§ 14. The legislature may authorize by law the creation of a debt or\ndebts of the state, not exceeding in the aggregate three hundred million\ndollars, to provide moneys for the elimination, under state supervision,\nof railroad crossings at grade within the state, and for incidental\nimprovements connected therewith as authorized by this section. The\nprovisions of this article, not inconsistent with this section, relating\nto the issuance of bonds for a debt or debts of the state and the\nmaturity and payment thereof, shall apply to a state debt or debts\ncreated pursuant to this section; except that the law authorizing the\ncontracting of such debt or debts shall take effect without submission\nto the people pursuant to section 11 of this article. The aggregate\namount of a state debt or debts which may be created pursuant to this\nsection shall not exceed the difference between the amount of the debt\nor debts heretofore created or authorized by law, under the provisions\nof section 14 of article VII of the constitution in force on July first,\nnineteen hundred thirty-eight, and the sum of three hundred million\ndollars.\n The expense of any grade crossing elimination the construction work\nfor which was not commenced before January first, nineteen hundred\nthirty-nine, including incidental improvements connected therewith as\nauthorized by this section, whether or not an order for such elimination\nshall theretofore have been made, shall be paid by the state in the\nfirst instance, but the state shall be entitled to recover from the\nrailroad company or companies, by way of reimbursement (1) the entire\namount of the railroad improvements not an essential part of\nelimination, and (2) the amount of the net benefit to the company or\ncompanies from the elimination exclusive of such railroad improvements,\nthe amount of such net benefit to be adjudicated after the completion of\nthe work in the manner to be prescribed by law, and in no event to\nexceed fifteen per centum of the expense of the elimination, exclusive\nof all incidental improvements. The reimbursement by the railroad\ncompanies shall be payable at such times, in such manner and with\ninterest at such rate as the legislature may prescribe.\n The expense of any grade crossing elimination the construction work\nfor which was commenced before January first, nineteen hundred\nthirty-nine, shall be borne by the state, railroad companies, and the\nmunicipality or municipalities in the proportions formerly prescribed by\nsection 14 of article VII of the constitution in force on July first,\nnineteen hundred thirty-eight, and the law or laws enacted pursuant to\nits provisions, applicable to such elimination, and subject to the\nprovisions of such former section and law or laws, including advances in\naid of any railroad company or municipality, although such elimination\nshall not be completed until after January first, nineteen hundred\nthirty-nine.\n A grade crossing elimination the construction work for which shall be\ncommenced after January first, nineteen hundred thirty-nine, shall\ninclude incidental improvements rendered necessary or desirable because\nof such elimination, and reasonably included in the engineering plans\ntherefor. Out of the balance of all moneys authorized to be expended\nunder section 14 of article VII of the constitution in force on July\nfirst, nineteen hundred thirty-eight, and remaining unexpended and\nunobligated on such date, fifty million dollars shall be deemed\nsegregated for grade crossing eliminations and incidental improvements\nin the city of New York and shall be available only for such purposes\nuntil such eliminations and improvements are completed and paid for.\n Notwithstanding any of the foregoing provisions of this section the\nlegislature is hereby authorized to appropriate, out of the proceeds of\nbonds now or hereafter sold to provide moneys for the elimination of\nrailroad crossings at grade and incidental impro
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