New York state agency submits $9.6 billion capital plan to Albany.

The New York State Metropolitan Transportation Authority submitted yesterday a revised $9.6 billion, 1992-through-1996 capital plan to the legislative panel charged with oversight of the authority's bond program.

Authority spokesman John Cunningham said yesterday that the plan has been sent to the state Capital Program Review Board, committee comprised of representatives from the state executive branch, New York City, the state Assembly, and the state Senate. The committee oversees the authority.

The board must approve the capital plan before the state Legislature can review and consider it for passage.

Mr. Cunningham said a special session of the Legislature likely will be called to vote on the authority's capital plan after the general election in November.

The biggest slice of the authority's proposed capital program, $7.4 billion, is earmarked for the New York City Transit Authority, a subsidiary of the authority.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER