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2002 Session

Budget Amendments - SB29 (Committee Approved)

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Mass Transit Capital Program (language only)

Item 518 #1s

Item 518 #1s

Transportation
Rail and Public Transportation, Department of

Language
Page 411, after line 58, insert:
"L.1.  The capital assistance program includes an estimated $18,024,600 in the second year from federal minimum guarantee and surface transportation program funds in accordance with Item 506 of this Act.  
2.  In cooperation with the Department of the Treasury and other state agencies, the Department of Rail and Public Transportation may develop a program to assist mass transit properties in financing agreements, not to exceed five years, to acquire new transit vehicles and equipment.  By November 1, 2002, the Department of Rail and Public Transportation shall report to the Chairmen of the House Appropriations and Senate Finance Committees on the implementation of any such proposed program.  Payments for such financings shall come from the capital assistance program.  The program's funding requirement in any fiscal year shall not exceed the federal funding allocated to the program and may include interest rate subsidies.  The program shall be revolving and may be administered by a third-party vendor.


Explanation
(This amendment identifies the federal highway funding dedicated to mass transit capital assistance in FY 02. It further provides that the Department of Rail and Public Transportation and the Department of the Treasury can develop a program to assist mass transit properties statewide with the financing of their capital needs.)