAL POLLUTION, AND IMPACTS
OF CLIMATE CHANGE, AND POSSESS CERTAIN SOCIOECONOMIC CRITERIA, AS IDEN-
TIFIED PURSUANT TO SECTION 75-0111 OF THE ENVIRONMENTAL CONSERVATION
LAW, OR AS IDENTIFIED PURSUANT TO THE DEPARTMENT OF ENERGY'S JUSTICE40
INITIATIVE, INCLUDING PEOPLE WITH DISABILITIES.
3. "DISADVANTAGED WORKER" MEANS A RESIDENT OF NEW YORK STATE WHO:
(A) IS A WOMAN, WHEN CONSIDERING CONSTRUCTION AND BUILDING CONTRACTS;
(B) HAS A HOUSEHOLD INCOME OF LESS THAN FIFTY PERCENT OF THE AREA
MEDIAN INCOME;
(C) IS AN INDIVIDUAL RESIDING IN AN AREA OF CONCENTRATED POVERTY;
(D) IS DISABLED;
(E) IS A VETERAN;
(F) IS A PERSON PREVIOUSLY INCARCERATED OR CONVICTED OF A CRIM-
INAL OFFENSE; OR
(G) IS LONG-TERM UNEMPLOYED.
4. "DOWNSTATE REGION" MEANS THAT PORTION OF THE STATE THAT INCLUDES
EACH OF THE FOLLOWING COUNTIES: NASSAU, SUFFOLK, PUTNAM, ROCKLAND, WEST-
CHESTER, BRONX, KINGS, NEW YORK, QUEENS, AND RICHMOND.
5. "ELECTRIC VEHICLE" MEANS A VEHICLE POWERED ONLY BY AN ELECTRIC
MOTOR THAT DRAWS CURRENT FROM RECHARGEABLE STORAGE BATTERIES, FUEL
CELLS, PHOTOVOLTAIC ARRAYS, OR OTHER SOURCES OF ELECTRIC CURRENT.
6. "ELECTRIC VEHICLE CHARGING INFRASTRUCTURE" MEANS ANY PHYSICAL
INFRASTRUCTURE REQUIRED FOR THE CONSTRUCTION OF ELECTRIC VEHICLE CHARG-
ING STATIONS OR ANY RELATED EQUIPMENT NEEDED TO FACILITATE CHARGING
ELECTRIC VEHICLES.
7. "ELECTRIC VEHICLE CHARGING STATION" MEANS STATIONS THAT DELIVER
ELECTRICITY FROM A SOURCE OUTSIDE AN ELECTRIC VEHICLE INTO ONE OR MORE
ELECTRIC VEHICLES.
8. "ENVIRONMENTALLY SUSTAINABLE PRACTICES" MEANS PRACTICES THAT PRIOR-
ITIZE THE RESPONSIBLE USE OF NATURAL RESOURCES TO MAINTAIN ECOLOGICAL
BALANCE AND ENSURE THE CONSERVATION OF RESOURCES FOR FUTURE GENERATIONS.
9. "FOR-HIRE VEHICLE" MEANS ANY TRANSPORTATION NETWORK COMPANY VEHICLE
("TNC VEHICLE") AS DEFINED IN SECTION SIXTEEN HUNDRED NINETY-ONE OF THE
S. 9528 4
VEHICLE AND TRAFFIC LAW AND ANY FOR-HIRE VEHICLE AS DEFINED IN SECTION
19-502 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK.
10. "FOR-HIRE VEHICLE IMPROVEMENT SURCHARGE" MEANS THE SURCHARGE ON
FOR-HIRE VEHICLE TRANSPORTATION TRIPS IMPOSED UNDER ARTICLE
TWENTY-NINE-E OF THE TAX LAW.
11. "GREEN JOB" MEANS EMPLOYMENT WITHIN INDUSTRIES THAT EMPLOY ENVI-
RONMENTALLY SUSTAINABLE PRACTICES.
12. "UPSTATE REGION" MEANS THAT PORTION OF THE STATE THAT INCLUDES
EACH AND EVERY COUNTY OF THE STATE NOT INCLUDED IN THE DOWNSTATE REGION.
13. "WHEELCHAIR-ACCESSIBLE VEHICLE" MEANS A VEHICLE EQUIPPED WITH A
HYDRAULIC LIFT OR RAMPS DESIGNED FOR THE PURPOSE OF TRANSPORTING PERSONS
IN WHEELCHAIRS OR CONTAINING ANY OTHER PHYSICAL DEVICE OR ALTERATION
DESIGNED TO PERMIT ACCESS TO AND ENABLE THE TRANSPORTATION OF PERSONS
WITH DISABILITIES.
14. "ZERO-EMISSION VEHICLE" MEANS A VEHICLE THAT PRODUCES NO DIRECT
EXHAUST OR TAILPIPE EMISSIONS AND INCLUDES, BUT IS NOT LIMITED TO, ELEC-
TRIC VEHICLES.
15. "PRESIDENT" MEANS THE CHIEF EXECUTIVE OFFICER OF THE AUTHORITY.
16. "PARATRANSIT" MEANS TRANSPORTATION SERVICE REQUIRED BY THE FEDER-
AL AMERICANS WITH DISABILITIES ACT FOR INDIVIDUALS WITH DISABILITIES WHO
ARE UNABLE TO USE FIXED ROUTE TRANSPORTATION SYSTEMS AS DEFINED IN 49
CFR § 37.3.
§ 1751. GREEN TRANSITION AUTHORITY. THERE IS HEREBY CREATED THE GREEN
TRANSITION AUTHORITY. THE AUTHORITY SHALL BE A BODY CORPORATE AND POLI-
TIC CONSTITUTING A PUBLIC BENEFIT CORPORATION.
§ 1752. MEMBERS. 1. THE AUTHORITY SHALL CONSIST OF ELEVEN VOTING
MEMBERS, WHO SHALL BE APPOINTED AS FOLLOWS: TWO SHALL BE REPRESENTATIVES
OF ENVIRONMENTAL JUSTICE ORGANIZATIONS, ONE OF WHOM SHALL BE APPOINTED
BY THE GOVERNOR, AND ONE OF WHOM SHALL BE APPOINTED BY THE SPEAKER OF
THE ASSEMBLY; TWO SHALL BE REPRESENTATIVES OF DISABILITY JUSTICE ORGAN-
IZATIONS, ONE OF WHOM SHALL BE APPOINTED BY THE GOVERNOR, AND ONE OF
WHOM SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE; ONE
SHALL BE A REPRESENTATIVE OF A NEW YORK STATE WORKER COOPERATIVE CORPO-
RATION OWNED BY DRIVERS LICENSED BY THE NEW YORK CITY TAXI AND LIMOUSINE
COMMISSION AND SHALL BE APPOINTED BY THE GOVERNOR; ONE SHALL BE A REPRE-
SENTATIVE OF AN ORGANIZATION WITH A TRACK RECORD OF ADVOCATING FOR A
TRANSITION TO ELECTRIC AND WHEELCHAIR-ACCESSIBLE VEHICLES IN THE FOR-
HIRE VEHICLE INDUSTRY AND SHALL BE APPOINTED BY THE SPEAKER OF THE
ASSEMBLY; ONE SHALL BE A REPRESENTATIVE OF A LABOR UNION THAT REPRESENTS
PARATRANSIT DRIVERS IN NEW YORK STATE AND SHALL BE APPOINTED BY THE
GOVERNOR; ONE SHALL BE A REPRESENTATIVE OF AN AUTOMOTIVE WORKERS' UNION
AND SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE; ONE
SHALL BE A REPRESENTATIVE OF AN ELECTRICAL WORKERS' UNION AND SHALL BE
APPOINTED BY THE GOVERNOR; AND TWO SHALL BE APPOINTED BY THE GOVERNOR AS
AT-LARGE REPRESENTATIVES OF THE PUBLIC. FIVE OF THE MEMBERS SHALL
RESIDE IN THE UPSTATE REGION OF THE STATE AND SIX OF THE MEMBERS SHALL
RESIDE IN THE DOWNSTATE REGION. ALL OF THE APPOINTED MEMBERS SHALL HAVE
RELEVANT EXPERIENCE IN ANY OR ALL OF THE FOLLOWING AREAS: ENVIRONMENTAL
JUSTICE, DISABILITY JUSTICE, ENERGY MARKETS, ENERGY SYSTEMS, ORGANIZED
LABOR, WORKFORCE DEVELOPMENT, SUSTAINABLE LAND USE, TRANSPORTATION, AND
CLEAN ENERGY.
2. ALL MEMBERS SHALL CONTINUE TO HOLD OFFICE UNTIL THEIR SUCCESSORS
ARE APPOINTED AND QUALIFY. OF THE APPOINTED MEMBERS, SIX OF THE MEMBERS
APPOINTED BY THE GOVERNOR SHALL SERVE INITIAL TERMS OF FOUR YEARS, WHILE
THE REMAINING FIVE MEMBERS SHALL SERVE INITIAL TERMS OF THREE YEARS.
THEREAFTER, ALL TERMS SHALL BE FOR A PERIOD OF FOUR YEARS.
S. 9528 5
3. VACANCIES SHALL BE FILLED IN THE MANNER PROVIDED FOR ORIGINAL
APPOINTMENTS. MEMBERS MAY BE REMOVED FROM OFFICE FOR THE SAME REASONS
AND IN THE SAME MANNER AS MAY BE PROVIDED BY LAW FOR THE REMOVAL OF
OFFICERS OF A COUNTY.
4. THE MEMBERS OF THE AUTHORITY SHALL DESIGNATE THE CHAIR. THE CHAIR
SHALL PRESIDE OVER MEETINGS OF THE AUTHORITY AND SHALL SERVE AS THE
PRIMARY LIAISON BETWEEN THE MEMBERS AND AUTHORITY STAFF. A VICE-CHAIR
MAY BE ELECTED BY THE AUTHORITY FROM AMONG ITS OTHER MEMBERS TO SERVE AS
SUCH AT THE PLEASURE OF THE AUTHORITY. THE VICE-CHAIR SHALL PRESIDE OVER
ALL MEETINGS OF THE AUTHORITY IN THE ABSENCE OF THE CHAIR AND SHALL HAVE
SUCH OTHER DUTIES AS THE AUTHORITY MAY PRESCRIBE. THE PRESIDENT SHALL BE
THE CHIEF EXECUTIVE OFFICER OF THE AUTHORITY AND SHALL BE PRIMARILY
RESPONSIBLE FOR THE DISCHARGE OF THE EXECUTIVE AND ADMINISTRATIVE FUNC-
TIONS OF THE AUTHORITY.
5. THE MEMBERS OF THE AUTHORITY SHALL RECEIVE NO COMPENSATION FOR
THEIR SERVICES BUT SHALL BE REIMBURSED FOR ALL OTHER ACTUAL AND NECES-
SARY EXPENSES INCURRED IN CONNECTION WITH THE CARRYING OUT OF THE
PURPOSES OF THIS TITLE.
§ 1753. PURPOSES, POWERS AND DUTIES OF THE AUTHORITY. 1. THE
PURPOSES OF THE AUTHORITY SHALL BE TO PROMOTE THE TRANSITION OF THE
FOR-HIRE VEHICLE AND OTHER STATE INDUSTRIES TO ENVIRONMENTALLY SUSTAINA-
BLE PRACTICES AND INCREASE UNIVERSAL ACCESSIBILITY OF FOR-HIRE VEHICLES,
PARATRANSIT SERVICES, AND TAXI SERVICES STATEWIDE.
