N.Y. PBA Law § 1270-E

* § 1270-e. Implementation of the Transportation Infrastructure Bond\nAct of 2000. 1. In accordance with the provisions of the Transportation\nInfrastructure Bond Act of 2000 authorizing the creation of general\nobligation debt in the amount of three billion eight hundred million\ndollars ($3,800,000,000), the moneys received by the state from the sale\nof the bonds and/or notes shall be expended for uses eligible pursuant\nto the Transportation Infrastructure Bond Act of 2000 pursuant to annual\nappropriations as follows:\n (a) One billion nine hundred million dollars ($1,900,000,000) as\nauthorized by paragraph (a) of subdivision two of section four hundred\nseventy of the transportation law;\n (b) Three hundred million dollars ($300,000,000) as authorized by\nparagraph (b) of subdivision two of section four hundred seventy of the\ntransportation law; and\n (c) One billion six hundred million dollars ($1,600,000,000) as\nauthorized by subdivision two of this section.\n 2. One billion six hundred million dollars of moneys received by the\nstate from the sale of bonds and/or notes sold pursuant to the\nTransportation Infrastructure Bond Act of 2000 for uses eligible\npursuant to subdivision c of section four of the Transportation\nInfrastructure Bond Act of 2000 shall be expended pursuant to annual\nappropriations for the construction, reconstruction, replacement,\nimprovement, reconditioning, rehabilitation and preservation including\nengineering, construction management, the preparation of designs, plans,\nspecifications, estimates, environmental impact statements, appraisals\nand surveys, and the acquisition of real property and interests therein\nand site preparation and clearances, required or expected to be required\nin connection therewith, of urban and commuter passenger and freight\nrail, omnibus, mass transit and rapid transit systems, facilities and\nequipment, including acquisition, and including the full-length Second\nAvenue subway and the Long Island Rail Road East-Side access project,\nall of which are capital elements described in the two thousand--two\nthousand four capital program plans approved by the metropolitan\ntransportation authority capital program review board.\n 3. All actions taken by the authority in connection with the receipt\nand expenditure of moneys received from the state from the sale of bonds\npursuant to the Transportation Infrastructure Bond Act of 2000 shall be\nreviewed for consistency with provisions of the federal internal revenue\ncode and regulations thereunder, in accordance with procedures\nestablished in connection with the issuance of any such tax exempt\nbonds, to preserve the tax exempt status of such bonds.\n * NB Not effective due to defeat of the Transportation Bond Act of\n2000\n