N.Y. Public Authorities Law § 1225-i: Payments to the fund

§ 1225-i. Payments to the fund. (a) To further enable the fund to

realize its public and governmental purpose the city shall, in addition

to any other financial assistance, annually pay to the fund in respect

to each city fiscal year an amount equal to the aggregate of all rentals

and other payments due and coming due to the transportation authority

from the fund for that city fiscal year pursuant to any lease or other

agreement entered into between the transportation authority and the

fund, which amount shall be payable on or before the fifteenth day of

September of such city fiscal year, provided however, that such amount

shall have been appropriated by the city to the fund or shall otherwise

have been made lawfully available for such purpose.

(b) In the event of the failure of the city to pay to the fund, on or

before such fifteenth day of September, all or part of such amount, the

fund or its designate shall forthwith make and deliver to the

comptroller of the state a certificate stating such amount and the sum,

if any, paid by the city to the fund with respect to such amount and

further stating the difference between such amount and such sum, and,

after the state comptroller shall have promptly given written notice to

the budget director, such difference shall be paid to the fund or its

designate whichever makes and delivers such certificate by the state

comptroller out of any succeeding payments of state aid apportioned to

the city as per capita aid for the support of local government pursuant

to section fifty-four of the state finance law or such other aid or

assistance payable by the state to the city and not otherwise allocated

as shall supersede or supplement such state per capita aid, including

federal moneys apportioned to the city by the state; except, however,

that prior to any deductions from any such aid or assistance, the

moneys, if any, then payable to the city university construction fund

pursuant to the provisions of the city university construction fund act

or to the New York city housing development corporation pursuant to the

New York city housing development corporation act or to the transit

authority pursuant to chapter seven of the laws of nineteen hundred

seventy-two shall be paid in full to such fund, corporation or

authority.

(c) Since the fund's continued discharge of its public and

governmental purpose to provide transit facilities is of benefit to the

city, the city shall pay, within the appropriations available therefor,

the expenses of the establishment and continued operation of the fund.

(d) The city shall have the power to enter into agreements with the

transportation authority to which the transit authority may be a party,

to pay for planning, design and feasibility studies undertaken or caused

to be undertaken by the transportation authority.

(e) Notwithstanding any other provision of law, the city shall have

the power to contract indebtedness and to issue its obligations pursuant

to the local finance law for the purpose of financing any payment

authorized or required to be made by this section. Any such payment

shall constitute an object or purpose for which the period of probable

usefulness is hereby determined to be five years.