S6432-2011 - NY Senate Open Legislation - Relates to exempting the metropolitan transportation authority from bond issuance charges

Exempts the metropolitan transportation authority from bond issuance charges otherwise required to be paid to the state.

Sponsor: GOLDEN / Committee: CORPORATIONS, AUTHORITIES AND COMMISSIONS
Law Section: Public Authorities Law / Law: Amd S2976, Pub Auth L

S6432-2011 Actions

Jun 13, 2012: referred to corporations, authorities and commissions
Jun 13, 2012: DELIVERED TO ASSEMBLY
Jun 13, 2012: PASSED SENATE
Jun 13, 2012: ORDERED TO THIRD READING CAL.1212
Jun 13, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
Feb 9, 2012: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

S6432-2011 Meetings

Rules: Jun 14, 2012

S6432-2011 Calendars

Floor Calendar: Jun 13, 2012

S6432-2011 Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 13, 2012

Ayes (23): Skelos, Alesi, Farley, Fuschillo, Johnson, Larkin, LaValle, Libous, Marcellino, Maziarz, Nozzolio, Saland, Seward, Sampson, Breslin, Dilan, Duane, Hassell-Thompson, Montgomery, Parker, Perkins, Smith, Stewart-Cousins
Ayes W/R (1): Hannon
Excused (1): Krueger

VOTE: FLOOR VOTE: - Jun 13, 2012

Ayes (59): Adams, Addabbo, Alesi, Avella, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Johnson, Kennedy, Klein, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Storobin, Valesky, Young, Zeldin
Nays (1): Ball
Excused (2): Huntley, Krueger

S6432-2011 Memo

BILL NUMBER:S6432

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.

JUSTIFICATION:
Recent fare and toll increases are adversely impacting the budgets
working men and women.  This proposal will reduce the cost of doing
business for the MTA, and in turn, reduce in part, the need for future
increases in the near future.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
Savings to be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

S6432-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          6432
 I N  SENATE
 February 9, 2012
 
 Introduced  by  Sen.  GOLDEN -- 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
 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
 the  MTA  is  scheduled  to  increase  fares and tolls again another 7.5
 percent in both January 2013 and 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.
 LBD14444-01-2

S6432-2011: Relates to exempting the metropolitan transportation authority from bond issuance charges