2. EXCEPT AS OTHERWISE LIMITED BY THIS TITLE, THE AUTHORITY SHALL
HAVE THE POWER TO:
(A) SUE AND BE SUED;
(B) HAVE A SEAL OR ALTER SUCH SEAL AT PLEASURE;
(C) MAKE AND ALTER BY-LAWS FOR ITS ORGANIZATION AND MANAGEMENT AND TO
MAKE AND ALTER RULES AND REGULATIONS GOVERNING THE EXERCISE OF ITS
POWERS AND FULFILLMENT OF ITS PURPOSES UNDER THIS TITLE;
(D) MAKE RULES AND REGULATIONS GOVERNING THE EXERCISE OF ITS CORPORATE
POWERS AND THE FULFILLMENT OF ITS CORPORATE PURPOSES UNDER THIS TITLE
AND TITLE NINE-A OF THIS ARTICLE, WHICH SHALL BE FILED WITH THE DEPART-
MENT OF STATE IN THE MANNER PROVIDED BY SECTION ONE HUNDRED TWO OF THE
EXECUTIVE LAW;
(E) APPOINT SUCH OFFICERS, AGENTS, AND EMPLOYEES, WITHOUT REGARD TO
ANY PERSONNEL OR CIVIL SERVICE LAW, RULE OR REGULATION OF THE STATE AND
IN ACCORDANCE WITH GUIDELINES ADOPTED BY THE AUTHORITY, AS IT MAY
REQUIRE FOR THE PERFORMANCE OF ITS DUTIES AND TO FIX AND DETERMINE THEIR
QUALIFICATIONS, DUTIES AND COMPENSATION;
(F) ACQUIRE, LEASE, HOLD, AND DISPOSE OF REAL AND PERSONAL PROPERTY,
WHETHER TANGIBLE OR INTANGIBLE, OR ANY INTEREST THEREIN, BY ANY METHOD;
(G) MAKE AND EXECUTE AGREEMENTS, CONTRACTS OR OTHER INSTRUMENTS NECES-
SARY OR CONVENIENT FOR THE EXERCISE OF ITS FUNCTIONS, POWERS AND DUTIES
UNDER THIS TITLE;
(H) FIX AND COLLECT FEES, RENTALS AND CHARGES FOR THE USE OF ANY PROP-
ERTY OR FACILITY UNDER ITS JURISDICTION, OR FOR THE SALE OF ANY PRODUCT,
BY-PRODUCT OR SERVICE PRODUCED IN OR PROVIDED BY ANY SUCH FACILITY, AND
ESTABLISH THE RIGHTS AND PRIVILEGES CREATED UPON PAYMENT THEREOF. SUCH
FEES, RENTALS AND CHARGES SHALL BE ESTABLISHED BY THE AUTHORITY SO AS TO
PRODUCE, IN THE JUDGMENT OF THE AUTHORITY, REVENUES SUFFICIENT, TOGETHER
WITH ANY OTHER FUNDS AVAILABLE TO THE AUTHORITY, TO MEET THE EXPENSES OF
MAINTENANCE AND OPERATION OF THE FACILITIES OF THE AUTHORITY, TO REPAY
ANY MONEYS REPAYABLE TO THE STATE, TO FULFILL THE TERMS OF AGREEMENTS
WITH THE HOLDERS OF ITS BONDS, NOTES, OR OTHER OBLIGATIONS, AND TO
S. 9528 6
PROVIDE FUNDS FOR SUCH OTHER CORPORATE PURPOSES AS THE AUTHORITY MAY
DEEM APPROPRIATE;
(I) BORROW MONEY AND ISSUE SUCH NOTES, BONDS, OR OTHER OBLIGATIONS IN
RELATION TO SUCH INDEBTEDNESS, AND SECURE ANY OF ITS OBLIGATIONS BY
MORTGAGE OR PLEDGE OF ALL OR ANY OF ITS PROPERTY OR ANY INTEREST THERE-
IN, WHEREVER SITUATED;
(J) ARRANGE FOR GUARANTEES OF ITS BONDS, NOTES, OR OTHER OBLIGATIONS
BY THE FEDERAL GOVERNMENT OR BY ANY PRIVATE INSURER OR OTHERWISE AND TO
PAY ANY PREMIUMS THEREFOR;
(K) PURCHASE BONDS, NOTES, OR OTHER OBLIGATIONS OF THE AUTHORITY AT
SUCH PRICE OR PRICES AS THE AUTHORITY MAY DETERMINE;
(L) LEND MONEY, INVEST AND REINVEST ITS FUNDS, AND TAKE AND HOLD REAL
AND PERSONAL PROPERTY AS SECURITY FOR THE PAYMENT OF FUNDS SO LOANED OR
INVESTED;
(M) PROCURE INSURANCE OR OBTAIN INDEMNIFICATION FROM THE FEDERAL
GOVERNMENT OR OTHER PERSONS AGAINST ANY LOSS IN CONNECTION WITH ITS
PROPERTIES OR OPERATIONS IN SUCH AMOUNT OR AMOUNTS AND FROM SUCH INSUR-
ERS, INCLUDING THE FEDERAL GOVERNMENT, AS IT MAY DEEM NECESSARY OR
DESIRABLE, AND TO PAY ANY PREMIUMS THEREFOR;
(N) ACCEPT ANY GIFTS OR GRANTS OR LOANS OF FUNDS OR PROPERTY OR FINAN-
CIAL OR OTHER AID IN ANY FORM FROM THE FEDERAL GOVERNMENT OR ANY AGENCY
OR INSTRUMENTALITY THEREOF, THE STATE, OR ANY OTHER SOURCE, AND TO
COMPLY WITH THE PROVISIONS OF THIS TITLE AND THE TERMS AND CONDITIONS
THEREOF;
(O) ENGAGE THE SERVICES OF BOND COUNSEL, FINANCIAL ADVISORS, ACCOUNT-
ANTS, ENGINEERS, ATTORNEYS, AND OTHER PRIVATE CONSULTANTS ON A CONTRACT
BASIS FOR RENDERING PROFESSIONAL AND TECHNICAL ASSISTANCE AND ADVICE;
(P) CREATE OR ACQUIRE ONE OR MORE WHOLLY-OWNED SUBSIDIARIES AS MAY BE
NECESSARY TO CARRY OUT THE PROVISIONS OF THIS TITLE;
(Q) NEGOTIATE AND ENTER INTO AGREEMENTS WITH TRUSTEES OR RECEIVERS
APPOINTED BY UNITED STATES BANKRUPTCY COURTS OR FEDERAL DISTRICT COURTS
OR IN OTHER PROCEEDINGS INVOLVING ADJUSTMENT OF DEBTS, AND TO AUTHORIZE
LEGAL COUNSEL FOR THE AUTHORITY TO APPEAR IN ANY SUCH PROCEEDINGS;
(R) FILE A PETITION UNDER CHAPTER NINE OF TITLE ELEVEN OF THE UNITED
STATES BANKRUPTCY CODE, OR TAKE OTHER SIMILAR ACTION FOR THE ADJUSTMENT
OF ITS DEBTS;
(S) ENTER INTO MANAGEMENT AGREEMENTS FOR THE OPERATION OF ALL OR ANY
OF THE PROPERTY OR FACILITIES OWNED BY THE AUTHORITY;
(T) MAINTAIN AN OFFICE OR OFFICES AT SUCH PLACE OR PLACES IN THE STATE
AS IT MAY DETERMINE;
(U) MAKE ANY INQUIRY, INVESTIGATION, SURVEY, OR STUDY WHICH THE
AUTHORITY MAY DEEM NECESSARY TO ENABLE IT TO EFFECTIVELY CARRY OUT THE
PROVISIONS OF THIS TITLE AND TO REQUIRE THE PRODUCTION OF RECORDS,
BOOKS, PAPERS, ACCOUNTS, AND OTHER DOCUMENTS, INCLUDING PUBLIC RECORDS,
AND TO MAKE COPIES THEREOF OR EXTRACTS THEREFROM;
(V) ADOPT, REVISE, AMEND, AND REPEAL RULES AND REGULATIONS WITH
RESPECT TO ITS OPERATIONS, PROPERTIES, FACILITIES, AND PROJECTS AS MAY
BE NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES OF THIS TITLE,
SUBJECT TO THE PROVISIONS OF THE STATE ADMINISTRATIVE PROCEDURE ACT;
(W) FROM TIME TO TIME ENTER INTO AGREEMENTS WITH THE NEW YORK STATE
ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, THE DEPARTMENT OF ENVIRON-
MENTAL CONSERVATION, THE NEW YORK POWER AUTHORITY, THE DEPARTMENT OF
LABOR, THE DEPARTMENT OF STATE, THE METROPOLITAN TRANSPORTATION AUTHORI-
TY, THE TAXI AND LIMOUSINE COMMISSION OR ANY OTHER RELEVANT ENTITY TO
FINANCE THE CAPITAL COSTS OF PROJECTS AUTHORIZED PURSUANT TO SECTION
EIGHTY-EIGHT-B OF THE STATE FINANCE LAW, AND TO ISSUE BONDS AND NOTES
S. 9528 7
FOR CAPITAL PROJECTS APPROVED BY THE BOARD; PROVIDED, HOWEVER, THAT EACH
PROVISION OF THIS TITLE RELATING TO BONDS AND NOTES WHICH ARE NOT INCON-
SISTENT WITH THE PROVISIONS OF THIS SECTION SHALL APPLY TO THE BONDS AND
NOTES AUTHORIZED BY THIS SECTION;
(X) REQUEST SUPPORT AND SERVICES TO THE AUTHORITY FROM ANY OTHER STATE
AGENCY OR AUTHORITY;
(Y) LEVY FINES AND FEES;
(Z) ESTABLISH AND ISSUE GRANTS FOR PROGRAMS, JOBS, UPGRADES, OR FOR
ANY OTHER PURPOSE WITHIN THE SCOPE OF THE AUTHORITY; AND
(AA) PRIORITIZE GRANTING FUNDS TO PROJECTS, PROGRAMS AND INITIATIVES
IN DISADVANTAGED COMMUNITIES OR DISADVANTAGED WORKERS.
3. (A) THE AUTHORITY SHALL NOT GIVE, GRANT, GIFT, OR LOAN MONEY TO ANY
PROJECTS, JOBS, PROGRAMS, OR INITIATIVES THAT FURTHER DEPENDENCE ON
FOSSIL FUELS.
(B) THE AUTHORITY SHALL NOT GRANT OR GIFT MONEY TO ANY PROJECTS, JOBS,
PROGRAMS, OR INITIATIVES WHOSE SHARES CONTAIN A FIFTY PERCENT OR GREATER
INTEREST FROM A FOSSIL FUEL COMPANY OR THAT ARE BEING LED BY A FOSSIL
FUEL COMPANY.
(C) THE AUTHORITY SHALL NOT GIVE, GRANT, GIFT, OR LOAN MONEY TO ANY
PROJECTS, JOBS, PROGRAMS OR INITIATIVES THAT USE BLUE, TURQUOISE,
BROWN/BLACK, YELLOW, WHITE OR GREY HYDROGEN, OR ANY COMBINATION THEREOF,
OR THE PRODUCTION THEREOF IN ANY AMOUNT. ANY USE OF SUCH COLORS OF
HYDROGEN THAT ARE COMBINED WITH GREEN HYDROGEN SHALL NOT RECEIVE ANY
FUNDING FROM THE AUTHORITY.
