Senate Bill S691A

2015-2016 Legislative Session

Relates to exempting the metropolitan transportation authority from bond issuance charges

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-S691 - Details

See Assembly Version of this Bill:
A502
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2976, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6432, A9280
2013-2014: S3633, A1825
2017-2018: S229, A1007
2019-2020: S2786, A8036
2021-2022: S5845, A6796
2023-2024: S2872

2015-S691 - Summary

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

2015-S691 - Sponsor Memo

2015-S691 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   691

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

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
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 March 2015, the  MTA
plans  to  raise fares and tolls by 4 percent across the board. In 2017,
the MTA plans to again raise fares and tolls  another  4  percent.    In
addition,  the  MTA  has  cut services that have adversely impacted mass
transit riders.  Further the New York State office  of  the  comptroller
has  found  that  for  every  1 billion dollars the MTA borrows from the
government, it would have to raise fares and tolls by 15 percent to make
up the difference in costs.  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.

2015-S691A (ACTIVE) - Details

See Assembly Version of this Bill:
A502
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2976, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6432, A9280
2013-2014: S3633, A1825
2017-2018: S229, A1007
2019-2020: S2786, A8036
2021-2022: S5845, A6796
2023-2024: S2872

2015-S691A (ACTIVE) - Summary

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

2015-S691A (ACTIVE) - Sponsor Memo

2015-S691A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 691--A
    Cal. No. 890

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions -- reported favorably from said committee and commit-
  ted to the Committee  on  Finance  --  reported  favorably  from  said
  committee,  ordered  to  first  and  second report, ordered to a third
  reading, amended and ordered reprinted, retaining  its  place  in  the
  order of third reading

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  ASSEM-
BLY, 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  METROPOL-
ITAN  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.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00921-04-5

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