N.Y. Public Authorities Law § 1219-a: Transfer and receipt of surplus funds

§ 1219-a. Transfer and receipt of surplus funds. 1. Notwithstanding

any provision of this title or any other provision of law, general,

special or local, the authority may from time to time transfer and pay

over to metropolitan transportation authority or triborough bridge and

tunnel authority all or any part of its surplus funds; and may accept

and use any moneys transferred and paid over to it by metropolitan

transportation authority or triborough bridge and tunnel authority.

2. Notwithstanding the provisions of the preceding subdivision of this

section:

(a) If the city shall have provided in its capital budget for its

fiscal year beginning July first, nineteen hundred sixty-eight the

amount of one hundred million dollars, or such lesser amount as shall

have been requested by the authority for inclusion in such budget, for

the payment of the capital cost of projects requested by the authority

pursuant to section twelve hundred three of this title, then upon the

written request of the mayor made within thirty days after the

commencement of such fiscal year, triborough bridge and tunnel authority

shall transfer to the authority, by lump sum payment or installments at

such time or times and in such amounts as the mayor shall elect, all or

such part of the surplus funds of triborough bridge and tunnel authority

on hand as of the last day of its last fiscal year ending prior to such

request as the mayor shall specify, which funds shall be applied by the

authority solely to the payment of its expenses of operation. If the

city shall have provided in its capital budget for any of its next four

fiscal years, commencing with the fiscal year beginning July first,

nineteen hundred sixty-nine, the amount of one hundred million dollars,

or such lesser amount as shall have been requested by the authority for

inclusion in such budget, for the payment of the capital cost of

projects requested by the authority pursuant to section twelve hundred

three of this title, then upon the written request of the mayor made

within thirty days after the commencement of such fiscal year,

triborough bridge and tunnel authority shall transfer to the authority

solely for application to the payment of expenses of operation of the

authority the operating surplus of triborough bridge and tunnel

authority for its last fiscal year ending prior to such request, which

transfer shall also be by lump sum payment or installments at such time

or times and in such amounts as the mayor shall elect. Projects shall be

eligible for inclusion in a computation made hereunder only if included

in a capital budget on the first day of the fiscal year for which it is

adopted. A carry-over project shall not be eligible for inclusion unless

it was first included in a capital budget by way of an amendment

thereto, in which event it shall be eligible for inclusion in a

computation made hereunder with respect to the first fiscal year of the

city commencing after the adoption of the amendment.

(b) Promptly upon the making of the certification of its operating

surplus, if any, for its fiscal year ending December thirty-first,

nineteen hundred seventy-two and for each of its subsequent fiscal

years, triborough bridge and tunnel authority, at the direction of

metropolitan transportation authority, shall transfer such operating

surplus (1) to the metropolitan transportation authority for deposit

into one or more funds or accounts to be used as contemplated by section

twelve hundred seventy-d of this article, or (2) to the authority and

the metropolitan transportation authority solely for application to the

payment of the expenses of operation. For purposes of determining the

proportional allocation of the operating surplus as between the

authority and the metropolitan transportation authority, the following

formula shall apply: (i) twenty-four million dollars plus fifty

percentum of the balance of such operating surplus shall be allocable to

the authority, and (ii) the remainder shall be allocable to metropolitan

transportation authority on behalf of the commuter railroads operated by

it, by its subsidiary corporations or by others under joint

arrangements.

(c) Triborough bridge and tunnel authority is authorized, at the

direction of the metropolitan transportation authority, from time to

time to make advances from available funds on account of the operating

surplus it anticipates will or may be certified and transferred as

provided in this subdivision to (1) the metropolitan transportation

authority for deposit into one or more funds or accounts to be used as

contemplated by section twelve hundred seventy-d of this article, or (2)

the authority and the metropolitan transportation authority solely for

application to the payment of the expenses of operation. In the event

that advances so made in respect of any fiscal year including the year

in which the surpluses are being earned exceed the amounts required to

be transferred to the authority and metropolitan transportation

authority pursuant to the provisions of this subdivision, then the

amount of any such excess shall be refunded to triborough bridge and

tunnel authority by the authority or metropolitan transportation

authority, as the case may be, within thirty days of the making by

triborough bridge and tunnel authority of its certification of operating

surplus for such fiscal year.

(d) For the purposes of this subdivision, the existence and the amount

of surplus funds and operating surplus of triborough bridge and tunnel

authority shall be determined in accordance with the provisions of

subdivision twelve of section five hundred fifty-three of this chapter.

(e) Triborough bridge and tunnel authority shall certify to the mayor

and to the chairman of metropolitan transportation authority within

ninety days after the end of its fiscal year ending December

thirty-first, nineteen hundred sixty-seven, and within forty-five days

after the end of each of its subsequent fiscal years, the amount of its

operating surplus for that year and, in the case of the fiscal year

ending December thirty-first, nineteen hundred sixty-seven, the amount

of all of its surplus funds on hand as of the last day of such fiscal

year.

(f) No transfer of funds shall be made to the authority pursuant to

any provision of this section at any time when there shall have been

pending and not acted upon by the mayor for ninety days any request of

the authority for permission to expend or contract to expend funds for a

project included in a capital budget for transit facility purposes.

There shall be excluded from such ninety-day period any time during

which the mayor is prevented from acting by order of court or by

operation of law.

3. Notwithstanding the preceding subdivisions of this section, for

purposes of determining the proportional allocation of the operating

surplus of the Triborough bridge and tunnel authority between the

authority and the metropolitan transportation authority the following

formula shall be used: An amount equal to the debt service incurred in

such year as a result of the bonds issued to provide facilities pursuant

to paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section

five hundred fifty-three of this chapter shall be added to the operating

surplus of the Triborough bridge and tunnel authority, as certified by

that authority. The sum of these figures shall then be allocated to the

authority and the commuter railroads operated by metropolitan

transportation authority or by its subsidiary corporations, pursuant to

the formula contained in paragraph (b) of subdivision two of this

section as if this amount were the operating surplus of the Triborough

bridge and tunnel authority. The amounts so allocated to the authority

and the commuter railroads operated by metropolitan transportation

authority or by its subsidiary corporations, shall then be reduced

respectively by the proportional amount of the debt service, incurred in

such year by the Triborough bridge and tunnel authority pursuant to

paragraphs (m), (n), (o), (p) and (r) of subdivision nine of section

five hundred fifty-three of this chapter, reasonably attributable to the

payments for transit projects undertaken for the authority and its

subsidiaries and transportation facility projects undertaken for the

commuter railroads operated by the metropolitan transportation authority

or by its subsidiary corporations. The remaining amounts shall

constitute the respective allocation of operating surplus for the

authority and the commuter railroads operated by the metropolitan

transportation authority or by its subsidiary corporations.