§ 1754. ADDITIONAL POWERS OF THE AUTHORITY. IN ADDITION TO THE POWERS
ENUMERATED IN SECTION SEVENTEEN HUNDRED FIFTY-THREE OF THIS TITLE, THE
AUTHORITY SHALL HAVE THE POWER AND OBLIGATION TO:
1. COLLECT DATA FROM TRANSPORTATION NETWORK COMPANY PROVIDERS OPERAT-
ING IN THE STATE INCLUDING, BUT NOT LIMITED TO: (A) THE NUMBER OF WHEEL-
CHAIR-ACCESSIBLE AND ELECTRIC VEHICLES OPERATING IN EACH COUNTY OR
REGION; (B) THE NUMBER OF TRIPS, AND MILEAGE DRIVEN BY TNC VEHICLES; AND
(C) THE ANNUAL ESTIMATED EMISSIONS OF TNC VEHICLES STATEWIDE;
2. CONDUCT AND PUBLISH ANNUAL STUDIES OF THE FOR-HIRE VEHICLE INDUSTRY
TO SET STANDARDS AND GOALS FOR THE TRANSITION OF THE FOR-HIRE VEHICLE
INDUSTRY TO THE EXCLUSIVE USE OF ZERO-EMISSION AND WHEELCHAIR-ACCESSIBLE
VEHICLES;
3. CONVENE A GREEN AND ACCESSIBLE VEHICLE TASKFORCE, INCLUDING ENVI-
RONMENTAL JUSTICE, DISABILITY JUSTICE, AND LABOR ADVOCATES TO: (A)
ASSESS THE AVAILABILITY OF ZERO-EMISSION AND WHEELCHAIR-ACCESSIBLE VEHI-
CLES; (B) WORK WITH GOVERNMENT AUTHORITIES AND AUTOMAKERS TO ENSURE THAT
VEHICLES MEETING APPROPRIATE ENVIRONMENTAL AND ACCESSIBILITY STANDARDS
ARE BROUGHT TO MARKET; AND (C) VET VEHICLES ELIGIBLE FOR INCLUSION IN
THE CO-INVESTMENT PROGRAM PURSUANT TO SUBDIVISION FOUR OF THIS SECTION
BASED ON THEIR AVAILABLE FEATURES AND THE AUTOMAKERS' COMMITMENT TO
LABOR, SOCIAL AND ENVIRONMENTAL BENEFITS;
4. ADMINISTER A CO-INVESTMENT PROGRAM FOR THE PURCHASE OF QUALIFYING
VEHICLES, UNDER THE TERMS OF WHICH FOR-HIRE VEHICLE DRIVERS SHALL BE
ELIGIBLE FOR A VOUCHER OF AN AMOUNT AND UNDER THE TERMS TO BE DETERMINED
BY THE AUTHORITY TOWARD THE PURCHASE OF ZERO-EMISSION VEHICLES AND
WHEELCHAIR-ACCESSIBLE VEHICLES APPROVED FOR INCLUSION IN THE PROGRAM BY
THE GREEN AND ACCESSIBLE VEHICLE TASKFORCE PURSUANT TO SUBDIVISION THREE
OF THIS SECTION;
5. AFTER ZERO-EMISSION AND WHEELCHAIR-ACCESSIBLE VEHICLE TRANSITION
GOALS ARE MET, DEVELOP AND ADMINISTER A VOLUNTARY PROGRAM FOR DRIVERS OF
FOR-HIRE VEHICLES TO RECEIVE TRAINING AND FINANCIAL SUPPORT TO ENTER
INTO ALTERNATIVE EMPLOYMENT IN PUBLIC SERVICE OR GREEN JOBS;
S. 9528 8
6. FUND THE DEVELOPMENT OF INFRASTRUCTURE REQUIRED TO SUPPORT THE
EXPANDING USE OF ZERO-EMISSION VEHICLES, INCLUDING BUT NOT LIMITED TO
ELECTRIC VEHICLE CHARGING INFRASTRUCTURE;
7. FUND THE PURCHASE OF ACCESSIBLE ELECTRIC AND ZERO-EMISSION VEHI-
CLES, EXCLUDING ANY HYDROGEN-BASED VEHICLES THAT OPERATE ON ANY COLOR OF
HYDROGEN OTHER THAN GREEN HYDROGEN, AND INFRASTRUCTURE NEEDED TO TRANSI-
TION PUBLIC PARATRANSIT SERVICES TO ZERO-EMISSION VEHICLES;
8. ANY AND ALL OTHER ACTIVITIES THAT PROMOTE AND HELP ACHIEVE GREEN-
HOUSE GAS REDUCTION AND COMPLIANCE WITH THE STATE'S EMISSIONS REDUCTIONS
MANDATES UNDER THE CLIMATE LEADERSHIP AND COMMUNITY PROTECTION ACT, THE
CITY OF NEW YORK'S 80 X 2050 INITIATIVE AND LOCAL LAW NINETY-SEVEN, OR
FUTURE REQUIREMENTS FOR ADDITIONAL GREENHOUSE GAS EMISSIONS REDUCTIONS
THAT THE LEGISLATURE MAY IMPOSE, AND INFRASTRUCTURE TO ENVIRONMENTALLY
SUSTAINABLE PRACTICES, AND IN THE PUBLIC INTEREST; AND
9. FUND PROGRAMS TO EXPAND AND IMPROVE RELIABILITY OF PARATRANSIT
SERVICES IN THE STATE INCLUDING, BUT NOT LIMITED TO: (A) PURCHASE AND
OPERATION OF ACCESSIBLE ZERO-EMISSION VEHICLES BY PARATRANSIT AGENCIES
AND THEIR CONTRACTORS; (B) EXPANSION OF AND ONGOING SUPPORT FOR ON-DE-
MAND PARATRANSIT SERVICE; (C) EXPANSION OF PARATRANSIT SERVICE TO BROAD-
ER GEOGRAPHIC AREAS; AND (D) OTHER INNOVATIVE PROJECTS THAT SEEK TO
ENHANCE PARATRANSIT SERVICE QUALITY THROUGH IMPROVED TECHNOLOGY, EDUCA-
TION, AND OTHER STRATEGIES.
§ 1755. GREEN TRANSITION FUND. 1. THE AUTHORITY SHALL CREATE AND
ESTABLISH A FUND TO BE KNOWN AS THE "GREEN TRANSITION FUND" WHICH SHALL
BE KEPT SEPARATE FROM AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS
OF THE AUTHORITY. THE GREEN TRANSITION FUND SHALL CONSIST OF MONEYS
RECEIVED BY THE AUTHORITY PURSUANT TO THE PROVISIONS OF SECTION TWELVE
HUNDRED NINETY-NINE-FF OF THE TAX LAW IN ACCORDANCE WITH THE PROVISIONS
THEREOF.
2. MONEYS IN THE FUND SHALL BE USED FOR THE EXCLUSIVE PURPOSE OF
FUNDING PROGRAMS ADMINISTERED BY THE AUTHORITY.
3. ANY REVENUES DEPOSITED IN THE GREEN TRANSITION FUND PURSUANT TO
SUBDIVISION ONE OF THIS SECTION SHALL BE USED EXCLUSIVELY FOR THE
PURPOSES DESCRIBED IN SUBDIVISION TWO OF THIS SECTION. SUCH REVENUES
SHALL ONLY SUPPLEMENT AND SHALL NOT SUPPLANT ANY FEDERAL, STATE, OR
LOCAL FUNDS EXPENDED BY THE AUTHORITY OR SUCH AUTHORITY'S AFFILIATES OR
SUBSIDIARIES FOR SUCH PURPOSES.
4. ANY REVENUES DEPOSITED INTO THE GREEN TRANSITION FUND PURSUANT TO
SUBDIVISION ONE OF THIS SECTION SHALL NOT BE DIVERTED INTO THE GENERAL
FUND OF THE STATE, ANY OTHER FUND MAINTAINED FOR THE SUPPORT OF ANY
OTHER GOVERNMENTAL PURPOSE, OR FOR ANY OTHER PURPOSE NOT AUTHORIZED BY
SUBDIVISION TWO OF THIS SECTION.
5. THE AUTHORITY SHALL REPORT ON THE RECEIPT AND USES OF ALL FUNDS
RECEIVED BY THE GREEN TRANSITION FUND TO THE DIRECTOR OF THE BUDGET, THE
TEMPORARY PRESIDENT OF THE SENATE, AND THE SPEAKER OF THE ASSEMBLY, ON
AN ANNUAL BASIS NO LATER THAN THE FIRST DAY OF FEBRUARY.
§ 1756. ACCOUNTS AND FUNDING. 1. THE PROGRAMS ADMINISTERED BY THE
AUTHORITY SHALL BE FUNDED IN PART BY THE GREEN TRANSITION FUND ESTAB-
LISHED PURSUANT TO SECTION SEVENTEEN HUNDRED FIFTY-FIVE OF THIS TITLE
AND ANY OTHER MONEYS RECEIVED BY THE AUTHORITY, INCLUDING PAYMENTS,
GIFTS, OR APPROPRIATIONS TO THE AUTHORITY FROM ANY OTHER SOURCE.
2. THE AUTHORITY SHALL BE AUTHORIZED TO SET A STANDARD RATE FOR VEHI-
CLE CHARGING STATIONS OWNED BY THE AUTHORITY AND TO COLLECT ANY REVENUE
GENERATED FROM SUCH CHARGING STATIONS.
3. THE AUTHORITY SHALL HAVE THE POWER AND IS HEREBY AUTHORIZED FROM
TIME TO TIME TO ISSUE ITS NEGOTIABLE BONDS IN CONFORMITY WITH APPLICABLE
S. 9528 9
PROVISIONS OF THE UNIFORM COMMERCIAL CODE FOR ANY PURPOSE AUTHORIZED BY
THIS TITLE.
§ 1757. EXEMPTION FROM TAXES, ASSESSMENTS AND CERTAIN FEES. IT IS
HEREBY DETERMINED THAT THE CREATION OF THE AUTHORITY AND THE CARRYING
OUT OF ITS CORPORATE PURPOSES IS IN ALL RESPECTS FOR THE BENEFIT OF THE
PEOPLE OF THE MUNICIPALITY AND THE STATE AND IS A PUBLIC PURPOSE AND THE
AUTHORITY SHALL BE REGARDED AS PERFORMING A GOVERNMENTAL FUNCTION IN THE
EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE AND SHALL NOT BE
REQUIRED TO PAY ANY TAXES, SPECIAL AD VALOREM LEVIES OR SPECIAL ASSESS-
MENTS UPON ANY PROPERTY OWNED BY IT OR UNDER ITS JURISDICTION, CONTROL
OR SUPERVISION OR UPON ITS ACTIVITIES OR ANY FILING, RECORDING OR TRANS-
FER FEES OR TAXES IN RELATION TO INSTRUMENTS FILED, RECORDED OR TRANS-
FERRED BY IT OR ON ITS BEHALF. THE CONSTRUCTION, USE, OCCUPATION OR
POSSESSION OF ANY PROPERTY OWNED BY THE AUTHORITY OR THE MUNICIPALITY,
INCLUDING IMPROVEMENTS THEREON, BY ANY PERSON OR PUBLIC CORPORATION
UNDER A LEASE, LEASE AND SUBLEASE OR ANY OTHER AGREEMENT SHALL NOT OPER-
ATE TO ABROGATE OR LIMIT THE FOREGOING EXEMPTION, NOTWITHSTANDING THAT
THE LESSEE, USER, OCCUPANT OR PERSON IN POSSESSION SHALL CLAIM OWNERSHIP
FOR FEDERAL INCOME TAX PURPOSES. MORTGAGES MADE OR FINANCED, DIRECTLY OR
INDIRECTLY, BY THE AUTHORITY SHALL BE EXEMPT FROM THE MORTGAGE RECORDING
TAXES IMPOSED BY ARTICLE ELEVEN OF THE TAX LAW. THE AUTHORITY SHALL BE
DEEMED A PUBLIC AUTHORITY FOR THE PURPOSES OF SECTION FOUR HUNDRED
TWELVE OF THE REAL PROPERTY TAX LAW.
