Gov. Cuomo says the regulation is on his facet in relation to duty for funding subway work. Mayor de Blasio says the regulation helps him.
Beneath a 1981 regulation and the Metropolis of New York’s grasp subway lease to the New York Metropolis Transit Authority, town “is required to supply for the capital wants” of the transit authority.
However the metropolis’s funds have been a wreck within the 1980s, so lawmakers allowed the transit company to subject debt to cowl the prices “with out relieving town of its contractual and statutory obligation.”
De Blasio’s place:
The 1953 grasp lease between town and the transit authority says capital prices “shall be paid by town” immediately or lined by the transit authority and recouped later.
Nonetheless, the lease additionally says there’s a $5 million cap on what the transit authority can recuperate for repairs and the mayor will get to approve something above that quantity.