Senate Bill S3435

2021-2022 Legislative Session

Enacts the statewide transportation authority reinvestment (STAR) act of 2021

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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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2021-S3435 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §§2 & 2976, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2019-2020: S5049
2023-2024: S5594

2021-S3435 (ACTIVE) - Summary

Enacts the statewide transportation authority reinvestment (STAR) act; exempts mass transit authorities from bond issuance charges.

2021-S3435 (ACTIVE) - Sponsor Memo

2021-S3435 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3435
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 Introduced by Sens. COMRIE, RAMOS -- read twice and ordered printed, and
   when printed to be committed to the Committee on Finance
 
 AN  ACT  to  amend  the public authorities law, in relation to exempting
   mass transit 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.  Short  title. This act shall be known and may be cited as
 the "statewide  transportation  authority  reinvestment  (STAR)  act  of
 2021".
   §  2.  Legislative  intent.  The  public authorities that provide mass
 transit service in the areas of  New  York  City,  Long  Island,  Hudson
 Valley, Buffalo, Rochester, Albany, Syracuse and their suburbs are given
 the  power to issue debt, which they can use to fund capital projects or
 operations. However, state law requires these  authorities  to  pay  the
 state  a  fee  each  time  they issue bonds, totaling up to almost 1% of
 bonds issued depending on the amount of the  issuance.  The  legislature
 finds that in a time when these authorities face increasing fiscal chal-
 lenges,  the  fees  these  authorities must pay to the state rob them of
 resources to maintain reliable, attractive bus and rail service which is
 an inherent public good. It is the intent of the legislature to  relieve
 transportation  authorities  of the burden of acting as a revenue source
 for the state when they invest in their operations and  capital  infras-
 tructure,  and  that  these  authorities  use  the  savings accrued from
 exemptions from this fee to maintain service levels and prevent  service
 cuts, or for transformative capital projects.
   §  3.  Section  2 of the public authorities law is amended by adding a
 new subdivision 7 to read as follows:
   7. "MASS TRANSIT AUTHORITY" SHALL MEAN THE METROPOLITAN TRANSPORTATION
 AUTHORITY, NEW YORK CITY TRANSIT AUTHORITY, TRIBOROUGH BRIDGE AND TUNNEL
 AUTHORITY, CAPITAL DISTRICT TRANSPORTATION AUTHORITY, CENTRAL  NEW  YORK
 REGIONAL  TRANSPORTATION AUTHORITY, ROCHESTER-GENESEE REGIONAL TRANSPOR-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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