§ 1758. AUDIT AND ANNUAL REPORT. IN CONFORMITY WITH THE PROVISIONS OF
SECTION FIVE OF ARTICLE TEN OF THE CONSTITUTION, THE ACCOUNTS OF THE
AUTHORITY SHALL BE SUBJECT TO THE SUPERVISION OF THE STATE COMPTROLLER
AND AN ANNUAL AUDIT SHALL BE PERFORMED BY AN INDEPENDENT CERTIFIED
ACCOUNTANT. THE AUTHORITY SHALL ANNUALLY SUBMIT TO THE GOVERNOR, STATE
COMPTROLLER AND STATE LEGISLATURE A DETAILED REPORT PURSUANT TO THE
PROVISIONS OF SECTION TWENTY-EIGHT HUNDRED OF THIS CHAPTER, AND A COPY
OF SUCH REPORT SHALL BE FILED WITH EVERY MUNICIPALITY INCLUDED IN THE
REPORT. THE AUTHORITY SHALL COMPLY WITH THE PROVISIONS OF SECTIONS TWEN-
TY-EIGHT HUNDRED ONE, TWENTY-EIGHT HUNDRED TWO AND TWENTY-EIGHT HUNDRED
THREE OF THIS CHAPTER.
§ 1759. LABOR AND PROCUREMENT STANDARDS. 1. ANY PROJECT THAT IS FUNDED
BY THE AUTHORITY SHALL:
(A) BE DEEMED A PUBLIC WORK PROJECT SUBJECT TO ARTICLE EIGHT OF THE
LABOR LAW;
(B) REQUIRE THAT ANY MATERIALS USED IN THE PROJECT ARE PRODUCED OR
MADE IN WHOLE OR SUBSTANTIAL PART IN THE UNITED STATES, ITS TERRITORIES
OR POSSESSIONS; PROVIDED, HOWEVER, THAT THE AUTHORITY SHALL ESTABLISH A
WAIVER PROCESS AUTHORIZING THE PURCHASE OF PROJECT MATERIALS THAT ARE
PRODUCED OR MADE IN WHOLE OR SUBSTANTIAL PART OUTSIDE OF THE UNITED
STATES, ITS TERRITORIES OR POSSESSIONS WHEN SUCH MATERIALS ARE NOT READ-
ILY AVAILABLE OR COST-EFFECTIVE;
(C) REQUIRE THAT ANY PUBLIC OWNER OR THIRD PARTY ACTING ON THE BEHALF
OF A PUBLIC OWNER ENTER INTO A PROJECT LABOR AGREEMENT AS DEFINED BY
SECTION TWO HUNDRED TWENTY-TWO OF THE LABOR LAW FOR ALL CONSTRUCTION
WORK;
(D) REQUIRE THE PAYMENT OF PREVAILING WAGE STANDARDS CONSISTENT WITH
ARTICLE NINE OF THE LABOR LAW FOR BUILDING SERVICES WORK; AND
(E) REQUIRE THAT ALL RIGHTS OR BENEFITS, INCLUDING TERMS AND CONDI-
TIONS OF EMPLOYMENT, AND PROTECTION OF CIVIL SERVICE AND COLLECTIVE
BARGAINING STATUS OF ALL EXISTING PUBLIC EMPLOYEES AND THE WORK JURIS-
DICTION, COVERED JOB TITLES, AND WORK ASSIGNMENTS, SET FORTH IN THE
S. 9528 10
CIVIL SERVICE LAW AND COLLECTIVE BARGAINING AGREEMENTS WITH LABOR ORGAN-
IZATIONS REPRESENTING PUBLIC EMPLOYEES SHALL BE PRESERVED AND PROTECTED.
2. ANY SUCH PROJECT SHALL NOT RESULT IN THE:
(A) DISPLACEMENT OF ANY CURRENTLY EMPLOYED WORKER OR LOSS OF POSITION,
INCLUDING PARTIAL DISPLACEMENT SUCH AS A REDUCTION IN THE HOURS OF NON-
OVERTIME WORK, WAGES, OR EMPLOYMENT BENEFITS, OR RESULT IN THE IMPAIR-
MENT OF EXISTING COLLECTIVE BARGAINING AGREEMENTS;
(B) TRANSFER OF EXISTING DUTIES AND FUNCTIONS RELATED TO MAINTENANCE
AND OPERATIONS PERFORMED BY EXISTING EMPLOYEES OF AUTHORIZED ENTITIES TO
A CONTRACTING ENTITY; OR
(C) TRANSFER OF FUTURE DUTIES AND FUNCTIONS ORDINARILY PERFORMED BY
EMPLOYEES OF AUTHORIZED ENTITIES TO A CONTRACTING ENTITY.
3. THE AUTHORITY SHALL INCLUDE REQUIREMENTS IN ANY PROCUREMENT THAT:
(A) THE MATERIALS, COMPONENTS, PARTS OR VEHICLES BE PRODUCED OR MADE
IN WHOLE OR SUBSTANTIAL PART IN THE UNITED STATES, ITS TERRITORIES OR
POSSESSIONS; PROVIDED, HOWEVER, THAT THE PRESIDENT OF THE AUTHORITY, OR
THE PRESIDENT'S DESIGNEE MAY WAIVE THE PROCUREMENT REQUIREMENTS SET
FORTH IN THIS PARAGRAPH IF SUCH OFFICIAL DETERMINES THAT: (I) THE
REQUIREMENTS WOULD NOT BE IN THE PUBLIC INTEREST; (II) THE REQUIREMENTS
WOULD RESULT IN UNREASONABLE COSTS; (III) OBTAINING SUCH INFRASTRUC-
TURE-RELATED MATERIALS, COMPONENTS OR PARTS IN THE UNITED STATES WOULD
INCREASE THE COST OF A PROJECT BY AN UNREASONABLE AMOUNT; OR (IV) ANY
SUCH VEHICLES, PARTS, OR COMPONENTS CANNOT BE PRODUCED, MADE, OR ASSEM-
BLED IN THE UNITED STATES IN SUFFICIENT AND REASONABLY AVAILABLE QUANTI-
TIES OR OF SATISFACTORY QUALITY. DETERMINATIONS ON WAIVERS SHALL BE MADE
ON AN ANNUAL BASIS NO LATER THAN DECEMBER THIRTY-FIRST, AFTER PROVIDING
NOTICE AND OPPORTUNITY FOR PUBLIC COMMENT, AND SUCH DETERMINATION SHALL
BE MADE PUBLICLY AVAILABLE, IN WRITING, ON THE AUTHORITY'S WEBSITE WITH
A DETAILED EXPLANATION OF THE FINDINGS LEADING TO SUCH A DETERMINATION.
IF THE PRESIDENT OR THE PRESIDENT'S DESIGNEE HAS ISSUED DETERMINATIONS
FOR THREE CONSECUTIVE YEARS FINDING THAT NO SUCH WAIVER IS WARRANTED
PURSUANT TO THIS PARAGRAPH, THEN THE AUTHORITY SHALL NO LONGER BE
REQUIRED TO PROVIDE THE ANNUAL DETERMINATION REQUIRED BY THIS PARAGRAPH.
(B) THE AUTHORITY SHALL USE A SYSTEM FOR PROCUREMENT THAT INCORPORATES
A BEST-VALUE CONTRACTING FRAMEWORK TO CONSIDER THE QUALITY, COST AND
EFFICIENCY OF OFFERORS WHEN EVALUATING PROCUREMENT CONTRACT PROPOSALS
FOR THE PURCHASE OF ZERO-EMISSION VEHICLES AND CHARGING EQUIPMENT. SUCH
FRAMEWORK SHALL REFLECT, WHENEVER POSSIBLE, OBJECTIVE AND QUANTIFIABLE
ANALYSIS. SUCH FRAMEWORK SHALL IDENTIFY A QUANTITATIVE FACTOR FOR OFFE-
RORS THAT PRIORITIZE AND INCLUDE THE FOLLOWING IN SUCH PROCUREMENT
CONTRACT PROPOSAL:
(I) AN EMPLOYMENT PLAN WHICH SHALL INCLUDE BUT NOT BE LIMITED TO:
(1) WORKER WAGES;
(2) WORKER BENEFITS;
(3) WORKER SAFETY;
(4) TRAINING, RETRAINING, AND REGISTERED APPRENTICESHIP PROGRAMS; AND
(5) A COMMITMENT TO CREATE HIGH-QUALITY JOBS WITHIN THE STATE TO THE
MAXIMUM EXTENT PRACTICABLE FOR DISADVANTAGED OR UNDERREPRESENTED INDI-
VIDUALS;
(II) A COMMITMENT TO CONSIDER THE INTERESTS OF MEMBERS OF THE COMMUNI-
TY THAT SURROUND SUCH OFFEROR'S FACILITY AND THE INTERESTS OF MEMBERS OF
THE COMMUNITY FROM WHICH WORKERS ARE RECRUITED;
(III) A DESCRIPTION OF EFFORTS BY THE OFFEROR TO LOWER GREENHOUSE GAS
EMISSIONS AND SUCH OFFEROR'S IMPACT ON CLIMATE CHANGE; AND
(IV) COMPLIANCE WITH LOCAL, STATE, AND FEDERAL LABOR, CIVIL RIGHTS,
AND ENVIRONMENTAL LAWS AND REGULATIONS. VIOLATIONS OF LOCAL, STATE, AND
S. 9528 11
FEDERAL LABOR, CIVIL RIGHTS, AND ENVIRONMENTAL LAWS AND REGULATIONS
SHALL BE CONSIDERED A NEGATIVE FACTOR IN THE AUTHORITY'S PROCUREMENT
FRAMEWORK.
4. THE FRAMEWORK ESTABLISHED PURSUANT TO PARAGRAPH (B) OF SUBDIVISION
THREE OF THIS SECTION SHALL INCLUDE A NOTICE TO OFFERORS STATING THAT
THE TERMS AND CONDITIONS OF EMPLOYMENT AND CONTENT OF EMPLOYMENT PLANS
AND REPORTS REQUIRED BY SUBDIVISION THREE OF THIS SECTION SHALL BE
SUBJECT TO DISCLOSURE UNDER THE FREEDOM OF INFORMATION LAW; AND
5. THE FINAL PROCUREMENT CONTRACT AND ANY COMPLIANCE DOCUMENTS SHALL
BE MADE AVAILABLE TO THE PUBLIC ON THE AUTHORITY'S WEBSITE.
§ 1760. BONDS AND NOTES. 1. THE AUTHORITY SHALL HAVE THE POWER AND IS
HEREBY AUTHORIZED TO ISSUE AT ONE TIME OR IN SERIES FROM TIME TO TIME
ITS NEGOTIABLE BONDS AND NOTES IN CONFORMITY WITH APPLICABLE PROVISIONS
OF THE UNIFORM COMMERCIAL CODE IN SUCH PRINCIPAL AMOUNTS AS, IN THE
OPINION OF THE AUTHORITY, SHALL BE NECESSARY TO PROVIDE SUFFICIENT
MONEYS FOR ACHIEVING THE AUTHORITY'S CORPORATE PURPOSES, INCLUDING THE
ESTABLISHMENT OF RESERVES TO SECURE THE BONDS AND NOTES AND THE PAYMENT
OF INTEREST ON BONDS AND NOTES.
