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Gov. George Pataki and New York's state legislature unveiled a list of projects that would receive funding through 2010 in the state's $35.8 billion transportation capital plan. The list, which splits funds equally between the Metropolitan Transportation Authority and the state's Department of Transportation, relies in part on a $2.9 billion bond that is subject to voter approval in November.
The department plans to spend $9.6 billion on construction alone to rehabilitate local highways and bridges. The MTA will spend $14.85 billion on core system repair work and $2.5 billion on design and construction.
Several programs by both the department of transportation and the MTA depend on November's bond vote, including $1.13 billion for DOT highway and bridge projects, $450 million each for the MTA's East Side Access and 2nd Avenue Subway Line, and $100 million for the MTA's JFK International Airport Railway Link.
State leaders also reconfigured financing for the broader capital plan after the state comptroller, Alan Hevesi, nixed a proposal to refinance nearly $3 billion in existing debt. Hevesi said it would create additional interest payments in the out years of the capital plan.
Pataki and Hevesi's offices negotiated an agreement in August that allowed the refinancing to go forward by using different accounting and financing procedures that will eliminate the extra interest payments.
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