N.Y. Public Authorities Law § 1270-e: Implementation of the Transportation Infrastructure Bond Act of 2000

* § 1270-e. Implementation of the Transportation Infrastructure Bond

Act of 2000. 1. In accordance with the provisions of the Transportation

Infrastructure Bond Act of 2000 authorizing the creation of general

obligation debt in the amount of three billion eight hundred million

dollars ($3,800,000,000), the moneys received by the state from the sale

of the bonds and/or notes shall be expended for uses eligible pursuant

to the Transportation Infrastructure Bond Act of 2000 pursuant to annual

appropriations as follows:

(a) One billion nine hundred million dollars ($1,900,000,000) as

authorized by paragraph (a) of subdivision two of section four hundred

seventy of the transportation law;

(b) Three hundred million dollars ($300,000,000) as authorized by

paragraph (b) of subdivision two of section four hundred seventy of the

transportation law; and

(c) One billion six hundred million dollars ($1,600,000,000) as

authorized by subdivision two of this section.

2. One billion six hundred million dollars of moneys received by the

state from the sale of bonds and/or notes sold pursuant to the

Transportation Infrastructure Bond Act of 2000 for uses eligible

pursuant to subdivision c of section four of the Transportation

Infrastructure Bond Act of 2000 shall be expended pursuant to annual

appropriations for the construction, reconstruction, replacement,

improvement, reconditioning, rehabilitation and preservation including

engineering, construction management, the preparation of designs, plans,

specifications, estimates, environmental impact statements, appraisals

and surveys, and the acquisition of real property and interests therein

and site preparation and clearances, required or expected to be required

in connection therewith, of urban and commuter passenger and freight

rail, omnibus, mass transit and rapid transit systems, facilities and

equipment, including acquisition, and including the full-length Second

Avenue subway and the Long Island Rail Road East-Side access project,

all of which are capital elements described in the two thousand--two

thousand four capital program plans approved by the metropolitan

transportation authority capital program review board.

3. All actions taken by the authority in connection with the receipt

and expenditure of moneys received from the state from the sale of bonds

pursuant to the Transportation Infrastructure Bond Act of 2000 shall be

reviewed for consistency with provisions of the federal internal revenue

code and regulations thereunder, in accordance with procedures

established in connection with the issuance of any such tax exempt

bonds, to preserve the tax exempt status of such bonds.

* NB Not effective due to defeat of the Transportation Bond Act of

2000