Bond Act's approval sets wheels in motion.Last Tuesday's election might have sealed the fate of many of New York's most anticipated transportation projects, with the approval of the $2.9 billion Transportation Bond Act championed by Governor Pataki and MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. chairman Peter Kalikow. The news was greeted with jubilation by the city's real estate and construction community, with trade group leaders expecting an increase in new jobs and long-term benefits for the economy. The Bond Act, financed by money from state revenues, will pay for the repair and replacement of outdated subway, bus, bridge and tunnel This article is about the descriptive geographic term. For the Off-Broadway show, see Bridge and Tunnel (show). Bridge and tunnel (often abbreviated B&T) is a disparaging neologism for people who travel to Manhattan from surrounding communities. equipment, as well as allowing such projects as the Second Avenue Subway and East Side Access to move forward. The measure had been put on the ballot once before, during the 2001 elections, but failed to make it through because of limited publicity. In an official statement, Peter Kalikow said that "The passage of the Bond Act not only means new trains, buses and subway cars, as well as refurbished bridges for our customers, but it also signals a commitment to our expansion plans for the Second Avenue Subway, East Side Access for Long Island Railroad trains to travel directly to Grande Central and a lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North to JFK rail link." "A vibrant 21st century New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of economy depends on an expanded regional transit network transit network - A network which passes traffic between other networks in addition to carrying traffic for its own hosts. It must have paths to at least two other networks. See also backbone, stub. and the Bond Act proceeds will make the MTA eligible for as much as $4 billion in federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve to help complete these projects." According to Mike Slattery, senior vice president with the Real Estate Board of New York, "The Bond Act is an important investment for New York future, for both the expansion of its [transportation] system and its maintenance." New York Buildings Trades Employers Association president Lou Coletti and New York Building Congress Richard Anderson celebrated the fact that the Bond Act will create a new wave of construction projects for the city. "I think it's a tremendous boom for the economy of New York City The economy of New York City is one of the largest regional economies in the United States. The city is a global center for business and commerce. It is one of the leading financial cities of the world and a premier headquarters location for leading global financial services . The projects that will be funded from the Bond Act are much needed and New York has waited too long to build them," Coletti said. "I think the public recognized that New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. was growing and needed to add new capacity to its transportation system." "The New York State electorate realized that the Transportation Bond Act is an excellent investment in our future," added Anderson. The business community was also pleased that an amendment to the state constitution that would put the budget in the hands of the legislature failed to pass. "The amendment was ill-advised and would have resulted in an even worse budget process in Albany each year," said Anderson. "We rely on predictability with state funding of capital projects." "I think the issues with budget reform need to be addressed in more comprehensive ways," said Slattery. "The state should look to the city structure as a model on how it should proceed." |
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