Enacts the statewide transportation authority reinvestment (STAR) act; exempts mass transit authorities from bond issuance charges.

The bill enacts the statewide transportation authority reinvestment (STAR) act, which exempts mass transit authorities from bond issuance charges. The public authorities providing mass transit service in New York City, Long Island, Hudson Valley, Buffalo, Rochester, Albany, Syracuse, and their suburbs will no longer have to pay fees to the state when issuing bonds. The intent is to relieve these authorities of the burden of acting as a revenue source for the state, allowing them to use the savings to maintain service levels, prevent service cuts, or for transformative capital projects.

Enacts the statewide transportation authority reinvestment (STAR) act; exempts mass transit authorities from bond issuance charges.

The bill enacts the statewide transportation authority reinvestment (STAR) act, which exempts mass transit authorities from bond issuance charges. The public authorities providing mass transit service in New York City, Long Island, Hudson Valley, Buffalo, Rochester, Albany, Syracuse, and their suburbs will no longer have to pay fees to the state when issuing bonds. The intent is to relieve these authorities of the burden of acting as a revenue source for the state, allowing them to use the savings to maintain service levels, prevent service cuts, or for transformative capital projects.