N.Y. State Finance Law § 92-ff: Metropolitan transportation authority financial assistance fund

§ 92-ff. Metropolitan transportation authority financial assistance

fund. 1. There is hereby established in the joint custody of the

commissioner of taxation and finance and the state comptroller a special

fund to be known as the "metropolitan transportation authority financial

assistance fund".

2. Moneys in the metropolitan transportation authority financial

assistance fund shall be kept separately from and shall not be

commingled with any other moneys in the joint or sole custody of the

state comptroller or the commissioner of taxation and finance.

3. Such fund shall consist of all moneys collected therefor or

credited or transferred thereto from any other fund, account or source.

Any interest received by the comptroller on moneys on deposit in the

metropolitan transportation authority financial assistance fund shall be

retained in and become a part of such fund.

4. The metropolitan transportation authority financial assistance fund

shall consist of two separate and distinct accounts: (a) the "mobility

tax trust account" and (b) the "metropolitan transportation authority

aid trust account." Moneys in each of the accounts shall be kept

separately from and not commingled with any other moneys in the

metropolitan transportation authority financial assistance fund.

5. (a) The "mobility tax trust account" shall consist of moneys

credited or transferred thereto from any fund or source pursuant to law.

(b) Moneys in the "mobility tax trust account" shall, pursuant to

appropriation by the legislature, be transferred on a monthly basis to

the metropolitan transportation authority finance fund established by

section twelve hundred seventy-h of the public authorities law and

utilized in accordance with said section. It is the intent of the

legislature to enact two appropriations from the mobility tax trust

account to the metropolitan transportation authority finance fund

established by section twelve hundred seventy-h of the public

authorities law. One such appropriation shall be equal to the amounts

expected to be available from any monies described in paragraph (a) of

this subdivision during the two thousand eighteen--two thousand nineteen

fiscal year and shall be effective in that fiscal year. The other such

appropriation shall be equal to the amounts expected to be available

from any monies described in paragraph (a) of this subdivision during

the two thousand nineteen--two thousand twenty fiscal year and shall,

notwithstanding the provisions of section forty of this chapter, take

effect on the first day of the two thousand nineteen--two thousand

twenty fiscal year and lapse on the last day of that fiscal year. It is

the intent of the governor to submit and the legislature to enact for

each fiscal year after the two thousand eighteen--two thousand nineteen

fiscal year in an annual budget bill: (i) an appropriation for the

amount expected to be available in the mobility tax trust account during

such fiscal year for the metropolitan transportation authority from any

monies described in paragraph (a) of this subdivision; and (ii) an

appropriation for the amount projected by the director of the budget to

be deposited in the mobility tax trust account from any monies described

in paragraph (a) of this subdivision for the next succeeding fiscal

year. Such appropriation for payment of revenues projected to be

deposited in the succeeding fiscal year shall, notwithstanding the

provisions of section forty of this chapter, take effect on the first

day of such succeeding fiscal year and lapse on the last day of such

fiscal year. If for any fiscal year commencing on or after the first day

of April, two thousand ten the governor fails to submit a budget bill

containing the foregoing, or the legislature fails to enact a bill with

such provisions, then the metropolitan transportation authority shall

notify the comptroller, the director of the budget, the chairperson of

the senate finance committee and the chairperson of the assembly ways

and means committee of amounts required to be disbursed from the

appropriation made during the preceding fiscal year for payment in such

fiscal year. In no event shall the comptroller make any payments from

such appropriation prior to May first of such fiscal year, and unless

and until the director of the budget, the chairperson of the senate

finance committee and the chairperson of the assembly ways and means

committee have been notified of the required payments and the timing of

such payments to be made from the mobility tax trust account to the

metropolitan transportation authority finance fund established by

section twelve hundred seventy-h of the public authorities law at least

forty-eight hours prior to any such payments. Until such time as

payments pursuant to such appropriation are made in full, revenues in

the mobility tax trust account shall not be paid over to any person

other than the metropolitan transportation authority.

6. (a) The "metropolitan transportation authority aid trust account"

shall consist of moneys credited or transferred thereto from any other

source pursuant to law.

(b) Moneys in the metropolitan transportation authority aid trust

account shall, following appropriation by the legislature, be deposited

quarterly by the comptroller into the corporate transportation account

of the metropolitan transportation authority special assistance fund

established by section twelve hundred seventy-a of the public

authorities law, to be applied as provided in paragraph (e) of

subdivision four of such section twelve hundred seventy-a of the public

authorities law.

7. Nothing contained in this section shall be deemed to restrict the

right of the state to amend, repeal, modify or otherwise alter statutes

imposing or relating to the taxes and fees producing revenues for

deposit in the metropolitan transportation authority financial

assistance fund or the appropriations relating thereto. The metropolitan

transportation authority shall not include within any resolution,

contract or agreement with holders of the bonds or notes issued under

section twelve hundred sixty-nine of the public authorities law any

provision which provides that a default occurs as a result of the state

exercising its right to amend, repeal, modify or otherwise alter such

taxes or appropriations.