N.Y. Public Authorities Law § 1270-a: Metropolitan transportation authority special assistance fund

§ 1270-a. Metropolitan transportation authority special assistance

fund. 1. The authority shall create and establish a fund to be known as

the "metropolitan transportation authority special assistance fund"

which shall be kept separate from and shall not be commingled with any

other moneys of the authority. The special assistance fund shall consist

of three separate accounts: (i) the "transit account", (ii) the

"commuter railroad account" and (iii) the "corporate transportation

account".

The authority shall make deposits in the transit account and the

commuter railroad account of the moneys received by it pursuant to the

provisions of subdivision one of section two hundred sixty-one of the

tax law in accordance with the provisions thereof, and shall make

deposits in the corporate transportation account of the moneys received

by it pursuant to the provisions of subdivision two of section two

hundred sixty-one of the tax law and section ninety-two-ff of the state

finance law. The comptroller shall deposit, without appropriation, into

the corporate transportation account the revenue fees, taxes, interest

and penalties collected in accordance with paragraph (b-1) of

subdivision two of section five hundred three of the vehicle and traffic

law, paragraph (c-3) of subdivision two of section five hundred three of

the vehicle and traffic law, article seventeen-C of the vehicle and

traffic law, article twenty-nine-A of the tax law and section eleven

hundred sixty-six-a of the tax law.

2. Moneys in the transit account may be pledged to the Triborough

bridge and tunnel authority to secure bonds and notes and, if so

pledged, shall be paid to the Triborough bridge and tunnel authority in

such amounts and at such times as necessary to pay or to reimburse that

authority for its payment of debt service and reserve requirements on

that portion of special Triborough bridge and tunnel authority bonds and

notes issued by that authority pursuant to section five hundred

fifty-three-d of this chapter for transit projects undertaken for the

New York city transit authority and its subsidiaries. Subject to the

provisions of such pledge, any excess monies, or in the event there is

no such pledge, any moneys in such account shall, at the direction of

the metropolitan transportation authority, be (a) deposited into one or

more funds or accounts and used as contemplated by section twelve

hundred seventy-d of this title or (b) used for the payment of operating

and capital costs of the New York city transit authority and its

subsidiaries and the Staten Island rapid transit operating authority.

3. The authority shall transfer in nineteen hundred eighty-seven up to

twenty million dollars of the moneys in the commuter railroad account to

the suburban transportation fund in accordance with the terms of an

agreement between the authority and the department of transportation

with respect thereto, established herein, and pursuant to section

eighty-eight-b of the state finance law. In subsequent years the

authority shall transfer twenty million dollars of the moneys in the

commuter railroad account to the suburban transportation fund in

accordance with the terms of an agreement between the authority and the

department of transportation with respect thereto, established herein,

and pursuant to section eighty-eight-b of the state finance law.

In the event the transfer to the suburban transportation fund provided

pursuant to this subdivision results in an operating deficit, as

certified by the director of the division of the budget, in consultation

with the authority, that portion of the deficit attributable to such

transfer shall be appropriated from the general fund to the authority

for commuter railroad operating purposes, provided, however, that such

appropriation shall not exceed twenty million dollars.

The remaining moneys in the commuter railroad account may be pledged

to the Triborough bridge and tunnel authority to secure bonds and notes

and, if so pledged, shall be paid to the Triborough bridge and tunnel

authority in such amounts and at such times as necessary to pay or to

reimburse that authority for its payment of debt service and reserve

requirements on that portion of special Triborough bridge and tunnel

authority bonds and notes issued by that authority pursuant to section

five hundred fifty-three-d of this chapter for transportation facilities

undertaken for the authority and its subsidiaries. Subject to the

provisions of any such pledge, any excess monies, or in the event there

is no such pledge, any moneys in such account shall, at the direction of

the metropolitan transportation authority, be (a) deposited into one or

more funds or accounts and used as contemplated by section twelve

hundred seventy-d of this title or, (b) used for payment of operating

and capital costs of the Long Island Rail Road company and the

Metro-North commuter railroad company.