2. THE AUTHORITY SHALL HAVE POWER FROM TIME TO TIME TO RENEW BONDS OR
NOTES OR TO ISSUE RENEWAL BONDS OR NOTES FOR SUCH PURPOSE, TO ISSUE
BONDS OR NOTES TO PAY BONDS OR NOTES, AND, WHENEVER IT DEEMS REFUNDING
EXPEDIENT, TO REFUND ANY BOND OR NOTE BY THE ISSUANCE OF NEW BONDS OR
NOTES, WHETHER THE BONDS OR NOTES TO BE REFUNDED HAVE OR HAVE NOT
MATURED, AND MAY ISSUE BONDS OR NOTES PARTLY TO REFUND BONDS OR NOTES
THEN OUTSTANDING AND PARTLY FOR ANY OTHER CORPORATE PURPOSE OF THE
AUTHORITY. BONDS OR NOTES ISSUED FOR REFUNDING PURPOSES SHALL BE SOLD
AND THE PROCEEDS APPLIED TO THE PURCHASE, REDEMPTION OR PAYMENT OF THE
BONDS OR NOTES TO BE REFUNDED.
3. EXCEPT AS MAY OTHERWISE BE EXPRESSLY PROVIDED BY THE AUTHORITY,
EVERY ISSUE OF BONDS OR NOTES SHALL BE GENERAL OBLIGATIONS PAYABLE OUT
OF ANY MONEYS OR REVENUES OF THE AUTHORITY, SUBJECT ONLY TO ANY AGREE-
MENTS WITH THE HOLDERS OF BONDS OR NOTES PLEDGING ANY RECEIPTS OR REVEN-
UES.
4. THE BONDS AND NOTES SHALL BE AUTHORIZED BY RESOLUTION OF THE
AUTHORITY, SHALL BEAR SUCH DATE OR DATES AND MATURE AT SUCH TIME OR
TIMES AS SUCH RESOLUTION SHALL PROVIDE, EXCEPT THAT NOTES AND ANY
RENEWALS THEREOF SHALL MATURE WITHIN FIVE YEARS FROM THEIR RESPECTIVE
DATES OF ISSUANCE OR RENEWAL, AS THE CASE MAY BE, AND BONDS SHALL MATURE
WITHIN FORTY YEARS FROM THEIR RESPECTIVE DATES OF ISSUANCE OR RENEWAL,
AS THE CASE MAY BE. THE BONDS AND NOTES SHALL BEAR INTEREST AT SUCH RATE
OR RATES, BE IN SUCH DENOMINATION, BE IN SUCH FORM, EITHER COUPON OR
REGISTERED, CARRY SUCH REGISTRATION PRIVILEGES, BE EXECUTED IN SUCH
MANNER, BE PAYABLE IN SUCH MEDIUM OF PAYMENT AT SUCH PLACE OR PLACES,
AND BE SUBJECT TO SUCH TERMS OF REDEMPTION AS SUCH RESOLUTION OR RESOL-
UTIONS MAY PROVIDE.
5. BONDS AND NOTES SHALL BE SOLD BY THE AUTHORITY, AT PUBLIC OR
PRIVATE SALE, AT SUCH PRICE OR PRICES AS THE AUTHORITY MAY DETERMINE.
BONDS AND NOTES OF THE AUTHORITY SHALL NOT BE SOLD BY THE AUTHORITY AT
PRIVATE SALE UNLESS SUCH SALE AND THE TERMS THEREOF HAVE BEEN APPROVED
IN WRITING BY THE COMPTROLLER, WHERE SUCH SALE IS NOT TO THE COMP-
TROLLER, OR BY THE DIRECTOR OF THE BUDGET, WHERE SUCH SALE IS TO THE
COMPTROLLER.
6. IN THE DISCRETION OF THE AUTHORITY ANY BONDS OR ISSUE OF BONDS OR
NOTES OR ISSUE OF NOTES MAY BE SECURED BY SUCH RESOLUTION OR BY A TRUST
INDENTURE BY AND BETWEEN THE AUTHORITY AND A CORPORATE TRUSTEE WHICH MAY
BE ANY TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY IN THE
S. 9528 12
STATE OR BY A SECURED LOAN AGREEMENT OR OTHER INSTRUMENT. SUCH RESOL-
UTION, TRUST INDENTURE, LOAN AGREEMENT OR OTHER INSTRUMENT MAY CONTAIN
ANY USUAL OR CUSTOMARY PROVISIONS, COVENANTS OR LIMITATIONS FOR BONDS OR
NOTES OF SIMILAR NATURE WHICH SHALL BE A PART OF THE CONTRACT WITH THE
HOLDERS THEREOF, INCLUDING SUCH PROVISIONS FOR PROTECTING AND ENFORCING
THE RIGHTS AND REMEDIES OF BONDHOLDERS AND NOTEHOLDERS AS MAY BE REASON-
ABLE AND PROPER AND NOT IN VIOLATION OF LAW.
7. ANY RESOLUTION OR RESOLUTIONS AUTHORIZING ANY NOTES OR BONDS OR ANY
ISSUE THEREOF MAY CONTAIN PROVISIONS, WHICH SHALL BE A PART OF THE
CONTRACT WITH THE HOLDERS THEREOF, AS TO:
(A) PLEDGING ALL OR PART OF THE FEES, CHARGES, GIFTS, GRANTS, RENTS,
REVENUES OR OTHER MONEYS RECEIVED OR TO BE RECEIVED AND LEASES OR AGREE-
MENTS TO SECURE THE PAYMENT OF THE NOTES OR BONDS OR OF ANY ISSUE THERE-
OF SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AND NOTEHOLDERS AS MAY
THEN EXIST;
(B) THE RATES OF THE FEES OR CHARGES TO BE ESTABLISHED, AND THE
AMOUNTS TO BE RAISED IN EACH YEAR THEREBY AND THE USE AND DISPOSITION OF
THE FEES, CHARGES, GIFTS, GRANTS, RENTS, REVENUES OR OTHER MONEYS
RECEIVED OR TO BE RECEIVED;
(C) THE SETTING ASIDE OF RESERVES OR SINKING FUNDS, AND THE REGULATION
AND DISPOSITION THEREOF;
(D) LIMITATIONS ON THE PURPOSE TO WHICH THE PROCEEDS OF SALE OF ANY
ISSUE OF NOTES OR BONDS THEN OR THEREAFTER TO BE ISSUED MAY BE APPLIED
AND PLEDGING SUCH PROCEEDS TO SECURE THE PAYMENT OF THE NOTES OR BONDS
OR OF ANY ISSUE THEREOF;
(E) LIMITATIONS ON THE ISSUANCE OF ADDITIONAL NOTES OR BONDS; THE
TERMS UPON WHICH ADDITIONAL NOTES OR BONDS MAY BE ISSUED AND SECURED;
THE REFUNDING OF OUTSTANDING OR OTHER NOTES OR BONDS;
(F) THE PROCEDURE, IF ANY, BY WHICH THE TERMS OF ANY CONTRACT WITH
BONDHOLDERS OR NOTEHOLDERS MAY BE AMENDED OR ABROGATED, THE AMOUNT OF
NOTES OR BONDS THE HOLDERS OF WHICH MUST CONSENT THERETO, AND THE MANNER
IN WHICH SUCH CONSENT MAY BE GIVEN; AND
(G) ANY OTHER MATTERS, OF LIKE OR DIFFERENT CHARACTER, WHICH IN ANY
WAY AFFECT THE SECURITY OR PROTECTION OF THE NOTES OR BONDS.
8. IT IS THE INTENTION HEREOF THAT ANY PLEDGE MADE BY THE AUTHORITY
SHALL BE VALID AND BINDING FROM THE TIME WHEN THE PLEDGE IS MADE, THAT
THE MONEYS SO PLEDGED AND THEREAFTER RECEIVED BY THE AUTHORITY SHALL
IMMEDIATELY BE SUBJECT TO THE LIEN OF SUCH PLEDGE WITHOUT ANY PHYSICAL
DELIVERY THEREOF OR FURTHER ACT, AND THAT THE LIEN OF ANY SUCH PLEDGE
SHALL BE VALID AND BINDING AS AGAINST ALL PARTIES HAVING CLAIMS OF ANY
KIND IN TORT, CONTRACT OR OTHERWISE AGAINST THE AUTHORITY IRRESPECTIVE
OF WHETHER SUCH PARTIES HAVE NOTICE THEREOF. NEITHER THE RESOLUTION NOR
ANY OTHER INSTRUMENT BY WHICH A PLEDGE IS CREATED NEED BE RECORDED.
9. NEITHER THE MEMBERS OF THE AUTHORITY NOR ANY PERSON EXECUTING THE
BONDS OR NOTES SHALL BE LIABLE PERSONALLY ON THE BONDS OR NOTES OR BE
SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE
ISSUANCE THEREOF.
10. SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS OR NOTEHOLDERS AS MAY
THEN EXIST, THE AUTHORITY SHALL HAVE POWER OUT OF ANY FUNDS AVAILABLE
THEREFOR TO PURCHASE BONDS OR NOTES AT A PRICE NOT EXCEEDING (A) IF THE
NOTES OR BONDS ARE THEN REDEEMABLE, THE REDEMPTION PRICE THEN APPLICABLE
PLUS ACCRUED INTEREST TO THE NEXT INTEREST PAYMENT DATE THEREON, OR (B)
IF THE NOTES OR BONDS ARE NOT THEN REDEEMABLE, THE REDEMPTION PRICE
APPLICABLE ON THE FIRST DATE AFTER SUCH PURCHASE UPON WHICH THE NOTES OR
BONDS BECOME SUBJECT TO REDEMPTION PLUS ACCRUED INTEREST TO SAID DATE.
BONDS AND NOTES SO PURCHASED SHALL THEREUPON BE CANCELLED.
S. 9528 13
11. THE STATE DOES HEREBY PLEDGE TO AND AGREE WITH THE HOLDERS OF ANY
BONDS OR NOTES THAT THE STATE WILL NOT LIMIT OR ALTER THE RIGHTS AND
POWERS VESTED IN THE AUTHORITY BY THIS TITLE TO FULFILL THE TERMS OF ANY
CONTRACT MADE BY THE AUTHORITY WITH SUCH HOLDERS, OR IN ANY WAY IMPAIR
THE RIGHTS AND REMEDIES OF SUCH HOLDERS UNTIL SUCH BONDS AND NOTES,
TOGETHER WITH THE INTEREST THEREON, WITH INTEREST ON ANY UNPAID INSTALL-
MENTS OF INTEREST, AND ALL COSTS AND EXPENSES IN CONNECTION WITH ANY
ACTION OR PROCEEDING BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY MET AND
DISCHARGED. THE AUTHORITY IS AUTHORIZED TO INCLUDE THIS PLEDGE AND
AGREEMENT OF THE STATE, INSOFAR AS IT REFERS TO HOLDERS OF ANY BONDS OR
NOTES, IN ANY CONTRACT WITH SUCH HOLDERS.
