Bill Text: NY A04411 | 2015-2016 | General Assembly | Introduced
Bill Title: Enacts the Transportation Infrastructure Bond Act of 2015 to provide monies for the preservation, enhancement, restoration and improvement of the quality of the state's transportation infrastructure.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A04411 Detail]
Download: New_York-2015-A04411-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4411
2015-2016 Regular Sessions
I N A S S E M B L Y
January 30, 2015
___________
Introduced by M. of A. BRENNAN, BRINDISI, CLARK, CRESPO, JAFFEE, SCHI-
MEL, WEPRIN -- Multi-Sponsored by -- M. of A. ABBATE, DenDEKKER,
GLICK, ROBERTS, ROBINSON, ROSENTHAL, TITUS -- read once and referred
to the Committee on Ways and Means
AN ACT authorizing the creation of a state debt to the amount of four
billion five hundred million dollars, in relation to creating the
Transportation Infrastructure Bond Act of 2015, to provide monies for
the improvement, enhancement, preservation and restoration of the
quality of the state's transportation infrastructure, and providing
for the submission to the people of a proposition or question therefor
to be voted upon at the general election in November 2015
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The Transportation Infrastructure Bond Act of 2015 is
2 enacted to read as follows:
3 TRANSPORTATION INFRASTRUCTURE BOND ACT OF 2015
4 Section 1. Short title.
5 2. Creation of a state debt.
6 3. Bonds of the state.
7 4. Use of moneys received.
8 Section 1. Short title. This act shall be known and may be cited as
9 the "Transportation Infrastructure Bond Act of 2015".
10 S 2. Creation of a state debt. The creation of a state debt to an
11 amount not exceeding in the aggregate four billion five hundred million
12 dollars ($4,500,000,000) is hereby authorized to provide moneys for the
13 single purpose of improving, enhancing, preserving and restoring the
14 quality of the state's transportation infrastructure by the planning and
15 design, construction, reconstruction, replacement, improvement, recondi-
16 tioning, rehabilitation and preservation, including the acquisition of
17 real property and interests therein required or expected to be required
18 in connection therewith, of: state highways, bridges and parkways; high-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01258-01-5
A. 4411 2
1 ways and bridges either on or off the state highway system necessary or
2 reasonably expected to be necessary as a project component or incidental
3 to projects otherwise authorized by this act involving airports and
4 aviation facilities, the canal system and appurtenances thereto, ports,
5 and transit and rail projects; border crossing enhancements either on or
6 off the state highway system; the improvement and/or elimination of
7 highway-railroad grade crossings either on or off the state highway
8 system; moveable bridges that cross over the canal system; airports and
9 aviation facilities, equipment and related projects exclusive of those
10 airports and facilities under the jurisdiction of the port authority of
11 New York and New Jersey or operated by the state of New York; the canal
12 system and appurtenances thereto; ports exclusive of those under the
13 jurisdiction of the port authority of New York and New Jersey; marine
14 terminals and marine transportation facilities exclusive of those under
15 the jurisdiction of the port authority of New York and New Jersey;
16 pedestrian and/or bicycle trails, pathways and bridges serving transpor-
17 tation needs; urban, commuter and intercity passenger rail, omnibus,
18 mass transit and rapid transit systems, facilities and equipment,
19 including acquisition; freight rail; and intermodal passenger and
20 freight facilities and equipment, to achieve a more secure and reliable
21 transportation system for the inhabitants of the state.
22 The legislature may, by appropriate legislation and subject to such
23 conditions as it may impose, make available out of the proceeds of the
24 sale of bonds authorized in this act, moneys for state programs or state
25 grants to any city, county, town, village, public benefit corporation,
26 or other public corporation or authority, or two or more of the forego-
27 ing acting jointly, for the single purpose of this act and/or to match
28 federal funds which may from time to time be made available by congress
29 for such purpose.
30 S 3. Bonds of the state. The state comptroller is hereby authorized
31 and empowered to issue and sell bonds of the state to the amount of four
32 billion five hundred million dollars ($4,500,000,000) for the purpose of
33 this act, subject to the provisions of article 5 of the state finance
34 law. The aggregate principal amount of such bonds shall not exceed four
35 billion five hundred million dollars ($4,500,000,000) excluding bonds
36 issued to refund or otherwise repay bonds heretofore issued for such
37 purpose; provided, however, that upon any such refunding or repayment,
38 the total aggregate principal amount of outstanding bonds may be greater
39 than four billion five hundred million dollars ($4,500,000,000) only if
40 the present value of the aggregate debt service of the refunding or
41 repayment bonds to be issued shall not exceed the present value of the
42 aggregate debt service of the bonds to be refunded or repaid. The method
43 for calculating present value shall be determined by law.
