N.Y. PBA Law § 1270-F

§ 1270-f. Implementation of the rebuild and renew New York\ntransportation bond act of two thousand five. 1. In accordance with the\nprovisions of the rebuild and renew New York transportation bond act of\ntwo thousand five authorizing the creation of general obligation debt in\nthe amount of two billion nine hundred million dollars ($2,900,000,000),\nthe moneys received by the state from the sale of the bonds and/or notes\nshall be expended for uses eligible pursuant to the rebuild and renew\nNew York transportation bond act of two thousand five pursuant to annual\nappropriations as follows:\n (a) One billion four hundred fifty million dollars ($1,450,000,000) as\nauthorized by subdivision two of section four hundred eighty of the\ntransportation law;\n (b) One billion four hundred fifty million dollars ($1,450,000,000) as\nauthorized by subdivision two of this section.\n 2. One billion four hundred fifty million dollars ($1,450,000,000) of\nmoneys received by the state from the sale of bonds and/or notes sold\npursuant to the rebuild and renew New York transportation bond act of\ntwo thousand five for uses eligible pursuant to subdivision b of section\nfour of the rebuild and renew New York transportation bond act of two\nthousand five shall be expended pursuant to annual appropriations for\nthe construction, reconstruction, replacement, improvement,\nreconditioning, rehabilitation and preservation including engineering,\nconstruction, 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, all of which are capital elements\ndescribed in the two thousand five -- two thousand nine capital program\nplans as submitted to and approved by the metropolitan transportation\nauthority capital program review board, whether before, on, or after the\neffective date of the chapter of the laws of two thousand five which\nadded this section.\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 rebuild and renew New York transportation bond act of\ntwo thousand five shall be reviewed for consistency with provisions of\nthe federal internal revenue code and regulations thereunder, in\naccordance with procedures established in connection with the issuance\nof any such tax exempt bonds, to preserve the tax exempt status of such\nbonds.\n