Exempts the metropolitan transportation authority from bond issuance charges otherwise required to be paid to the state.
TITLE OF BILL: An act to amend the public authorities law, in relation to exempting the metropolitan transportation authority from bond issuance charges
PURPOSE: To exempt the MTA from bond issuance fees required under current law.
SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill states the Legislative intent.
Section two of the bill amends subdivision 4 of section 2976 of the Public Authorities Law is to exempt the MTA from the state bond issuance charge
Section three of the bill provides that this act shall take effect immediately.
EXISTING LAW: Currently, bonds issued by the MTA are subject to the bond issuance charge imposed by Public Authorities Law section 2976..
JUSTIFICATION: Fare and toll increases adversely impact the budgets of working men and women. This proposal will reduce the cost of doing business for the MTA, and in turn help to reduce the need for future fare and toll increases.
PRIOR LEGISLATIVE HISTORY: 2013: S.3633 - Passed the Senate 2012: S.6432 - Passed the Senate
FISCAL IMPLICATIONS: None
EFFECTIVE DATE: This act shall take effect immediately
STATE OF NEW YORK ________________________________________________________________________ 3633--A 2013-2014 Regular Sessions IN SENATE February 7, 2013 ___________Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corporations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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: Section 1. Legislative intent. In December 2010, the Metropolitan Transportation Authority (MTA) increased fares and tolls 7.5 percent and increased tolls again in March 2013 by an additional 7.5 percent, the costs of a monthly metrocard has gone up 32 percent since the current series of fare hikes commenced in 2008 and the MTA is scheduled to increase fares and tolls again in January 2015. In addition, the MTA has cut services that have adversely impacted mass transit riders. It is the intent of the legislature that the MTA 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. S 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 METROPOLITAN 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. S 3. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04340-02-4