School bonds bill passes in Albany

  • Tax-exempt bonds allowed for apartment or office construction above schools
  • Part of Board of Education's 10 year, $1.5bil construction program
  • Created a NYC educational construction fund to float the bonds
  • Debt to be unlimited and outside the city's debt limit
  • Source: "Major Bills in Legislature," The New York Times, July 6, 1966. link
  • Source: Sydney H. Schanberg, "ALBANY GETS BILL FOR SCHOOL BONDS," The New York Times, June 2, 1966. link
  • Source: Douglas Robinson, "School-Apartment Bill Wins Approval," The New York Times, July 6, 1966. link
  • Tags: education lindsay rockefeller

Rockfeller proposes what would become MTA

  • MCTA had been formed in 1965 to buy and operate Long Island Rail Road
  • Ronan was MCTA chair
  • Rockefeller's plan would be designed to avoid legal questions about rights of Triborough bondholders
  • Source: "Rockefller Seeks Regional Agency to Direct Transit," The New York Times, June 3, 1966. link
  • Tags: mta-formation rockefeller ronan

Rockefeller proposes state take over Harlem and Hudson lines

  • Rockefeller also announced modernization plans, pending legislative approval of the bond authority
    • not sure what bond authority is here
  • Purchase of 80 new Penn Central cars finances with $21mil in bonds through New York State Commuter Car Program
    • NYS CCP administered by Port Authority, which was then still called the Port of New York Authority
    • Port Authority would buy cars and lease them to the state
  • Rest of modernization financed by $44mil in bonds from State Transportation Bond Fund
  • Ronan said Penn Central would manage the line under MTA's direction, and MTA would pay them for maintenance and oprating costs, which would be paid out of operating revenue
  • Plans for take-over started with state transit master plan in 1968
  • Source: Bill Kovach, "STATE TO ACQUIRE 2 COMMUTER RUNS," The New York Times, April 17, 1970. link
  • Tags: metro-north penn-central rockefeller ronan

results matching ""

    No results matching ""