Updated at 10:00 p.m. ET and 3/28/12
Bloomberg News is reporting that New York Governor Cuomo and legislative leaders in Albany have reached agreement to fully fund the MTA's five-year capital budget -- a step that all but assures the completion of Phase I of the Second Avenue Subway.
As part of the agreement, the MTA's bond cap is to be increased by $7 billion and the state will provide $770 million in new funds for the MTA's capital program.
In a prepared statement, MTA Chairman & CEO Joseph Lhota said,
"The MTA is grateful for Governor Cuomo's leadership and commitment in recognizing the critical importance of funding mass transit, and in particular fully funding our current Capital Program.
The MTA Capital Program not only provides for continued investment in our network, but also creates tens of thousands of jobs and generates economic activity across the entire state.
With this funding, the MTA will continue to enhance our riders' experience by investing in the future of our transportation network, as well as bringing our assets up to a state of good repair."
Further details can be found on this link:
"Cuomo Said to Reach $13.1 Billion Deal to Fund MTA Projects"
By Freeman Klopott
Bloomberg News - 3/26/12
"Cuomo reaches an M.T.A. deal, as Senate Republicans abandon their threat to trigger a crisis"
By Dana Rubinstein
Capital - 3/26/12
Updated 3/26/12 - 10:00 p.m. ET
A now a few details -- from the NYS Transportation and Economic Development Budget Bill (S6258/A9058) that was released this morning:
The MTA's bonding authority for capital projects, which is currently $34 billion will be increased in three steps,
- Prior to 1/1/2013 the bonding cap will be $37.211 billion
- Prior to 1/1/2014 the bonding cap will be $39.544 billion
- After 1/1/2014 the bonding cap will be $41.877 billion.
A group call the The New York Works Task Force will be created. This group will "advise on coordinating the capital plans of New York state agencies and authorities, including leveraging and accelerating funding streams and financing mechanisms to enhance infrastructure investment throughout New York state."
The New York Times report on this story can be found on this link:
"Financing for M.T.A. Projects Is Shored Up"
By Christine Haughney
The New York Times
In related news...
Governor Cuomo, Majority Leader Skelos, and Speaker Silver Announce Agreement on 2012-2013 Budget
Office of Governor Andrew M. Cuomo
"Infrastructure panel highlights New York state budget talks
15-member panel would prioritize projects"
By Jon Campbell and Joseph Spector
The Ithaca Journal
What the Senate Republicans got in exchange for not defunding the M.T.A.
By Dana Rubinstein
Capital - 3/28/12