§ 1270-f. Implementation of the rebuild and renew New York
transportation bond act of two thousand five. 1. In accordance with the
provisions of the rebuild and renew New York transportation bond act of
two thousand five authorizing the creation of general obligation debt in
the amount of two billion nine hundred million dollars ($2,900,000,000),
the moneys received by the state from the sale of the bonds and/or notes
shall be expended for uses eligible pursuant to the rebuild and renew
New York transportation bond act of two thousand five pursuant to annual
appropriations as follows:

(a) One billion four hundred fifty million dollars ($1,450,000,000) as
authorized by subdivision two of section four hundred eighty of the
transportation law;

(b) One billion four hundred fifty million dollars ($1,450,000,000) as
authorized by subdivision two of this section.

2. One billion four hundred fifty million dollars ($1,450,000,000) of
moneys received by the state from the sale of bonds and/or notes sold
pursuant to the rebuild and renew New York transportation bond act of
two thousand five for uses eligible pursuant to subdivision b of section
four of the rebuild and renew New York transportation bond act of two
thousand five 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, all of which are capital elements
described in the two thousand five -- two thousand nine capital program
plans as submitted to and approved by the metropolitan transportation
authority capital program review board, whether before, on, or after the
effective date of the chapter of the laws of two thousand five which
added this section.

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 rebuild and renew New York transportation bond act of
two thousand five 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.