Bill Text: NY A00705 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to requiring a certain percentage of the dedicated highway and bridge trust fund's revenue be disbursed on a pay-as-you-go basis for capital projects.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A00705 Detail]
Download: New_York-2017-A00705-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 705 2017-2018 Regular Sessions IN ASSEMBLY January 9, 2017 ___________ Introduced by M. of A. RODRIGUEZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law, in relation to the capital project spending by the dedicated highway and bridge trust fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 89-b of the state finance law is amended by adding 2 a new subdivision 12 to read as follows: 3 12. (a) By the year two thousand twenty, thirty percent of dedicated 4 revenue remaining after debt service has been paid shall be disbursed on 5 a pay-as-you-go basis from the fund for capital projects. By the year 6 two thousand twenty-eight, forty percent of dedicated revenue remaining 7 after debt service has been paid shall be disbursed on a pay-as-you-go 8 basis from the fund for capital projects. By the year two thousand thir- 9 ty-eight, fifty percent of all dedicated revenue remaining after debt 10 service has been paid shall be disbursed on a pay-as-you-go basis from 11 the fund for capital projects. 12 (b) During years in which total dedicated revenue is twenty percent 13 less than the previous year, these disbursement requirements shall be 14 deemed waived for that year. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04348-01-7
