What's happening
This bill exempts the Capital District Transportation Authority from paying bond issuance charges to help support its maintenance and operations.
Why it matters
Reduces financial burdens on CDTA. By exempting the Capital District Transportation Authority from state bond issuance charges, the bill allows CDTA to retain more of its borrowed funds, directly increasing the resources available for local transit needs.
Aims to prevent service cuts. The legislative intent specifically states that savings from this exemption should be used to avoid further reductions in mass transit services, which could help maintain or improve service levels for riders in the Capital District.
Addresses regional funding inequalities. The bill is a response to perceived disparities in state support between the New York City metropolitan area and upstate regions, signaling an effort to create a fairer allocation of transit funding and resources.
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Who cares
Headline styles
End CDTA Bond Fees
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2550
2019-2020 Regular Sessions
IN ASSEMBLY
January 23, 2019
Introduced by M. of A. FAHY -- read once and referred to the Committee on Corporations, Authorities and Commissions
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.
LBD01016-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.