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2002 Session

Budget Amendments - SB30 (Committee Approved)

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Mass Transit Capital Program (language only)

Item 485 #4s

Item 485 #4s

Transportation
Rail and Public Transportation, Department of

Language
Page 345, after line 48, insert:
"H.  In cooperation with the Department of the Treasury and other state agencies, the Department of Rail and Public Transportation may develop and implement 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 proposed 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 provides that the Department of Rail and Public Transportation and the Department of the Treasury can develop and implement a program to assist mass transit properties statewide with the financing of their capital needs.)