New York A 5828: Enacts the "institutional investor recovery act"

Bill Text

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 Speaker Carl E. Heastie

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A05828 Summary:

BILL NOA05828 

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SAME ASSAME AS S06697

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SPONSORCarroll R

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COSPNSR

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MLTSPNSR

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Amd Pub Auth L, generally; amd §17-b, Transp L

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Relates to establishing the big apple transit authority and the commuter transportation authority for the purpose of providing such authorities with municipal control over the New York city subway system (Part A); relates to establishing the big apple transit authority within the New York city transit authority (Part B); relates to establishing the big apple transit authority; repeals provisions relating thereto (Part C); relates to establishing the big apple transit authority (Part D); relates to establishing the commuter transportation authority (Part E).

Go to top A05828 Actions:

BILL NOA05828 

&nbsp

02/20/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA05828 Committee&nbspVotes:

Go to topA05828 Floor&nbspVotes:

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

Go to topA05828 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5828

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. R. CARROLL -- read once and referred to the
 Committee on Corporations, Authorities and Commissions

 AN ACT to amend the public authorities law and the transportation law,
 in relation to establishing the big apple transit authority and the
 commuter transportation authority for the purpose of providing such
 authorities with municipal control over the New York city subway
 system; and to repeal certain provisions of the public authorities law
 relating thereto (Part A); to amend the public authorities law, in
 relation to establishing the big apple transit authority within the
 New York city transit authority (Part B); to amend the public authori-
 ties law, in relation to establishing the big apple transit authority;
 and to repeal subdivision 5 of section 553-k of the public authorities
 law relating thereto (Part C); to amend the public authorities law in
 relation to establishing the big apple transit authority (Part D); and
 to amend the public authorities law, in relation to establishing the
 commuter transportation authority (Part E)

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

 1 Section 1. This act enacts into law major components of legislation
 2 which establish the Big Apple Transit Authority and the Commuter Transit
 3 Authority. Each component is wholly contained within a Part identified
 4 as Parts A through E. The effective date for each particular provision
 5 contained within such Part is set forth in the last section of such
 6 Part. Any provision in any section contained within a Part, including
 7 the effective date of the Part, which makes a reference to a section "of
 8 this act", when used in connection with that particular component, shall
 9 be deemed to mean and refer to the corresponding section of the Part in
 10 which it is found. Section three of this act sets forth the general
 11 effective date of this act.

 12 PART A

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05547-01-5

 A. 5828 2

 1 Section 1. Section 1261 of the public authorities law, as amended by
 2 section 1 of part H of chapter 25 of the laws of 2009, subdivision 18-a
 3 as amended by section 1 of part PP of chapter 58 of the laws of 2017, is
 4 amended to read as follows:
 5 § 1261. Definitions. As used or referred to in this title, unless a
 6 different meaning clearly appears from the context:
 7 1. "Authority" shall mean the corporation created by section twelve
 8 hundred sixty-three of this title.
 9 2. ["Authority facilities" shall mean the authority's railroad, omni-
 10 bus, marine and aviation facilities and operations pursuant to joint
 11 service arrangements.
 12 3.] "Budget" shall mean the preliminary, final proposed and adopted
 13 final plans of the authority, and each of its agencies.
 14 [4.] 3. "Comptroller" shall mean the comptroller of the state of New
 15 York.
 16 [5.] 4. "Equipment" shall mean rolling stock, omnibuses, vehicles,
 17 air, marine or surface c