What's happening
This bill exempts certain New York transit authorities from paying bond issuance charges under the public authorities law.
Why it matters
The bill reduces financial burdens for major New York City transit agencies. (Metropolitan Transportation Authority, New York City Transit Authority, Triborough Bridge and Tunnel Authority) by exempting them from paying state bond issuance charges, potentially freeing up millions of dollars for transit operations or infrastructure.
This change could make it easier and cheaper for these agencies to issue bonds. for capital projects, repairs, or upgrades, which may speed up improvements or expansions in public transportation.
By exempting these authorities from the charges, the law could indirectly benefit transit riders and city residents. through improved services or the avoidance of fare hikes that might otherwise have been necessary to cover such fees.
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Who cares
Headline styles
End MTA Bond Fees
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Reported and committed to finance
- Referred to corporations, authorities and commissions
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 MTA Bond Fees
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Michael Cusick
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2786
2019-2020 Regular Sessions
IN SENATE
January 29, 2019
Introduced by Sen. COMRIE -- 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 certain public authorities from bond issuance charges
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. 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, notes or other obligations issued by the metropolitan transportation authority, and the New York city transit authority, the Triborough bridge and tunnel 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.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05639-01-9
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 certain public authorities from bond issuance charges
Purpose or general idea of bill
To exempt the Metropolitan Transit Authority ("MTA"), the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority from bond issuance fees, notes or other obligations required under current law.
Summary of provisions
Section one of the bill amends subdivision 4 of section 2976 of the Public Authorities Law to exempt the MTA, the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority from the state bond issuance charge, as well as notes or other obligations.
Section two of the bill provides that this act shall take effect imme- diately.
Existing law
Currently, bonds issued by the MTA are subject to the bond issuance charge imposed by Public Authorities Law section 2976.
Justification
Recent fare and toll increases are adversely impacting the budgets of hardworking New Yorkers. This proposal will reduce the cost of doing business for the MTA, the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority, and in turn, reduce in part, the need for future increases while allowing the MTA to reinvest the savings into service.
Prior legislative history
S 229 GOLDEN Same as A 1007 Cusick
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.