HB2823 Summary

• Amends the Metropolitan Transit Authority Act to add default provisions for interim financing notes, allowing the State Treasurer to certify defaulted note amounts to the Comptroller for deduction from State funds paid to the Authority in a three-year recovery schedule.

• Modifies the Regional Transportation Authority Act to authorize the Authority to establish lines of credit with banks or financial institutions for cash flow deficits, subject to the same limitations and repayment terms (24 months) as Working Cash Notes.

• Increases the authorization deadline for additional Working Cash Notes and lines of credit from 2018 to July 1, 2022, allowing outstanding amounts to reach $300,000,000 above the base $100,000,000 authorization.

• Requires the Authority to notify the Governor's Office of Management and Budget and State Comptroller at least 30 days before establishing a line of credit and to file a certified copy of the authorizing ordinance.