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1. To promote and assure the continued provision of essential commuter and intercity rail passenger and rail freight services to the inhabitants of the state and to assist in the preservation and improvement of such rail services in order to meet the economic, energy and environmental needs of the communities of the state, the creation of a state debt to an amount not exceeding in the aggregate two hundred fifty million dollars ($250,000,000) is hereby authorized to provide monies to be used, in such manner and upon such terms and conditions as the legislature may prescribe, for the acquisition, construction, reconstruction, establishment, improvement and rehabilitation of commuter and intercity rail passenger and rail freight capital facilities, for the acquisition of real property and interests in real property required or expected to be required therefor, and for any capital equipment used in connection therewith, by the state or any county, city, town, village, special transportation district, public benefit corporation or other public corporation, or two or more of the foregoing acting jointly.
2. The state comptroller is hereby authorized and empowered to issue and sell bonds of the state to the amount of two hundred fifty million dollars ($250,000,000) for the purposes of this section, subject to the provisions of article five of the state finance law.
3. This section shall be known and may be cited as the rail preservation bond act of nineteen hundred seventy-four.
Cite this article: FindLaw.com - New York Consolidated Laws, Transportation Law - TRA § 2. Rail preservation bond act - last updated January 01, 2021 | https://codes.findlaw.com/ny/transportation-law/tra-sect-2-nr7.html
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