NEWS

Assemblymember Jim Brennan

44th Assembly District DISTRICT OFFICES: 416 Seventh Avenue, Brooklyn, NY 11215 718-788-7221 1414 Cortelyou Road, Brooklyn, NY 11226 718-940-0641 Lorrie Smith 518-455-5377

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FOR IMMEDIATE RELEASE

April 4, 2012

BRENNAN PROPOSES $4.5 TRANSPORTATION BOND ISSUE FOR MASS TRANSIT, AND ROADS, BRIDGES, AND AIRPORTS
State Assemblymember Jim Brennan (D-Brooklyn), Chair of the Assembly Standing Committee on Corporations, Authorities, and Commissions, has introduced legislation to place a proposal before the voters in November 2013 to help fund the future infrastructure needs of the state. The voters will be asked to authorize the State to borrow and pay for the debt service on $4.5 billion of improvements for mass transit, and roads, bridges, and airports as well as other transportation infrastructure throughout New York State. The funds would be divided into $2.025 billion for the MTA; $225 million for non-MTA mass transit; and $2.25 billion for roads, bridges, and other infrastructure. Funds are needed to address a significant shortfall in needed capital funds for infrastructure in the next few years, said Brennan. Capital needs for roads, bridges, and mass transit are estimated at a minimum of $45 billion for the transitional 2015-19 five-year-plan cycle. Federal aid usually provides about one-half of the funding requirements, and New York State must come up with the rest. However, the history of funds used for mass transit, roads, and bridges suggests that identifiable sources of State funds are only available to assure one-half of non-Federal resources, a shortfall of over $10 billion. An approved bond act would cover nearly half of that shortfall. ##