Bill Text: NY S06432 | 2011-2012 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-06-13 - referred to corporations, authorities and commissions [S06432 Detail]

Download: New_York-2011-S06432-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6432
                                   I N  S E N A T E
                                   February 9, 2012
                                      ___________
       Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Corporations,  Authorities
         and Commissions
       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:
    1    Section 1. Legislative intent.  In  December  2010,  the  Metropolitan
    2  Transportation Authority (MTA) increased fares and tolls 7.5 percent and
    3  the  MTA  is  scheduled  to  increase  fares and tolls again another 7.5
    4  percent in both January 2013 and January 2015. In addition, the MTA  has
    5  cut services that have adversely impacted mass transit riders. It is the
    6  intent  of the legislature that the MTA use the savings that accrue from
    7  this act for maintenance and operations and to ensure that mass  transit
    8  riders do not face any further service cuts.
    9    S  2.  Subdivision 4 of section 2976 of the public authorities law, as
   10  added by section 12 of part E of chapter 494 of the  laws  of  2009,  is
   11  amended to read as follows:
   12    4.  The  provisions  of subdivisions one and two of this section shall
   13  not apply TO BONDS ISSUED BY THE METROPOLITAN  TRANSPORTATION  AUTHORITY
   14  AND to recovery act bonds issued by the state of New York municipal bond
   15  bank  agency in connection with local American Recovery and Reinvestment
   16  Act pursuant to section two thousand four hundred thirty-six-b  of  this
   17  chapter.
   18    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14444-01-2