§ 1761. RESERVE FUNDS AND APPROPRIATIONS. 1. THE AUTHORITY MAY CREATE
AND ESTABLISH ONE OR MORE RESERVE FUNDS TO BE KNOWN AS DEBT SERVICE
RESERVE FUNDS AND MAY PAY INTO SUCH RESERVE FUNDS (A) ANY MONEYS APPRO-
PRIATED AND MADE AVAILABLE BY THE STATE FOR THE PURPOSES OF SUCH FUNDS,
(B) ANY PROCEEDS OF SALE OF BONDS AND NOTES TO THE EXTENT PROVIDED IN
THE RESOLUTION OF THE AUTHORITY AUTHORIZING THE ISSUANCE THEREOF, (C)
ANY MONEYS DIRECTED TO BE TRANSFERRED BY THE AUTHORITY TO SUCH FUNDS,
AND (D) ANY OTHER MONEYS WHICH MAY BE MADE AVAILABLE TO THE AUTHORITY
FOR THE PURPOSES OF SUCH FUNDS FROM ANY OTHER SOURCE OR SOURCES. THE
MONEYS HELD IN OR CREDITED TO ANY DEBT SERVICE RESERVE FUND ESTABLISHED
UNDER THIS SUBDIVISION, EXCEPT AS HEREINAFTER PROVIDED, SHALL BE USED
SOLELY FOR THE PAYMENT OF THE PRINCIPAL OF BONDS OF THE AUTHORITY
SECURED BY SUCH RESERVE FUND, AS THE SAME MATURE, REQUIRED PAYMENTS TO
ANY SINKING FUND ESTABLISHED FOR THE AMORTIZATION OF SUCH BONDS (HEREIN-
AFTER REFERRED TO AS "SINKING FUND PAYMENTS"), THE PURCHASE OR REDEMP-
TION OF SUCH BONDS OF THE AUTHORITY, THE PAYMENT OF INTEREST ON SUCH
BONDS OF THE AUTHORITY OR THE PAYMENT OF ANY REDEMPTION PREMIUM REQUIRED
TO BE PAID WHEN SUCH BONDS ARE REDEEMED PRIOR TO MATURITY; PROVIDED,
HOWEVER, THAT MONEYS IN ANY SUCH FUND SHALL NOT BE WITHDRAWN THEREFROM
AT ANY TIME IN SUCH AMOUNT AS WOULD REDUCE THE AMOUNT OF SUCH FUND TO
LESS THAN THE MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST MATURING AND
BECOMING DUE IN ANY SUCCEEDING CALENDAR YEAR ON THE BONDS OF THE AUTHOR-
ITY THEN OUTSTANDING AND SECURED BY SUCH RESERVE FUND, EXCEPT FOR THE
PURPOSE OF PAYING PRINCIPAL AND INTEREST ON THE BONDS OF THE AUTHORITY
SECURED BY SUCH RESERVE FUND MATURING AND BECOMING DUE AND SINKING FUND
PAYMENTS FOR THE PAYMENT OF WHICH OTHER MONEYS OF THE AUTHORITY ARE NOT
AVAILABLE. ANY INCOME OR INTEREST EARNED BY, OR INCREMENT TO, ANY SUCH
DEBT SERVICE RESERVE FUND DUE TO THE INVESTMENT THEREOF MAY BE TRANS-
FERRED TO ANY OTHER FUND OR ACCOUNT OF THE AUTHORITY TO THE EXTENT IT
DOES NOT REDUCE THE AMOUNT OF SUCH DEBT SERVICE RESERVE FUND BELOW THE
MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST MATURING AND BECOMING DUE IN
ANY SUCCEEDING CALENDAR YEAR ON ALL BONDS OF THE AUTHORITY THEN
OUTSTANDING AND SECURED BY SUCH RESERVE FUND. IN COMPUTING THE AMOUNT
OF ANY DEBT SERVICE RESERVE FUND FOR THE PURPOSES OF THIS SECTION, SECU-
RITIES IN WHICH ALL OR A PORTION OF SUCH RESERVE FUND ARE INVESTED SHALL
BE VALUED AT PAR OR, IF PURCHASED AT LESS THAN PAR, AT THEIR COST TO THE
AUTHORITY.
2. THE AUTHORITY SHALL NOT ISSUE BONDS AT ANY TIME IF THE MAXIMUM
AMOUNT OF PRINCIPAL AND INTEREST MATURING AND BECOMING DUE IN A SUCCEED-
ING CALENDAR YEAR ON THE BONDS OUTSTANDING AND THEN TO BE ISSUED AND
SECURED BY A DEBT SERVICE RESERVE FUND WILL EXCEED THE AMOUNT OF SUCH
RESERVE FUND AT THE TIME OF ISSUANCE, UNLESS THE AUTHORITY, AT THE TIME
OF ISSUANCE OF SUCH BONDS, SHALL DEPOSIT IN SUCH RESERVE FUND FROM THE
PROCEEDS OF THE BONDS SO TO BE ISSUED, OR OTHERWISE, AN AMOUNT WHICH
TOGETHER WITH THE AMOUNT THEN IN SUCH RESERVE FUND, WILL BE NOT LESS
S. 9528 14
THAN THE MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST MATURING AND BECOMING
DUE IN ANY SUCCEEDING CALENDAR YEAR ON THE BONDS THEN TO BE ISSUED AND
ON ALL OTHER BONDS OF THE AUTHORITY THEN OUTSTANDING AND SECURED BY SUCH
RESERVE FUND.
3. TO ASSURE THE CONTINUED OPERATION AND SOLVENCY OF THE AUTHORITY FOR
THE CARRYING OUT OF THE PUBLIC PURPOSES OF THIS TITLE PROVISION IS MADE
IN SUBDIVISION ONE OF THIS SECTION FOR THE ACCUMULATION IN EACH DEBT
SERVICE RESERVE FUND OF AN AMOUNT EQUAL TO THE MAXIMUM AMOUNT OF PRINCI-
PAL AND INTEREST MATURING AND BECOMING DUE IN ANY SUCCEEDING CALENDAR
YEAR ON ALL BONDS OF THE AUTHORITY THEN OUTSTANDING AND SECURED BY SUCH
RESERVE FUND. IN ORDER FURTHER TO ASSURE THE MAINTENANCE OF SUCH DEBT
SERVICE RESERVE FUNDS, THERE SHALL BE ANNUALLY APPORTIONED AND PAID TO
THE AUTHORITY FOR DEPOSIT IN EACH DEBT SERVICE RESERVE FUND SUCH SUM, IF
ANY, AS SHALL BE CERTIFIED BY THE CHAIR OF THE AUTHORITY TO THE GOVERNOR
AND STATE DIRECTOR OF THE BUDGET AS NECESSARY TO RESTORE SUCH RESERVE
FUND TO AN AMOUNT EQUAL TO THE MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST
MATURING AND BECOMING DUE IN ANY SUCCEEDING CALENDAR YEAR ON THE BONDS
OF THE AUTHORITY THEN OUTSTANDING AND SECURED BY SUCH RESERVE FUND. THE
CHAIR OF THE AUTHORITY SHALL ANNUALLY, ON OR BEFORE DECEMBER FIRST, MAKE
AND DELIVER TO THE GOVERNOR AND STATE DIRECTOR OF THE BUDGET A CERTIF-
ICATE STATING THE SUM, IF ANY, REQUIRED TO RESTORE EACH SUCH DEBT
SERVICE RESERVE FUND TO THE AMOUNT AFORESAID, AND THE SUM OR SUMS SO
CERTIFIED, IF ANY, SHALL BE APPORTIONED AND PAID TO THE AUTHORITY DURING
THE THEN CURRENT STATE FISCAL YEAR. THE PRINCIPAL AMOUNT OF BONDS
SECURED BY A DEBT SERVICE RESERVE FUND OR FUNDS TO WHICH STATE FUNDS ARE
APPORTIONABLE PURSUANT TO THIS SUBDIVISION SHALL BE LIMITED TO THE TOTAL
AMOUNT OF BONDS AND NOTES OUTSTANDING ON THE EFFECTIVE DATE OF THIS
TITLE, PLUS THE TOTAL AMOUNT OF BONDS AND NOTES CONTRACTED AFTER THE
EFFECTIVE DATE OF THIS TITLE TO FINANCE PROJECTS IN PROGRESS ON THE
EFFECTIVE DATE OF THIS TITLE AS DETERMINED BY THE NEW YORK STATE PUBLIC
AUTHORITIES CONTROL BOARD CREATED PURSUANT TO SECTION FIFTY OF THIS
CHAPTER WHOSE AFFIRMATIVE DETERMINATION SHALL BE CONCLUSIVE AS TO ALL
MATTERS OF LAW AND FACT SOLELY FOR THE PURPOSES OF THE LIMITATIONS
CONTAINED IN THIS SUBDIVISION, BUT IN NO EVENT SHALL THE TOTAL AMOUNT OF
BONDS SO SECURED BY SUCH A DEBT SERVICE RESERVE FUND OR FUNDS EXCEED
NINE MILLION SIX HUNDRED SIXTY THOUSAND DOLLARS, EXCLUDING BONDS ISSUED
TO REFUND SUCH OUTSTANDING BONDS UNTIL THE DATE OF REDEMPTION OF SUCH
OUTSTANDING BONDS. AS OUTSTANDING BONDS SO SECURED ARE PAID, THE AMOUNT
SO SECURED SHALL BE REDUCED ACCORDINGLY BUT THE REDEMPTION OF SUCH
OUTSTANDING BONDS FROM THE PROCEEDS OF REFUNDING BONDS SHALL NOT REDUCE
THE AMOUNT SO SECURED.
4. ALL AMOUNTS PAID OVER TO THE AUTHORITY BY THE STATE PURSUANT TO THE
PROVISIONS OF THIS SECTION SHALL CONSTITUTE AND BE ACCOUNTED FOR AS
ADVANCES BY THE STATE TO THE AUTHORITY AND, SUBJECT ONLY TO THE RIGHTS
OF THE HOLDERS OF ANY BONDS OR NOTES OF THE AUTHORITY THERETOFORE OR
THEREAFTER ISSUED, SHALL BE REPAID TO THE STATE FROM ALL AVAILABLE OPER-
ATING REVENUES OF THE AUTHORITY IN EXCESS OF DEBT SERVICE RESERVE FUND
REQUIREMENTS AND OPERATING EXPENSES.
5. AS USED IN THIS SECTION, (A) THE TERM "OPERATING EXPENSES" SHALL
MEAN ORDINARY EXPENDITURES FOR OPERATION AND ADMINISTRATION OF THE
AUTHORITY, INCLUDING MAINTENANCE, REPAIR AND REPLACEMENT OF AUTHORITY
PROPERTY; AND (B) THE TERM "AVAILABLE OPERATING REVENUES" SHALL MEAN ALL
AMOUNTS RECEIVED ON ACCOUNT OF RENTALS AND FEES CHARGED BY THE AUTHORI-
TY, IF ANY, AND INCOME OR INTEREST EARNED OR ADDED TO FUNDS OF THE
AUTHORITY DUE TO THE INVESTMENT THEREOF, AND NOT REQUIRED UNDER THE
TERMS OR PROVISIONS OF ANY COVENANT OR AGREEMENT WITH HOLDERS OF ANY
S. 9528 15
BONDS OR NOTES OF THE AUTHORITY TO BE APPLIED TO ANY PURPOSES OTHER THAN
PAYMENT OF OPERATING EXPENSES OF THE AUTHORITY.
§ 1762. EXEMPTION FROM TAXATION OF BONDS AND NOTES. THE STATE COVEN-
ANTS WITH THE PURCHASERS AND WITH ALL SUBSEQUENT HOLDERS AND TRANSFEREES
OF BONDS AND NOTES, IN CONSIDERATION OF THE ACCEPTANCE OF AND PAYMENT
FOR THE BONDS AND NOTES, THAT THE BONDS AND NOTES AND THE INCOME THERE-
FROM, AND ALL MONEYS, FUNDS AND REVENUES PLEDGED TO PAY OR SECURE THE
PAYMENT OF SUCH BONDS AND NOTES SHALL AT ALL TIMES BE FREE FROM TAXA-
TION, EXCEPT FOR ESTATE AND GIFT TAXES AND TAXES ON TRANSFERS.
