NY Pub Auth L § 1270-C (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11 - Metropolitan Commuter Transportation Authority 1270-C - Metropolitan Transportation Authority Dedicated Tax Fund.

§ 1270-c. Metropolitan transportation authority dedicated tax fund. 1.   The  authority  shall  establish a fund to be known as the "metropolitan   transportation  authority  dedicated  tax  fund"  which  shall  be  kept   separate  from  and shall not be commingled with any other moneys of the   authority. The fund shall consist of a "pledged amounts account" and  an   "operating  and  capital  costs  account"  and  such  other accounts and   subaccounts as the authority may determine.2. There shall be deposited, pursuant to appropriation, into the  fund   the moneys deposited in the dedicated mass transportation trust fund for   payment  to the metropolitan transportation authority dedicated tax fund   pursuant to the provisions of subdivision (d) of section  three  hundred   one-j  of the tax law, and any other moneys collected for or transferred   to such fund pursuant to section eighty-eight-a of the state finance law   and any other provision of law directing or permitting  the  deposit  of   moneys in such fund.3.  Moneys  in  the fund may be (a) pledged by the authority to secure   and be applied to the payment of its bonds, notes or  other  obligations   specified  by  the  authority and issued to finance (i) transit projects   undertaken for the New York city transit authority and its  subsidiaries   and  (ii) transportation facilities undertaken for the authority and its   subsidiaries and (b) used for payment of operating  costs,  and  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.  To  the  extent  moneys in the fund have been pledged by the   authority to secure and pay its bonds, notes  or  other  obligations  as   herein provided, moneys deposited into the fund shall first be deposited   into  the pledged amounts account 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.  After   satisfaction of such requirements of the resolution, or if the authority   has  not so pledged the moneys in the fund, moneys deposited in the fund   shall be directly deposited into the operating and capital costs account   and, subject to the provisions of any resolutions of the  authority  not   secured  by the pledged amounts account, transferred forthwith to or for   the benefit of the New York city transit authority and its  subsidiaries   and  the  Staten Island rapid transit operating authority (the "TA") and   to and for the benefit of the Long Island  Rail  Road  company  and  the   Metro-North  commuter  rail road company (the "CRR") as provided in this   section.Moneys in the operating and capital costs account which were deposited   in the fund pursuant to  appropriation  from  moneys  deposited  in  the   dedicated mass transportation trust fund for payment to the metropolitan   transportation  authority dedicated tax fund pursuant to subdivision (d)   of section three hundred one-j  of  the  tax  law  (the  "remaining  PBT   amount")  shall  be  distributed  by the authority as follows: an amount   equal to the debt service incurred in such calendar year as a result  of   obligations issued and secured by moneys in the fund, to the extent such   debt  service is to be paid from money deposited in the fund pursuant to   appropriation from moneys deposited in the dedicated mass transportation   trust fund for payment  to  the  metropolitan  transportation  authority   dedicated  tax fund pursuant to subdivision (d) of section three hundred   one-j of the tax law  ("PBT  debt  service"),  shall  be  added  to  the   remaining  PBT  amount. The sum of these figures shall then be allocated   as follows: eighty-five per centum of such sum shall be allocated to the    TA and fifteen per centum of such sum shall be allocated to the CRR. The   amounts  so  allocated  shall  then  be  reduced  respectively  by   the   proportional amount of PBT debt service attributable to the payments for   transit  projects  undertaken  for  the  TA  and transportation facility   projects undertaken for the CRR. The remaining amounts shall  constitute   the  respective  distributable  shares  of  the remaining PBT amount and   shall be distributed to or for the benefit of the TA and the CRR.Moneys in the operating and capital costs account which were deposited   in the fund pursuant to section eighty-eight-a of the state finance  law   (the  "remaining MMTOA amount") shall be distributed by the authority as   follows: an amount equal to the debt service incurred in  such  calendar   year as a result of obligations issued and secured by money in the fund,   to  the  extent  such debt service is to be paid from money deposited in   the fund pursuant to section eighty-eight-a of  the  state  finance  law   ("MMTOA  debt  service"),  shall be added to the remaining MMTOA amount.   The sum of these figures shall then be allocated as follows: there shall   be allocated (i) to the TA an amount of such sum which  bears  the  same   proportion  to  such sum as the amount appropriated and paid during such   calendar  year  from  the  metropolitan  mass  transportation  operating   assistance account to the authority for the operating expenses of the TA   bears  to the total amounts so appropriated and paid from such operating   assistance account during such calendar year to the TA and CRR  combined   and  (ii)  to  the  CRR  an  amount  of  such  sum  which bears the same   proportion to such sum as the amount appropriated and paid  during  such   calendar  year  from  the  metropolitan  mass  transportation  operating   assistance account to the CRR bears to the total amounts so appropriated   and paid from such operating assistance  account  during  such  calendar   year  to the TA and CRR combined. The amounts so allocated shall then be   reduced respectively by the proportional amount of  MMTOA  debt  service   attributable  to the payments for transit projects undertaken for the TA   and  transportation  facility  projects  undertaken  for  the  CRR.  The   remaining  amounts  shall constitute the respective distributable shares   of the remaining MMTOA amount and shall be distributed  to  or  for  the   benefit  of  the TA and the CRR. In no event shall the authority utilize   any measure or calculation for  determining  such  distributable  shares   other  than  the  formula prescribed herein nor shall the authority take   any action which would  result  in  the  use  of  such  money  which  is   different from or inconsistent with the use prescribed in this section.To  the  extent that amounts described in the preceding two paragraphs   are distributed more frequently than annually,  each  such  distribution   shall  be  made  as  nearly as may be practicable in accordance with the   allocations described above to the TA and the CRR.  Within  thirty  days   after  the end of each calendar year, the authority shall certify to the   director of the budget, the chairperson of the senate finance  committee   and the chairperson of the assembly ways and means committee, the amount   of  money  deposited  in  the fund pursuant to appropriation from moneys   deposited in the dedicated mass transportation trust fund for payment to   the metropolitan transportation authority dedicated tax fund pursuant to   subdivision (d) of section three  hundred  one-j  of  the  tax  law  and   section  eighty-eight-a  of  the state finance law, the amounts expended   from the pledged amounts account for the benefit of the TA and the  CRR,   and  the  amounts  of  the  remaining PBT amount and the remaining MMTOA   amount distributed during the prior calendar year to the TA and the  CRR   and  specifying  in  each case the appropriation or appropriations which   was the source of such amounts.4. Any money 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 thirteen-A 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 thirteen-A of the tax   law, no petroleum business, as defined in section three hundred  of  the   tax  law, or any other person, including the state, shall have any right   or claim against the authority, any of its bondholders, the  TA  or  the   CRR  to  any  moneys  in or distributed from the fund or in respect of a   refund, rebate, credit or reimbursement  of  taxes  paid  under  article   thirteen-A of the tax law.