44 S 4. Use of moneys received. The moneys received by the state from the
45 sale of bonds sold pursuant to this act shall be expended in the follow-
46 ing amounts, pursuant to annual appropriations:
47 a. For the planning and design, construction, reconstruction, replace-
48 ment, improvement, reconditioning, rehabilitation and preservation,
49 including the acquisition of real property and interests therein
50 required or expected to be required in connection therewith, of: state
51 highways, bridges and parkways; highways and bridges off the state high-
52 way system necessary or reasonably expected to be necessary as a project
53 component or incidental to projects otherwise authorized by this act
54 involving the canal system and appurtenances thereto; border crossing
55 enhancements either on or off the state highway system; the improvement
56 and/or elimination of highway-railroad grade crossings either on or off
A. 4411 3
1 the state highway system; the canal system and appurtenances thereto;
2 moveable bridges that cross over the canal system; and pedestrian and/or
3 bicycle trails, pathways and bridges serving transportation needs, two
4 billion twenty-five million dollars ($2,025,000,000); and
5 b. For the planning and design, construction, reconstruction, replace-
6 ment, improvement, reconditioning, rehabilitation and preservation,
7 including the acquisition of real property and interests therein
8 required or expected to be required in connection therewith, of: high-
9 ways and bridges either on or off the state highway system necessary or
10 reasonably expected to be necessary as a project component or incidental
11 to projects otherwise authorized by this act involving airports and
12 aviation facilities, ports, transit and rail projects; airports and
13 aviation facilities, equipment and related projects exclusive of those
14 airports and facilities under the jurisdiction of the port authority of
15 New York and New Jersey or operated by the state of New York; ports
16 exclusive of those under the jurisdiction of the port authority of New
17 York and New Jersey or the canal corporation; marine terminals and
18 marine transportation facilities exclusive of those under the jurisdic-
19 tion of the port authority of New York and New Jersey or the canal
20 corporation; omnibus, mass transit and rapid transit systems, facilities
21 and equipment, including acquisition, exclusive of those operated or
22 acquired by or under the jurisdiction of the metropolitan transportation
23 authority and its subsidiaries, the New York city transit authority and
24 its subsidiaries and the Triborough bridge and tunnel authority; urban,
25 commuter and intercity passenger rail, freight rail, and intermodal
26 passenger and freight facilities and equipment, including facilities
27 used jointly by commuter railroad companies and freight railroad compa-
28 nies, but otherwise exclusive of those operated by or under the juris-
29 diction of the metropolitan transportation authority and its subsid-
30 iaries, the New York city transit authority and its subsidiaries and the
31 Triborough bridge and tunnel authority, two hundred twenty-five million
32 dollars ($225,000,000);
33 c. For the planning and design, construction, reconstruction, replace-
34 ment, improvement, reconditioning, rehabilitation and preservation,
35 including the acquisition of real property and interests therein
36 required or expected to be required in connection therewith, of urban
37 and commuter passenger and freight rail, omnibus, mass transit and rapid
38 transit systems, facilities and equipment, including acquisition, oper-
39 ated or acquired by or under the jurisdiction of the metropolitan trans-
40 portation authority and its subsidiaries, the New York city transit
41 authority and its subsidiaries and the Triborough bridge and tunnel
42 authority, two billion two hundred fifty million dollars
43 ($2,250,000,000).
44 S 2. This act shall take effect immediately, provided that the
45 provisions of section one of this act shall not take effect unless and
46 until this act shall have been submitted to the people at the general
47 election to be held in November 2015 and shall have been approved by a
48 majority of all votes cast for and against it at such election. Upon
49 approval by the people, section one of this act shall take effect imme-
50 diately. The ballots to be furnished for the use of voters upon
51 submission of this act shall be in the form prescribed by the election
52 law and the proposition or question to be submitted shall be printed
53 thereon in substantially the following form, namely "Shall chapter (here
54 insert the number of the chapter) of the laws of 2015 known as the
55 transportation infrastructure bond act of 2015, authorizing the creation
56 of state debt in the amount of four billion five hundred million dollars
A. 4411 4
1 ($4,500,000,000) to provide moneys for the improvement, enhancement,
2 preservation and restoration of the quality of the state's transporta-
3 tion infrastructure, including the state's highways, bridges, canals,
4 ports, airports, rail and transit systems, be approved?".
