New York S 668: Relates to indexing of appropriations

Bill Text

STATE OF NEW YORK
________________________________________________________________________
668
2017-2018 Regular Sessions
IN SENATE
January 4, 2017
___________
Introduced by Sens. KENNEDY, DILAN -- read twice and ordered printed,
and when printed to be committed to the Committee on Finance
AN ACT to amend the highway law, in relation to indexing appropriations
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
1 Section 1. Subdivision 2 of section 10-c of the highway law, as
2 amended by chapter 355 of the laws of 1999, is amended to read as
3 follows:
4 2. On or before the twenty-fifth day of April, June, September and
5 November of each state fiscal year commencing with the state fiscal year
6 beginning on April first, nineteen hundred eighty-four there shall be
7 distributed and paid to counties, cities, towns and villages an amount
8 equal to the moneys appropriated for the purposes of this section
9 divided by the number of payment dates in that state fiscal year. Such
10 amounts shall be distributed and paid pursuant to subdivision three of
11 this section. Provided, however, that on and after January first, two
12 thousand nineteen and on each following January first, the commissioner
13 shall index the level of such appropriations for subsequent state fiscal
14 years based on the national highway construction cost index for the most
15 recent twelve month period. The commissioner shall increase appropri-
16 ations by the rate of inflation for the most recent twelve month period
17 that is available at the time the adjusted rate is calculated and
18 announced using the national highway construction cost index, or a
19 successor index as calculated by the United States federal highway
20 administration, if such rate of inflation is greater than zero percent.
21 § 2. This act shall take effect immediately.
EXPLANATION--Matter in (underscored) is new; matter in bracketsitalics
[ ] is old law to be omitted.
LBD00648-01-7