N.Y. Public Authorities Law § 1270-h: Metropolitan transportation authority finance fund

§ 1270-h. Metropolitan transportation authority finance fund. 1. The

authority shall establish a fund to be known as the "metropolitan

transportation authority finance fund" which shall be kept separate from

and shall not be commingled with any other moneys of the authority.

2. The comptroller shall deposit into the metropolitan transportation

authority finance fund (a) monthly, pursuant to appropriation, the

moneys deposited in the mobility tax trust account of the metropolitan

transportation authority financial assistance fund pursuant to any

provision of law directing or permitting the deposit of moneys in such

fund, and (b) without appropriation, the revenue including taxes,

interest and penalties collected in accordance with article twenty-three

of the tax law.

3. Moneys in the fund may be (a) pledged by the authority to secure

and be applied to the payment of the bonds, notes or other obligations

of the authority issued on or after the effective date of this section

to finance capital projects of the authority and its subsidiaries and

the New York city transit authority and any subsidiaries; or (b) used

for payment of capital costs, including debt service, reserve

requirements, if any, the payment of amounts required under bond and

note facilities or agreements related thereto, the payment of federal

government loans, security or credit arrangements or other agreements

related thereto, and the payment of all costs related to such

obligations, of or for the authority, the New York city transit

authority and their subsidiaries as the authority shall determine.

Subject to the provisions of any such pledge, or in the event there is

no such pledge, any excess moneys in this fund 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. To the extent moneys in the fund have

been pledged by the authority to secure and pay the bonds, notes or

other obligations of the authority issued to finance capital projects of

the authority and its subsidiaries and the New York city transit

authority and any subsidiaries as herein provided, monies deposited into

the fund shall be deposited to the extent necessary to satisfy the

requirements of any debt service or reserve requirements, if any, of the

resolution authorizing such bonds, notes or other obligations.

4. Commencing September first, two thousand twenty-five, no later than

the last business day of each month, after satisfying the requirements

of any debt service or reserve requirements, if any, of any resolution

authorizing bonds, notes or other obligations, the authority shall

transfer twenty-eight and five-tenths percent of the revenue, including

taxes, interest and penalties collected in accordance with article

twenty-three of the tax law to the 2025 to 2029 capital program account

in the metropolitan transportation authority capital lockbox fund

established pursuant to section five hundred fifty-three-j of this

chapter.

5. Any monies deposited in the fund shall be held in the fund free and

clear of any claim by any person arising out of or in connection with

article twenty-three of the tax law. Without limiting the generality of

the foregoing and without limiting the rights and duties of the

commissioner of taxation and finance under article twenty-three of the

tax law, no entity paying a mobility tax under article twenty-three of

the tax law shall have any right or claim against the authority, any of

their bondholders, any of the authority's other subsidiaries or the New

York city transit authority or any subsidiary to any moneys in or

distributed from the fund or in respect of a refund, rebate, credit or

reimbursement of taxes paid under article twenty-three of the tax law.