New York S 2564: Requires any proposed increase in fares by the metropolitan commuter transportation authority shall be submitted to the state comptroller for approval

Bill Text

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S02564 Summary:

BILL NOS02564 

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SAME ASSAME AS A05808

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §§1205, 1207-i & 1266, add §1265-c, Pub Auth L

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Requires any proposed increase in fares by the metropolitan commuter transportation authority shall be submitted to the comptroller for approval before such fare increase takes effect; requires the metropolitan commuter transportation authority to submit a report to the comptroller which includes a justification for such proposed fare increase and the current financial condition of such authority.

Go to top S02564 Actions:

BILL NOS02564 

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01/21/2025REFERRED TO TRANSPORTATION

01/07/2026REFERRED TO TRANSPORTATION

Go to topS02564 Committee&nbspVotes:

Go to topS02564 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02564 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2564

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Transportation

 AN ACT to amend the public authorities law, in relation to requiring the
 metropolitan commuter transportation authority to obtain approval from
 the state comptroller to increase fares

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 1205 of the public authorities
 2 law, as amended by chapter 717 of the laws of 1967, is amended to read
 3 as follows:
 4 1. Notwithstanding the provisions of any other law, the terms of any
 5 contract or franchise, the authority shall have the power at all times
 6 to fix or adjust the rate or rates of fare to be charged for the use of
 7 any transit facility operated by the authority as may in the judgment of
 8 the authority be necessary to maintain the operations of the authority
 9 on a self-sustaining basis, upon approval of the state comptroller
 10 pursuant to section twelve hundred sixty-five-c of this article. The
 11 operations of the authority shall be deemed to be on a self-sustaining
 12 basis, as required by this title, when the authority is able to pay from
 13 revenue, from any funds granted or transferred to the authority pursuant
 14 to any provision of law, including funds granted pursuant to the
 15 provisions of section ninety-eight-b of the general municipal law, and
 16 from any other funds actually available to the authority, including the
 17 proceeds of borrowings for working capital purposes, the expenses of
 18 operation of the authority as the same shall become due.
 19 § 2. Section 1207-i of the public authorities law, as amended by
 20 section 17 of part O of chapter 61 of the laws of 2000, is amended to
 21 read as follows:
 22 § 1207-i. Rates of fare while bonds, notes and other obligations are
 23 outstanding. Notwithstanding the provisions of section twelve hundred
 24 five of this title or the provisions of any other law to the contrary,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05059-01-5

 S. 2564 2

 1 so long as the authority shall have outstanding and unpaid bonds, notes
 2 or other obligations issued pursuant to section twelve hundred seven-b
 3 of this title, or the metropolitan transportation authority or Tribor-
 4 ough bridge and tunnel authority shall have outstanding and unpaid
 5 bonds, notes or other obligations secured by or payable from, in whole
 6 or in part, the revenues, assets or other monies of the authority or its
 7 subsidiary corporations, the authority shall have the power at all times
 8 to fix or adjust the rate or rates of fare to be charged for the use of
 9 any transit facility operated by the authority, upon approval of the
 10 state comptroller pursuant to section twelve hundred sixty-five-c of
 11 this article, as may, in the judgment of the board, be necessary to
 12 produce sufficient revenues to pay, as the same shall become due, the
 13 principal of and interest on such bonds, notes and other obligations of
 14 the authority, metropolitan transportation authority and Triborough
 15 bridge and tunnel authority, together with the main