4. (a) Moneys in the corporate transportation account shall first be

used for payments to the metropolitan transportation authority Dutchess,

Orange and Rockland fund established by section twelve hundred seventy-b

of this title. The remaining moneys in the corporate transportation

account may be pledged by the authority, or pledged to the Triborough

bridge and tunnel authority, to secure bonds, notes or other obligations

of the authority or the Triborough bridge and tunnel authority, as the

case may be, and, if so pledged to the Triborough bridge and tunnel

authority, shall be paid to the Triborough bridge and tunnel authority

in such amounts and at such times as necessary to pay or to reimburse

that authority for its payment of debt service and reserve requirements,

if any, on that portion of special Triborough bridge and tunnel

authority bonds and notes issued by that authority pursuant to section

five hundred fifty-three-d of this chapter. Subject to the provisions of

any such pledge, or in the event there is no such pledge, any excess

moneys in the corporate transportation account may be used by the

authority for payment of operating costs of, and capital costs,

including debt service and reserve requirements, if any, of or for the

authority, the New York city transit authority and their subsidiaries as

the authority shall determine.

(b) Commencing in calendar year nineteen hundred eighty-nine, and in

each subsequent year thereafter, the authority shall transfer in four

equal quarterly amounts from the corporate transportation account to the

metropolitan transportation authority Dutchess, Orange and Rockland fund

created by section twelve hundred seventy-b of this title the following

amounts: to the Dutchess account of such fund the sum of one million

five hundred thousand dollars; to the Orange account of such fund the

sum of one million five hundred thousand dollars; and to the Rockland

account of such fund the sum of two million dollars.

(c) Commencing in calendar year nineteen hundred ninety, and each year

thereafter, the authority shall transfer from the corporate

transportation account to the Dutchess account, the Orange account and

the Rockland account, respectively, an amount equal to the percent by

which such county's payments to the authority in the preceding calendar

year pursuant to the provisions of subdivisions one and two of section

two hundred sixty-one of the tax law increased over such payments in

nineteen hundred eighty-nine times one million five hundred thousand

dollars for Dutchess county, one million five hundred thousand dollars

for Orange county and two million dollars for Rockland county; provided,

however, that in no event shall such amount reduce the amount that each

county would receive pursuant to paragraph (b) of this subdivision be

reduced by operation of this paragraph, and provided further, however,

for purposes of calculating the percent by which such county's payments

to the authority in the preceding calendar year pursuant to the

provisions of subdivisions one and two of section two hundred sixty-one

of the tax law increased over such payments in nineteen hundred

eighty-nine, there shall be excluded the amount by which the payments in

each such year increased as a result of the recording tax imposed

pursuant to the provisions of subdivision one of section two hundred

sixty-one of the tax law being in excess of twenty-five cents for each

one hundred dollars.

(d) (1) In the event the county of Dutchess, the county of Orange or

the county of Rockland withdraws from the metropolitan transportation

district, the authority shall not transfer from the corporate

transportation account to the metropolitan transportation authority

Dutchess, Orange and Rockland fund that portion of the moneys that would

otherwise be transferred from such account to such fund to the credit of

such withdrawing county or counties.

(2) For purposes of this subdivision, a county is deemed to have

withdrawn if a resolution is adopted and filed by the county legislature

of such county providing a public transportation plan pursuant to

section twelve hundred seventy-nine-b of this title.

(e) Notwithstanding the foregoing provisions of this subdivision, any

moneys in the corporate transportation account that are received by the

authority: (i) without appropriation pursuant to subdivision one of this

section, or (ii) pursuant to the provisions of section ninety-two-ff of

the state finance law may be pledged by the authority, or pledged to the

Triborough bridge and tunnel authority, to secure bonds, notes or other

obligations of the authority or the Triborough bridge and tunnel

authority, as the case may be, and, if so pledged to the Triborough

bridge and tunnel authority, shall be paid to the Triborough bridge and

tunnel authority in such amounts and at such times as necessary to pay

or to reimburse that authority for its payment of debt service and

reserve requirements, if any, on that portion of special Triborough

bridge and tunnel authority bonds and notes issued by that authority

pursuant to section five hundred fifty-three-d of this chapter. Subject

to the provisions of any such pledge, or in the event there is no such

pledge, any moneys in the corporate transportation account received by

the authority: (i) without appropriation pursuant to subdivision one of

this section, or (ii) pursuant to the provisions of section

ninety-two-ff of the state finance law may be used by the authority for

payment of operating costs of, and capital costs, including debt service

and reserve requirements, if any, of or for the authority, the New York

city transit authority and their subsidiaries as the authority shall

determine. No moneys in the corporate transportation account that are

reserved by the authority: (i) without appropriation pursuant to

subdivision one of this section; or (ii) pursuant to the provisions of

section ninety-two-ff of the state finance law may be used for making

any payment to the Dutchess, Orange and Rockland fund created by section

twelve hundred seventy-b of this title or considered in calculating the

amounts required to be paid into such fund.