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