§ 1763. BONDS AND NOTES LEGAL INVESTMENTS FOR FIDUCIARIES. THE BONDS
AND NOTES ARE HEREBY MADE SECURITIES IN WHICH ALL PUBLIC OFFICERS AND
BODIES OF THE STATE AND ALL MUNICIPALITIES AND MUNICIPAL SUBDIVISIONS,
ALL INSURANCE COMPANIES AND ASSOCIATIONS AND OTHER PERSONS CARRYING ON
AN INSURANCE BUSINESS, ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS
BANKS, SAVINGS ASSOCIATIONS, INCLUDING SAVINGS AND LOAN ASSOCIATIONS AND
BUILDING AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES AND OTHER PERSONS
CARRYING ON A BANKING BUSINESS, ALL ADMINISTRATORS, GUARDIANS, EXECU-
TORS, TRUSTEES AND OTHER FIDUCIARIES, AND ALL OTHER PERSONS WHATSOEVER
WHO ARE NOW OR WHO MAY HEREAFTER BE AUTHORIZED TO INVEST IN BONDS OR
OTHER OBLIGATIONS OF THE STATE, MAY PROPERLY AND LEGALLY INVEST FUNDS
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO THEM. NOTWITHSTANDING
ANY OTHER PROVISIONS OF LAW, THE BONDS AND NOTES OF THE AUTHORITY ARE
ALSO HEREBY MADE SECURITIES WHICH MAY BE DEPOSITED WITH AND MAY BE
RECEIVED BY ALL PUBLIC OFFICERS AND BODIES OF THIS STATE AND ALL MUNICI-
PALITIES AND MUNICIPAL SUBDIVISIONS FOR ANY PURPOSE FOR WHICH THE DEPOS-
IT OF BONDS OR OTHER OBLIGATIONS OF THE STATE IS NOW OR MAY HEREAFTER BE
AUTHORIZED.
§ 1764. RIGHT OF STATE TO REQUIRE REDEMPTION OF BONDS. NOTWITHSTANDING
AND IN ADDITION TO ANY PROVISIONS FOR THE REDEMPTION OF BONDS WHICH MAY
BE CONTAINED IN ANY CONTRACT WITH THE HOLDERS OF THE BONDS, THE STATE
MAY, UPON FURNISHING SUFFICIENT FUNDS THEREFOR, REQUIRE THE AUTHORITY TO
REDEEM, PRIOR TO MATURITY, AS A WHOLE, ANY ISSUE OF BONDS ON ANY INTER-
EST PAYMENT DATE NOT LESS THAN TWENTY YEARS AFTER THE DATE OF THE BONDS
OF SUCH ISSUE AT ONE HUNDRED FIVE PERCENT OF THEIR FACE VALUE AND
ACCRUED INTEREST OR AT SUCH LESSER REDEMPTION PRICE AS MAY BE PROVIDED
IN THE BONDS IN CASE OF THE REDEMPTION THEREOF AS A WHOLE ON THE REDEMP-
TION DATE. NOTICE OF SUCH REDEMPTION SHALL BE PUBLISHED IN AT LEAST TWO
NEWSPAPERS PUBLISHED AND CIRCULATING RESPECTIVELY IN THE CITIES OF ALBA-
NY AND NEW YORK AT LEAST TWICE, THE FIRST PUBLICATION TO BE AT LEAST
THIRTY DAYS BEFORE THE DATE OF REDEMPTION.
§ 1765. RIGHTS AND REMEDIES OF BONDHOLDERS AND NOTEHOLDERS. THE HOLD-
ERS OF BONDS AND NOTES SHALL HAVE THE FOLLOWING RIGHTS AND REMEDIES,
SUBJECT TO THE TERMS OF THE RESOLUTION AUTHORIZING SUCH BONDS AND NOTES
OR ANY TRUST INDENTURE, SECURED LOAN AGREEMENT OR OTHER INSTRUMENT
RELATED THERETO:
1. IN THE EVENT THAT THE AUTHORITY SHALL DEFAULT IN THE PAYMENT OF
PRINCIPAL OF OR INTEREST ON ANY ISSUE OF BONDS OR NOTES AFTER THE SAME
SHALL BECOME DUE, WHETHER AT MATURITY OR UPON CALL FOR REDEMPTION, AND
SUCH DEFAULT SHALL CONTINUE FOR A PERIOD OF THIRTY DAYS, OR IN THE EVENT
THAT THE AUTHORITY SHALL FAIL OR REFUSE TO COMPLY WITH THE PROVISIONS OF
THIS TITLE, OR SHALL DEFAULT IN ANY CONTRACT MADE WITH THE HOLDERS OF
ANY ISSUE OF BONDS OR NOTES, THE HOLDERS OF TWENTY-FIVE PER CENTUM IN
AGGREGATE PRINCIPAL AMOUNT OF THE BONDS OR NOTES OF SUCH ISSUE THEN
OUTSTANDING, BY INSTRUMENT OR INSTRUMENTS FILED IN THE OFFICE OF THE
CLERK IN THE COUNTY OF ALBANY AND APPROVED OR ACKNOWLEDGED IN THE SAME
S. 9528 16
MANNER AS A DEED TO BE RECORDED, MAY APPOINT A TRUSTEE TO REPRESENT THE
HOLDERS OF SUCH BONDS OR NOTES FOR THE PURPOSES HEREIN PROVIDED.
2. SUCH TRUSTEE MAY, AND UPON WRITTEN REQUEST OF THE HOLDERS OF TWEN-
TY-FIVE PER CENTUM IN PRINCIPAL AMOUNT OF SUCH BONDS OR NOTES THEN
OUTSTANDING SHALL, IN SUCH TRUSTEE'S OR ITS OWN NAME:
(A) BY SUIT, ACTION OR SPECIAL PROCEEDING, ENFORCE ALL RIGHTS OF THE
BONDHOLDERS OR NOTEHOLDERS, INCLUDING THE RIGHT TO REQUIRE THE AUTHORITY
TO COLLECT FEES, RENTALS AND CHARGES ADEQUATE TO CARRY OUT ANY AGREE-
MENTS WITH THE HOLDERS OF SUCH BONDS OR NOTES AND TO PERFORM ITS DUTIES
UNDER THIS TITLE;
(B) BRING SUIT UPON SUCH BONDS OR NOTES;
(C) BY ACTION OR SUIT IN EQUITY, REQUIRE THE AUTHORITY TO ACCOUNT AS
IF IT WERE THE TRUSTEE OF AN EXPRESS TRUST FOR THE HOLDERS OF SUCH BONDS
OR NOTES;
(D) BY ACTION OR SUIT IN EQUITY, ENJOIN ANY ACT OR THINGS WHICH MAY BE
UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS OR
NOTES; AND
(E) DECLARE ALL SUCH BONDS OR NOTES DUE AND PAYABLE, AND IF ALL
DEFAULTS SHALL BE MADE GOOD THEN WITH THE CONSENT OF THE HOLDERS OF
TWENTY-FIVE PER CENTUM OF THE PRINCIPAL AMOUNT OF SUCH BONDS OR NOTES
THEN OUTSTANDING, TO ANNUL SUCH DECLARATION AND ITS CONSEQUENCES.
3. SUCH TRUSTEE, WHETHER OR NOT THE ISSUANCE OF BONDS OR NOTES REPRES-
ENTED BY SUCH TRUSTEE HAD BEEN DECLARED DUE AND PAYABLE, SHALL BE ENTI-
TLED AS OF RIGHT TO THE APPOINTMENT OF A RECEIVER OF ANY PROPERTY OF THE
AUTHORITY, THE FEES, RENTALS, CHARGES OR OTHER REVENUES OF WHICH ARE
PLEDGED FOR THE SECURITY OF THE BONDS OR NOTES OF SUCH ISSUE AND SUCH
RECEIVER MAY ENTER AND TAKE POSSESSION OF SUCH PROPERTY, OR ANY PART OR
PARTS THEREOF AND OPERATE AND MAINTAIN THE SAME AND RECEIVE ALL FEES,
CHARGES, RENTALS AND OTHER REVENUES THEREAFTER ARISING THEREFROM AND
EXERCISE SUCH OTHER POWERS OF THE AUTHORITY AS THE COURT MAY DEEM ADVIS-
ABLE AND PERFORM THE PUBLIC DUTIES AND CARRY OUT THE AGREEMENTS AND
OBLIGATIONS OF THE AUTHORITY UNDER THE DIRECTION OF THE COURT. IN ANY
SUIT, ACTION OR PROCEEDING BY THE TRUSTEE THE FEES, COUNSEL FEES AND
EXPENSES OF THE TRUSTEE AND OF THE RECEIVER, IF ANY, SHALL CONSTITUTE
TAXABLE DISBURSEMENTS AND ALL COSTS AND DISBURSEMENTS ALLOWED BY THE
COURT SHALL BE A FIRST CHARGE ON ANY FEES, CHARGES, RENTALS AND OTHER
REVENUES DERIVED FROM SUCH PROPERTIES.
4. SUCH TRUSTEE SHALL IN ADDITION TO THE FOREGOING HAVE AND POSSESS
ALL OF THE POWERS NECESSARY OR APPROPRIATE FOR THE EXERCISE OF ANY FUNC-
TIONS SPECIFICALLY SET FORTH HEREIN OR INCIDENT TO THE GENERAL REPRESEN-
TATION OF BONDHOLDERS OR NOTEHOLDERS IN THE ENFORCEMENT AND PROTECTION
OF THEIR RIGHTS.
5. THE SUPREME COURT SHALL HAVE JURISDICTION OF ANY SUIT, ACTION OR
PROCEEDING BY THE TRUSTEE ON BEHALF OF SUCH BONDHOLDERS OR NOTEHOLDERS.
THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE LAID IN THE
COUNTY OF ALBANY.
6. BEFORE DECLARING THE PRINCIPAL OF BONDS OR NOTES DUE AND PAYABLE,
THE TRUSTEE SHALL FIRST GIVE THIRTY DAYS' NOTICE IN WRITING TO THE
GOVERNOR, TO THE AUTHORITY, TO THE COMPTROLLER AND TO THE ATTORNEY
GENERAL OF THE STATE.
§ 1766. STATE NOT LIABLE ON BONDS AND NOTES. THE BONDS AND NOTES SHALL
NOT BE A DEBT OF THE STATE OF NEW YORK NOR SHALL THE STATE BE LIABLE
THEREON AND SUCH BONDS AND NOTES SHALL CONTAIN ON THE FACE THEREOF A
STATEMENT TO THAT EFFECT.
§ 4. The tax law is amended by adding a new article 29-E to read as
follows:
S. 9528 17
ARTICLE 29-E
FOR-HIRE VEHICLE IMPROVEMENT SURCHARGE
SECTION 1299-AA. DEFINITIONS.
1299-BB. IMPOSITION OF TAX.
1299-CC. LIABILITY FOR SURCHARGE.
1299-DD. RETURNS AND PAYMENT OF SURCHARGE.
1299-EE. RECORDS TO BE KEPT.
1299-FF. DEPOSIT AND DISPOSITION OF REVENUE.
§ 1299-AA. DEFINITIONS. AS USED OR REFERRED TO IN THIS ARTICLE, UNLESS
A DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT:
(A) "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, LIMITED LIABILITY
COMPANY, SOCIETY, ASSOCIATION, JOINT STOCK COMPANY, CORPORATION, ESTATE,
RECEIVER, TRUSTEE, ASSIGNEE, REFEREE OR ANY OTHER PERSON ACTING IN A
FIDUCIARY OR REPRESENTATIVE CAPACITY, WHETHER APPOINTED BY A COURT OR
OTHERWISE, ANY COMBINATION OF INDIVIDUALS AND ANY OTHER FORM OF UNINCOR-
PORATED ENTERPRISE OWNED OR CONDUCTED BY TWO OR MORE PERSONS.
(B) "AUTHORITY" MEANS THE GREEN TRANSITION AUTHORITY ESTABLISHED
PURSUANT TO SECTION SEVENTEEN HUNDRED FIFTY-ONE OF THE PUBLIC AUTHORI-
TIES LAW.
