What's happening
This bill exempts the Niagara Frontier Transportation Authority from paying bond issuance charges, aiming to support its operations and maintenance.
Why it matters
Addresses regional funding disparities. By exempting the Niagara Frontier Transportation Authority (NFTA) from bond issuance charges, the bill aims to correct an imbalance where upstate transit systems have received less state support compared to the New York City area, directly targeting a cause of service challenges in Buffalo and Niagara Falls.
Frees up resources for core services. The money saved from not paying bond issuance charges is intended to be used for maintenance and daily operations, which could help improve or stabilize transit services, potentially preventing further service cuts that would impact riders.
Targets benefits to transit riders. The legislative intent explicitly directs the NFTA to use the savings to benefit mass transit riders, prioritizing the prevention of service reductions and supporting the quality of public transportation in the region.
Sets a precedent for regional exemptions. Granting an exemption to the NFTA, similar to previous exemptions for specific bond issuances, could open the door for other regional authorities to seek similar relief, potentially influencing statewide public transit funding policies.
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Who cares
Headline styles
Cut NFTA Bond Fees
Plain English, a few words. Used as the page title.
Sponsors
3 Co-sponsors
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
3093
2019-2020 Regular Sessions
IN SENATE
February 1, 2019
Introduced by Sens. RANZENHOFER, GALLIVAN, KENNEDY, ORTT -- 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 Niagara frontier 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 New York City metropolitan area has expanded, state support for regional transit in the greater Buffalo Niagara Falls area has not seen similar support. This lack of support has adversely impacted mass transit riders in the greater Buffalo Niagara region serviced by the Niagara frontier transit authority (NFTA). It is the intent of the legislature that the NFTA 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 Niagara frontier 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.
LBD01621-01-9
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 the Niagara frontier transportation authority from bond issuance charges
Purpose
To exempt the Niagara Frontier Transportation Authority (NFTA) from bond issuance fees required under current law.
Summary of specific provisions
Section 1 of the bill states the Legislative intent.
Section 2 of the bill amends subdivision 4 of section 2976 of the Public Authorities Law to exempt the NFTA from the state bond issuance charge
Section 3 of the bill provides that this act shall take effect imme- diately.
Existing law
Currently, bonds issued by the NFTA are subject to the bond issuance charge imposed by Public Authorities Law section 2976.
Justification
This proposal will reduce the cost of doing business for the NFTA, and thus offer more funds to provide better service and maintenance and reduce the need for future fare and toll increases.
Prior legislative history
2014 - S.6890/A.9580 - PASSED SENATE/Corporations 2015-16 - S.3328/A.8164 - PASSED SENATE/Corporations 2017 - S.3145/A.2255 - PASSED SENATE/Corporations 2018 - S.3145/A.2255 - RULES/Corporations
Fiscal implications
None to 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.