§ 14. The legislature may authorize by law the creation of a debt or
debts of the state, not exceeding in the aggregate three hundred million
dollars, to provide moneys for the elimination, under state supervision,
of railroad crossings at grade within the state, and for incidental
improvements connected therewith as authorized by this section. The
provisions of this article, not inconsistent with this section, relating
to the issuance of bonds for a debt or debts of the state and the
maturity and payment thereof, shall apply to a state debt or debts
created pursuant to this section; except that the law authorizing the
contracting of such debt or debts shall take effect without submission
to the people pursuant to section 11 of this article. The aggregate
amount of a state debt or debts which may be created pursuant to this
section shall not exceed the difference between the amount of the debt
or debts heretofore created or authorized by law, under the provisions
of section 14 of article VII of the constitution in force on July first,
nineteen hundred thirty-eight, and the sum of three hundred million
dollars.

The expense of any grade crossing elimination the construction work
for which was not commenced before January first, nineteen hundred
thirty-nine, including incidental improvements connected therewith as
authorized by this section, whether or not an order for such elimination
shall theretofore have been made, shall be paid by the state in the
first instance, but the state shall be entitled to recover from the
railroad company or companies, by way of reimbursement (1) the entire
amount of the railroad improvements not an essential part of
elimination, and (2) the amount of the net benefit to the company or
companies from the elimination exclusive of such railroad improvements,
the amount of such net benefit to be adjudicated after the completion of
the work in the manner to be prescribed by law, and in no event to
exceed fifteen per centum of the expense of the elimination, exclusive
of all incidental improvements. The reimbursement by the railroad
companies shall be payable at such times, in such manner and with
interest at such rate as the legislature may prescribe.

The expense of any grade crossing elimination the construction work
for which was commenced before January first, nineteen hundred
thirty-nine, shall be borne by the state, railroad companies, and the
municipality or municipalities in the proportions formerly prescribed by
section 14 of article VII of the constitution in force on July first,
nineteen hundred thirty-eight, and the law or laws enacted pursuant to
its provisions, applicable to such elimination, and subject to the
provisions of such former section and law or laws, including advances in
aid of any railroad company or municipality, although such elimination
shall not be completed until after January first, nineteen hundred
thirty-nine.

A grade crossing elimination the construction work for which shall be
commenced after January first, nineteen hundred thirty-nine, shall
include incidental improvements rendered necessary or desirable because
of such elimination, and reasonably included in the engineering plans
therefor. Out of the balance of all moneys authorized to be expended
under section 14 of article VII of the constitution in force on July
first, nineteen hundred thirty-eight, and remaining unexpended and
unobligated on such date, fifty million dollars shall be deemed
segregated for grade crossing eliminations and incidental improvements
in the city of New York and shall be available only for such purposes
until such eliminations and improvements are completed and paid for.

Notwithstanding any of the foregoing provisions of this section the
legislature is hereby authorized to appropriate, out of the proceeds of
bonds now or hereafter sold to provide moneys for the elimination of
railroad crossings at grade and incidental improvements pursuant to this
section, sums not exceeding in the aggregate sixty million dollars for
the construction and reconstruction of state highways and parkways.