N.Y. State Finance Law § 99-w: Transit assistance for capital investments fund

* § 99-w. Transit assistance for capital investments fund. 1. There is

hereby established in the joint custody of the state comptroller and the

commissioner of taxation and finance a special capital fund to be known

as the "transit assistance for capital investments fund."

2. The comptroller shall establish the following separate and distinct

account within the transit assistance for capital investments fund:

Metropolitan transit assistance for capital investments account

3. The transit assistance for capital investments 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 transit assistance for capital

investments fund shall be retained in and become a part of such fund.

4. Moneys in the transit assistance for capital investments fund

shall, following appropriation by the legislature, be utilized for

capital purposes, including, but not limited to the planning and design,

acquisition, construction, reconstruction, replacement, improvement,

reconditioning, rehabilitation and preservation of mass transit

facilities, vehicles, related equipment and rolling stock with an

average service life of no less than five years.

5. Moneys deposited into the metropolitan transit assistance for

capital investments account shall be available to the metropolitan

transportation authority (MTA) and to all other public transportation

systems serving primarily within the metropolitan commuter

transportation district, as defined in section twelve hundred sixty-two

of the public authorities law, eligible to receive operating assistance

under the provisions of section eighteen-b of the transportation law

consistent with the uses outlined in subdivision four of this section.

6. Notwithstanding any other provision of law, no capital assistance

payment authorized under this section may be applied to operating

expenses.

7. All payments of money from the transit assistance for capital

investments fund shall be made in accordance with a formula to be

established by the commissioner of transportation with the approval of

the director of the budget.

8. All payments of moneys from the transit assistance for capital

investments fund shall be made on the audit and warrant of the

comptroller.

* NB There are 2 § 99-w's