The Business Council of New York State supports S.3328/A.8164, which would amend the public authorities law in relation to exempting the Niagara Frontier Transportation Authority (NFTA) from bond issuance charges as currently required by the law under section 2976. The Business Council’s specific reasons for supporting S.3328/A.8164 include the following:
- While support for mass transit in the greater New York City metropolitan area has expanded, state support for regional transit in the greater Buffalo-Niagara Falls area has not seen similar support;
- This lack of support has adversely impacted mass transit riders in the greater Buffalo-Niagara region serviced by the NFTA;
- The NFTA frequently refinances Authority bonds and incurs significant issuance charges as a result;
- Savings that accrue from this act can be used to maintain efficient operations;
- Savings will also help ensure mass transit riders in the Buffalo-Niagara region do not face further service cuts;
- This proposal will reduce the cost of doing business for the NFTA, and thus offer more funds to reduce the need for future fare increases.
For these reasons, The Business Council strongly SUPPORTS the passage of S.3328/A.8164.