N.Y. Public Authorities Law § 1270-f: Implementation of the rebuild and renew New York transportation bond act of two thousand five

§ 1270-f. Implementation of the rebuild and renew New York

transportation bond act of two thousand five. 1. In accordance with the

provisions of the rebuild and renew New York transportation bond act of

two thousand five authorizing the creation of general obligation debt in

the amount of two billion nine hundred million dollars ($2,900,000,000),

the moneys received by the state from the sale of the bonds and/or notes

shall be expended for uses eligible pursuant to the rebuild and renew

New York transportation bond act of two thousand five pursuant to annual

appropriations as follows:

(a) One billion four hundred fifty million dollars ($1,450,000,000) as

authorized by subdivision two of section four hundred eighty of the

transportation law;

(b) One billion four hundred fifty million dollars ($1,450,000,000) as

authorized by subdivision two of this section.

2. One billion four hundred fifty million dollars ($1,450,000,000) of

moneys received by the state from the sale of bonds and/or notes sold

pursuant to the rebuild and renew New York transportation bond act of

two thousand five for uses eligible pursuant to subdivision b of section

four of the rebuild and renew New York transportation bond act of two

thousand five 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, all of which are capital elements

described in the two thousand five -- two thousand nine capital program

plans as submitted to and approved by the metropolitan transportation

authority capital program review board, whether before, on, or after the

effective date of the chapter of the laws of two thousand five which

added this section.

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 rebuild and renew New York transportation bond act of

two thousand five 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.