Section 1270-E. Implementation of the Transportation Infrastructure Bond Act of 2000

1. In accordance with the provisions of the  Transportation  Infrastructure  Bond  Act  of  2000  authorizing the creation of general
  obligation debt in the amount of three  billion  eight  hundred  million
  dollars ($3,800,000,000), the moneys received by the state from the sale
  of  the  bonds and/or notes shall be expended for uses eligible pursuant
  to the Transportation Infrastructure Bond Act of 2000 pursuant to annual
  appropriations as follows:
    (a) One billion  nine  hundred  million  dollars  ($1,900,000,000)  as
  authorized  by  paragraph (a) of subdivision two of section four hundred
  seventy of the transportation law;
    (b) Three hundred million  dollars  ($300,000,000)  as  authorized  by
  paragraph  (b) of subdivision two of section four hundred seventy of the
  transportation law; and
    (c) One  billion  six  hundred  million  dollars  ($1,600,000,000)  as
  authorized by subdivision two of this section.
    2.  One  billion six hundred million dollars of moneys received by the
  state from  the  sale  of  bonds  and/or  notes  sold  pursuant  to  the
  Transportation  Infrastructure  Bond  Act  of  2000  for  uses  eligible
  pursuant  to  subdivision  c  of  section  four  of  the  Transportation
  Infrastructure  Bond  Act  of  2000 shall be expended pursuant to annual
  appropriations  for  the  construction,   reconstruction,   replacement,
  improvement,  reconditioning,  rehabilitation and preservation including
  engineering, construction management, the preparation of designs, plans,
  specifications, estimates, environmental impact  statements,  appraisals
  and  surveys, and the acquisition of real property and interests therein
  and site preparation and clearances, required or expected to be required
  in connection therewith, of urban and  commuter  passenger  and  freight
  rail,  omnibus,  mass  transit and rapid transit systems, facilities and
  equipment, including acquisition, and including the  full-length  Second
  Avenue  subway  and  the Long Island Rail Road East-Side access project,
  all of which are capital elements described  in  the  two  thousand--two
  thousand  four  capital  program  plans  approved  by  the  metropolitan
  transportation authority capital program review board.
    3. All actions taken by the authority in connection with  the  receipt
  and expenditure of moneys received from the state from the sale of bonds
  pursuant  to the Transportation Infrastructure Bond Act of 2000 shall be
  reviewed for consistency with provisions of the federal internal revenue
  code  and  regulations  thereunder,  in   accordance   with   procedures
  established  in  connection  with  the  issuance  of any such tax exempt
  bonds, to preserve the tax exempt status of such bonds.
    * NB Not effective due to defeat of the  Transportation  Bond  Act  of
  2000