What's happening
This bill exempts the Capital District Transportation Authority from paying bond issuance charges to save costs for transit operations.
Why it matters
Reduces Financial Pressure on Local Transit. By exempting the Capital District Transportation Authority (CDTA) from bond issuance fees, the bill frees up funds that would otherwise be spent on administrative costs, allowing more resources to be directed toward transit services for the Albany area.
Aims to Prevent Service Cuts. The legislative intent specifies that savings should be used for maintenance and operations, helping to stabilize or improve transit offerings and minimize the risk of fare hikes or service reductions for riders.
Addresses Regional Equity in State Transit Funding. The bill is a response to perceived disparities in state support between New York City’s transit and that of the Capital District, signaling a push for more equitable treatment of upstate transportation systems.
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Who cares
Headline styles
Waive CDTA Bond Fees
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to transportation
- Referred to transportation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Waive CDTA Bond Fees
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Patricia Fahy
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3888
2017-2018 Regular Sessions
IN SENATE
January 27, 2017
Introduced by Sen. AMEDORE -- read twice and ordered printed, and when printed to be committed to the Committee on Transportation
AN ACT to amend the public authorities law, in relation to exempting the Capital District transportation authority from bond issuance charges
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Legislative intent. Over the past several years, while support of mass transit in the greater metropolitan area of the city of New York has expanded, state support for regional transit in the greater Capital District area has not seen similar support. This lack of support has adversely impacted mass transit riders in the greater Capital District region serviced by the Capital District transportation authority (CDTA). It is the intent of the legislature that the CDTA 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.
§ 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 Capital District 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.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09290-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to exempting the Capital District transportation authority from bond issuance charges
Purpose
To exempt the Capital District Transportation Authority (CDTA) from bond issuance fees required under current law.
Summary of provisions
Section 1 sets forth the Legislative intent.
Section 2 amends 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 to exempt CDTA from the State bond issuance charge.
Section 2 states the effective date.
Existing law
Current law requires that bonds issued by CDTA be subject to bond issuance charges imposed under the State Public Authorities Law.
Justification
By exempting CDTA from these bond issuance charges, more funds will be available to CDTA for maintenance and operations and to ensure that Capital Region mass transit riders do not face any further service cuts.
Legislative history
This is a new bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.