Section 1270-F. Implementation of the rebuild and renew New York transportation bond act of two thousand five

1. In accordance with  the  provisions  of the rebuild and renew New York transportation bond act of
  two thousand five authorizing the creation of general obligation debt in
  the amount of two billion nine hundred million dollars ($2,900,000,000),
  the moneys received by the state from the sale of the bonds and/or notes
  shall be expended for uses eligible pursuant to the  rebuild  and  renew
  New York transportation bond act of two thousand five pursuant to annual
  appropriations as follows:
    (a) One billion four hundred fifty million dollars ($1,450,000,000) as
  authorized  by  subdivision  two  of  section four hundred eighty of the
  transportation law;
    (b) One billion four hundred fifty million dollars ($1,450,000,000) as
  authorized by subdivision two of this section.
    2. One billion four hundred fifty million dollars ($1,450,000,000)  of
  moneys  received  by  the state from the sale of bonds and/or notes sold
  pursuant to the rebuild and renew New York transportation  bond  act  of
  two thousand five for uses eligible pursuant to subdivision b of section
  four  of  the  rebuild and renew New York transportation bond act of two
  thousand five 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, all  of  which  are  capital  elements
  described  in the two thousand five -- two thousand nine capital program
  plans as submitted to and approved by  the  metropolitan  transportation
  authority capital program review board, whether before, on, or after the
  effective  date  of  the  chapter of the laws of two thousand five which
  added this section.
    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  rebuild and renew New York transportation bond act of
  two thousand five 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.