N.Y. STF Law § 89-C — New York Code / Act STF / Article 6 / Section 89-C
Dedicated mass transportation trust fund
Status: in_force

§ 89-c. Dedicated mass transportation trust fund. 1. There is hereby\nestablished in the joint custody of the state comptroller and the\ncommissioner of taxation and finance a special fund to be known as the\n"dedicated mass transportation trust fund".\n  2. The dedicated mass transportation trust fund shall consist of all\nmoneys collected therefor or credited or transferred thereto from any\nother fund, account or source. Any interest received by the comptroller\non moneys on deposit in the dedicated mass transportation trust fund\nshall be retained in and become a part of such fund.\n  3. Moneys in the dedicated mass transportation trust fund shall,\nfollowing appropriation by the legislature, be utilized for the\nreconstruction, replacement, purchase, modernization, improvement,\nreconditioning, preservation and maintenance of mass transit facilities,\nvehicles and rolling stock, or the payment of debt service or operating\nexpenses incurred by mass transit operating agencies, and for rail\nprojects authorized pursuant to section fourteen-j of the transportation\nlaw, for payments to the general debt service fund of amounts equal to\namounts required for service contract payments related to rail projects\nas provided and authorized by section three hundred eighty-six of the\npublic authorities law and for programs to assist small and minority and\nwomen-owned firms engaged in transportation construction and\nreconstruction projects, including a revolving fund for working capital\nloans, and a bonding guarantee assistance program in accordance with\nprovisions of this chapter. It is the intent of the governor to submit\nand the legislature to enact in a budget bill for fiscal year nineteen\nhundred ninety-four--ninety-five, two appropriations from the dedicated\nmass transportation trust fund to the metropolitan transportation\nauthority dedicated tax fund established by section twelve hundred\nseventy-c of the public authorities law. One such appropriation shall be\nequal to the amounts expected to be available for such purpose pursuant\nto subdivision (d) of section three hundred one-j of the tax law during\nthe nineteen hundred ninety-four--ninety-five fiscal year and shall be\neffective in that fiscal year. The other such appropriation shall be\nequal to the amount expected to be available for such purpose pursuant\nto subdivision (d) of section three hundred one-j of the tax law during\nthe nineteen hundred ninety-five--ninety-six fiscal year and shall,\nnotwithstanding the provisions of section forty of this chapter, take\neffect on the first day of the nineteen hundred ninety-five--ninety-six\nfiscal year and lapse on the last day of that fiscal year. It is the\nintent of the governor to submit and the legislature to enact for each\nfiscal year after the nineteen hundred ninety-four--ninety-five fiscal\nyear in an annual budget bill: (i) an appropriation for the amount\nexpected to be available in the dedicated mass transportation trust fund\nduring such fiscal year for the metropolitan transportation authority\npursuant to subdivision (d) of section three hundred one-j of the tax\nlaw and paragraph two of subdivision (d) of section eleven hundred nine\nof the tax law, including any amounts on deposit therein from any prior\nyear which have been previously appropriated, and (ii) an appropriation\nof the amounts projected by the director of the budget to be deposited\nin the metropolitan transportation authority dedicated tax fund from the\ndedicated mass transportation trust fund pursuant to subdivision (d) of\nsection three hundred one-j of the tax law and paragraph two of\nsubdivision (d) of section eleven hundred nine of the tax law, for the\nnext succeeding fiscal year. Such appropriation for payment of revenues\nexpected to be received in the succeeding fiscal year shall,\nnotwithstanding section forty of this chapter, take effect on the first\nday of such succeeding fiscal year and lapse on the last day of such\nfiscal year. If for any fiscal year commencing on or after the first day\nof April, nineteen hundred ninety-four the governor fails to submit a\nbudget bill containing the foregoing, or the legislature fails to enact\na bill with such provisions, then the authority shall notify the\ncomptroller, the director of the budget, the chairperson of the senate\nfinance committee and the chairperson of the assembly ways and means\ncommittee of amounts required to be disbursed from the appropriation\nmade during the preceding fiscal year for payment in such fiscal year.\nIn no event shall the comptroller make any payments from such\nappropriation prior to May first of such fiscal year, and unless and\nuntil the director of the budget, the chairperson of the senate finance\ncommittee and the chairperson of the assembly ways and means committee\nhave been notified of the required payments and the timing of such\npayments to be made from the dedicated mass transportation trust fund to\nthe metropolitan transportation authority dedicated tax fund at least\nforty-eight hours prior to any such payments. Until such time as\npayments pursuant to such appropriation are made in full, revenues in\nthe dedicated mass transportation trust fund shall not be paid over to\nany person other than the metropolitan transportation authority. Nothing\ncontained in this subdivision shall be deemed to restrict the right of\nthe state to amend, repeal, modify or otherwise alter statutes imposing\nor relating to the taxes imposed pursuant to section three hundred one-j\nof the tax law, the taxes imposed pursuant to paragraph two of\nsubdivision (d) of section eleven hundred nine of the tax law, or the\nappropriations relating thereto. The metropolitan transportation\nauthority shall not include within any resolution, contract or agreement\nwith holders of the bonds or notes issued under section twelve hundred\nsixty-nine of the public authorities law any provision which provides\nthat a default occurs as a result of the state exercising its right to\namend, repeal, modify or otherwise alter such taxes or appropriations.\n