(C) "FOR-HIRE VEHICLE" MEANS ANY TRANSPORTATION NETWORK COMPANY VEHI-
CLE ("TNC VEHICLE") AS DEFINED IN SECTION SIXTEEN HUNDRED NINETY-ONE OF
THE VEHICLE AND TRAFFIC LAW AND ANY FOR-HIRE VEHICLE AS DEFINED IN
SECTION 19-502 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK.
(D) "FOR-HIRE TRANSPORTATION TRIP" MEANS TRANSPORTATION PROVIDED IN A
FOR-HIRE VEHICLE AS DEFINED IN SUBDIVISION (C) OF THIS SECTION, FOR
WHICH A CHARGE IS MADE.
(E) "HIGH-VOLUME FOR-HIRE SERVICE" SHALL HAVE THE SAME MEANING AS
DEFINED IN SECTION 19-502 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW
YORK.
§ 1299-BB. IMPOSITION OF TAX. (A) IN ADDITION TO ANY OTHER TAX OR
ASSESSMENT IMPOSED BY THIS CHAPTER OR OTHER LAW, THERE IS HEREBY IMPOSED
A SURCHARGE OF ONE DOLLAR FOR EACH FOR-HIRE TRANSPORTATION TRIP
CONDUCTED IN A TRANSPORTATION NETWORK COMPANY VEHICLE OR BY A HIGH-VO-
LUME FOR-HIRE SERVICE.
(B) RECEIPTS SUBJECT TO TAX UNDER PARAGRAPH TEN OF SUBDIVISION (C) OF
SECTION ELEVEN HUNDRED FIVE OF THIS CHAPTER SHALL BE DEEMED TO EXCLUDE
ANY SURCHARGE IMPOSED BY THIS ARTICLE.
§ 1299-CC. LIABILITY FOR SURCHARGE. (A) NOTWITHSTANDING ANY PROVISION
OF LAW TO THE CONTRARY, ANY PERSON WHO DISPATCHES A MOTOR VEHICLE BY ANY
MEANS THAT PROVIDES TRANSPORTATION THAT IS SUBJECT TO A SURCHARGE
IMPOSED BY THIS ARTICLE SHALL BE LIABLE FOR THE SURCHARGE IMPOSED BY
THIS ARTICLE.
(B) NOTWITHSTANDING ANY LAW TO THE CONTRARY: (1) THE SURCHARGE IMPOSED
BY THIS ARTICLE SHALL BE PASSED ALONG TO PASSENGERS AND SEPARATELY STAT-
ED ON ANY RECEIPT THAT IS PROVIDED TO SUCH PASSENGERS. THE PASSING ALONG
OF SUCH SURCHARGE SHALL NOT BE CONSTRUED BY ANY COURT OR ADMINISTRATIVE
BODY AS THE IMPOSITION OF THE SURCHARGE ON THE PERSON OR ENTITY THAT
PAYS FOR THE FOR-HIRE TRANSPORTATION TRIP. ALL REGULATORY AGENCIES SHALL
ADJUST ANY FARES THAT ARE AUTHORIZED BY SUCH AGENCIES TO INCLUDE THE
SURCHARGE IMPOSED BY THIS ARTICLE AND SHALL REQUIRE THAT ANY METER OR
OTHER INSTRUMENT USED IN ANY FOR-HIRE VEHICLE REGULATED BY SUCH AGENCY
TO CALCULATE FARES BE ADJUSTED TO INCLUDE THE SURCHARGE.
(2) NEITHER THE FAILURE OF A REGULATORY AGENCY TO ADJUST FARES NOR THE
FAILURE TO ADJUST A METER OR OTHER INSTRUMENT USED IN A FOR-HIRE VEHICLE
TO CALCULATE FARES SHALL RELIEVE ANY PERSON LIABLE FOR THE SURCHARGE
IMPOSED BY THIS ARTICLE FROM THE OBLIGATION TO PAY SUCH SURCHARGE.
S. 9528 18
§ 1299-DD. RETURNS AND PAYMENT OF SURCHARGE. (A) EVERY PERSON LIABLE
FOR THE SURCHARGE IMPOSED BY THIS ARTICLE SHALL FILE A RETURN WITH THE
COMMISSIONER ON A MONTHLY BASIS. EACH RETURN SHALL SHOW THE NUMBER OF
FOR-HIRE TRANSPORTATION TRIPS SUBJECT TO THE SURCHARGE IMPOSED BY THIS
ARTICLE IN THE MONTH FOR WHICH THE RETURN IS FILED, ALONG WITH SUCH
OTHER INFORMATION AS THE COMMISSIONER MAY REQUIRE. THE RETURNS REQUIRED
BY THIS SECTION SHALL BE FILED WITHIN TWENTY DAYS AFTER THE END OF THE
MONTH COVERED THEREBY. IF THE COMMISSIONER DEEMS IT NECESSARY TO ENSURE
THE PAYMENT OF THE SURCHARGE IMPOSED BY THIS ARTICLE, THE COMMISSIONER
MAY REQUIRE RETURNS TO BE MADE FOR SHORTER PERIODS THAN PRESCRIBED BY
THE PROVISIONS OF THIS SECTION, AND UPON SUCH DATES AS MAY BE SPECIFIED.
THE FORM OF RETURNS SHALL BE PRESCRIBED BY THE COMMISSIONER AND SHALL
CONTAIN SUCH INFORMATION AS THE COMMISSIONER MAY DEEM NECESSARY FOR THE
PROPER ADMINISTRATION OF THIS ARTICLE. THE COMMISSIONER MAY REQUIRE THAT
RETURNS BE FILED ELECTRONICALLY.
(B) EVERY PERSON LIABLE FOR THE SURCHARGE IMPOSED BY THIS ARTICLE
SHALL, AT THE TIME OF FILING SUCH RETURN, PAY TO THE COMMISSIONER THE
TOTAL AMOUNT OF ALL SURCHARGES DUE UNDER THIS ARTICLE. SUCH AMOUNT SHALL
BE DUE AND PAYABLE ON THE DATE SPECIFIED FOR THE FILING OF THE RETURN
FOR SUCH PERIOD, WITHOUT REGARD TO WHETHER A RETURN IS FILED, OR WHETHER
THE RETURN THAT IS FILED CORRECTLY SHOWS THE CORRECT NUMBER OF FOR-HIRE
TRIPS THAT ARE SUBJECT TO THE SURCHARGE, OR THE CORRECT SURCHARGE AMOUNT
DUE THEREON. THE COMMISSIONER MAY REQUIRE THAT THE SURCHARGE BE PAID
ELECTRONICALLY.
(C) IN ADDITION TO ANY OTHER PENALTY OR INTEREST PROVIDED FOR UNDER
THIS ARTICLE OR OTHER LAW, AND UNLESS IT IS SHOWN THAT SUCH FAILURE IS
DUE TO REASONABLE CAUSE AND NOT DUE TO WILLFUL NEGLECT, ANY PERSON
LIABLE FOR THE SURCHARGE IMPOSED BY THIS ARTICLE THAT FAILS TO PAY SUCH
SURCHARGE WHEN DUE SHALL BE LIABLE FOR A PENALTY IN AN AMOUNT EQUAL TO
TWO HUNDRED PERCENT OF THE TOTAL SURCHARGE AMOUNT THAT IS DUE.
§ 1299-EE. RECORDS TO BE KEPT. EVERY PERSON LIABLE FOR THE SURCHARGE
IMPOSED BY THIS ARTICLE SHALL KEEP, AND SHALL MAKE AVAILABLE FOR REVIEW
UPON DEMAND BY THE COMMISSIONER:
(A) RECORDS OF EVERY TRIP PROVIDED OR ARRANGED BY SUCH PERSON, OR
PROVIDED THROUGH THE USE OF A FOR-HIRE VEHICLE OWNED OR LEASED BY SUCH
PERSON, INCLUDING ALL AMOUNTS PAID, CHARGED, OR DUE THEREON, IN SUCH
FORM AS THE COMMISSIONER MAY REQUIRE;
(B) TRUE AND COMPLETE COPIES OF ANY RECORDS REQUIRED TO BE KEPT BY ANY
APPLICABLE REGULATORY DEPARTMENT OR AGENCY; AND
(C) SUCH OTHER RECORDS AND INFORMATION AS THE COMMISSIONER MAY REQUIRE
TO PERFORM THEIR DUTIES UNDER THIS ARTICLE.
§ 1299-FF. DEPOSIT AND DISPOSITION OF REVENUE. (A) ANY SURCHARGE,
INTEREST, AND PENALTIES COLLECTED OR RECEIVED BY THE COMMISSIONER SHALL
BE DEPOSITED DAILY WITH SUCH RESPONSIBLE BANKS, BANKING HOUSES, OR TRUST
COMPANIES, AS MAY BE DESIGNATED BY THE COMPTROLLER, TO THE CREDIT OF THE
COMPTROLLER IN TRUST FOR THE GREEN TRANSITION AUTHORITY. AN ACCOUNT MAY
BE ESTABLISHED IN ONE OR MORE OF SUCH DEPOSITORIES. SUCH DEPOSITS SHALL
BE KEPT SEPARATE AND APART FROM ALL OTHER MONEY IN THE POSSESSION OF THE
COMPTROLLER. THE COMPTROLLER SHALL REQUIRE ADEQUATE SECURITY FROM ALL
SUCH DEPOSITORIES. OF THE TOTAL REVENUE COLLECTED OR RECEIVED UNDER THIS
ARTICLE, THE COMPTROLLER SHALL RETAIN SUCH AMOUNT AS THE COMMISSIONER
MAY DETERMINE TO BE NECESSARY FOR REFUNDS UNDER THIS ARTICLE. THE
COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEDUCT FROM THE AMOUNTS THE
DEPARTMENT RECEIVES UNDER THIS ARTICLE, BEFORE DEPOSIT INTO THE TRUST
ACCOUNTS DESIGNATED BY THE COMPTROLLER, A REASONABLE AMOUNT NECESSARY TO
EFFECTUATE REFUNDS OF APPROPRIATIONS OF THE DEPARTMENT TO REIMBURSE THE
S. 9528 19
DEPARTMENT FOR THE COSTS INCURRED TO ADMINISTER, COLLECT AND DISTRIBUTE
THE SURCHARGE, INTEREST, AND PENALTIES IMPOSED BY THIS ARTICLE.
(B) ON OR BEFORE THE TWELFTH DAY OF EACH MONTH, AFTER RESERVING SUCH
AMOUNT FOR SUCH REFUNDS AND DEDUCTING SUCH AMOUNTS FOR SUCH COSTS, AS
PROVIDED FOR IN SUBDIVISION (A) OF THIS SECTION, THE COMMISSIONER SHALL
CERTIFY TO THE COMPTROLLER THE AMOUNT OF REVENUES SO RECEIVED DURING THE
PRIOR MONTH AS A RESULT OF THE SURCHARGE, INTEREST, AND PENALTIES SO
IMPOSED. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, AFTER
DEDUCTING THE AMOUNTS SPECIFIED IN THIS SUBDIVISION, THE REMAINING FUNDS
COLLECTED SHALL BE DEPOSITED BY THE COMPTROLLER, WITHOUT APPROPRIATION,
INTO THE GREEN TRANSITION FUND ESTABLISHED PURSUANT TO SECTION SEVENTEEN
HUNDRED FIFTY-FIVE OF THE PUBLIC AUTHORITIES LAW.
§ 5. The sum of ten million dollars ($10,000,000), or so much thereof
as may be necessary, is hereby appropriated to the green transition
authority from any moneys in the state treasury in the general fund to
the credit of the state purposes account not otherwise appropriated for
the purposes of carrying out the provisions of this act. Such sum shall
be payable on the audit and warrant of the state comptroller on vouchers
certified or approved by the secretary of state or such secretary's duly
designated representative in the manner provided by law.
§ 6. This act shall take effect immediately.