Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1270-E
Implementation of the Transportation Infrastructure Bond Act of 2000
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
* § 1270-e. Implementation of the Transportation Infrastructure Bond
Act of 2000. 1. In accordance with the provisions of the Transportation
Infrastructure Bond Act of 2000 authorizing the creation of general
obligation debt in the amount of three billion eight hundred million
dollars ($3,800,000,000), the moneys received by the state from the sale
of the bonds and/or notes shall be expended for uses eligible pursuant
to the Transportation Infrastructure Bond Act of 2000 pursuant to annual
appropriations as follows:

(a) One billion nine hundred million dollars ($1,900,000,000) as
authorized by paragraph (a) of subdivision two of section four hundred
seventy of the transportation law;

(b) Three hundred million dollars ($300,000,000) as authorized by
paragraph (b) of subdivision two of section four hundred seventy of the
transportation law; and

(c) One billion six hundred million dollars ($1,600,000,000) as
authorized by subdivision two of this section.

2. One billion six hundred million dollars of moneys received by the
state from the sale of bonds and/or notes sold pursuant to the
Transportation Infrastructure Bond Act of 2000 for uses eligible
pursuant to subdivision c of section four of the Transportation
Infrastructure Bond Act of 2000 shall be expended pursuant to annual
appropriations for the construction, reconstruction, replacement,
improvement, reconditioning, rehabilitation and preservation including
engineering, construction management, the preparation of designs, plans,
specifications, estimates, environmental impact statements, appraisals
and surveys, and the acquisition of real property and interests therein
and site preparation and clearances, 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, and including the full-length Second
Avenue subway and the Long Island Rail Road East-Side access project,
all of which are capital elements described in the two thousand--two
thousand four capital program plans approved by the metropolitan
transportation authority capital program review board.

3. All actions taken by the authority in connection with the receipt
and expenditure of moneys received from the state from the sale of bonds
pursuant to the Transportation Infrastructure Bond Act of 2000 shall be
reviewed for consistency with provisions of the federal internal revenue
code and regulations thereunder, in accordance with procedures
established in connection with the issuance of any such tax exempt
bonds, to preserve the tax exempt status of such bonds.

* NB Not effective due to defeat of the Transportation Bond Act of
2000