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

§ 1270-d. Consolidated financings. 1. Notwithstanding any inconsistent   provisions  of  this  or  any  other law, general, special or local, the   authority may issue its notes, bonds and other  obligations  to  finance   transportation  facilities,  including  transit  projects and Triborough   bridge and tunnel authority projects, utilizing a consolidated pledge of   all or any portion of the revenues and other monies and  assets  of  the   authority  and its subsidiaries, New York city transit authority and its   subsidiaries, and Triborough bridge and tunnel authority, together  with   those  other sources of payment described in this section. In connection   therewith, at its discretion, the authority, subject to  the  rights  of   the  holders  of notes, bonds or other obligations of the authority, New   York city transit authority or Triborough bridge and  tunnel  authority,   may  (a)  agree  with  the New York city transit authority or Triborough   bridge and tunnel authority that any such entity will deposit all or any   portion of the revenues, other monies and assets received by it  or  its   subsidiaries  into  one  or  more  funds or accounts, and (b) deposit or   cause to be deposited into one or more funds and accounts (i) all or any   portion of the  revenues,  other  monies  and  assets  received  by  the   authority  and  its  subsidiaries, (ii) all or any portion of the annual   operating surplus of Triborough bridge and tunnel authority as certified   pursuant to paragraph (b) of subdivision two of section  twelve  hundred   nineteen-a of this article, (iii) all or any portion of the amounts from   the   operating   and   capital   costs   account  of  the  metropolitan   transportation authority dedicated tax fund required to  be  distributed   to   New   York   city  transit  authority  and  the  commuter  railroad   subsidiaries of the authority under the  provisions  of  section  twelve   hundred  seventy-c  of  this  title,  (iv)  all  or  any  portion of the   available  monies  in  the   transit   account   of   the   metropolitan   transportation  authority  special assistance fund established under the   provisions of section twelve hundred seventy-a of this  title  available   for  payment  of  operating  and  capital costs of New York city transit   authority and its subsidiaries and Staten Island rapid transit operating   authority as provided in  subdivision  two  of  section  twelve  hundred   seventy-a  of this title, (v) all or any portion of the available monies   in the commuter railroad  account  of  the  metropolitan  transportation   authority  special  assistance  fund established under the provisions of   section twelve hundred seventy-a of this title available for payment  of   operating  and  capital  costs  of  Long  Island  Rail  Road company and   Metro-North commuter railroad company as provided in  subdivision  three   of  section  twelve  hundred  seventy-a  of  this title, (vi) all or any   portion of the available monies in the corporate transportation  account   of  the  metropolitan  transportation  authority special assistance fund   established under the provisions of section twelve hundred seventy-a  of   this  title  available for use 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  provided  in  paragraph  (a) of   subdivision four of section twelve hundred seventy-a of this title,  and   (vii)  any other monies of the authority, its subsidiaries, the New York   city transit authority and its subsidiaries, and the  Triborough  bridge   and tunnel authority from any source whatsoever.2.  Amounts  so deposited in such funds or accounts may be (a) pledged   by the authority to secure, and be applied to, the payment of its bonds,   notes or other obligations issued to finance  transportation  facilities   undertaken  for  the  authority  and  its  subsidiaries,  transportation   facilities, including transit projects, undertaken  for  New  York  city   transit authority and its subsidiaries, and Triborough bridge and tunnel   authority   projects   undertaken   for  Triborough  bridge  and  tunnel    authority, 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, note or other financing facilities or   agreements, and the payment of all costs related to such obligations, of   or for the authority and its subsidiaries, and the New York city transit   authority  and  its subsidiaries as the authority in its full discretion   shall determine. To the extent moneys so deposited have been pledged  by   the authority to secure and pay its bonds, notes or other obligations as   herein  provided,  such  moneys  shall  first  be applied to satisfy the   requirements  of  any  debt  service  or  reserve  requirements  of  the   resolution  or resolutions or other contractual arrangements authorizing   such bonds, notes or  other  obligations.  After  satisfaction  of  such   requirements  of  any such resolution, resolutions, or other contractual   arrangements or if the authority has not so pledged  such  moneys,  such   moneys  so deposited, subject to the provisions of any other resolutions   or contractual arrangements of the  authority  and  the  New  York  city   transit  authority  and applicable provisions of law, may be transferred   to or for the benefit of the authority and its subsidiaries and New York   city transit authority and its subsidiaries. Revenues and  other  monies   of  the  authority  and  its  subsidiaries  and  New  York  city transit   authority and its subsidiaries, respectively, which are deposited in the   funds or  accounts  authorized  by  this  section,  as  reduced  by  any   application  of  such revenues or monies to the payment of debt service,   reserve requirements, if  any,  and  other  costs  attributable  to  the   funding  of  the  capital  costs  of  such  entity,  shall be allocated,   credited and distributed to such source entity. Any  other  revenues  or   monies  which  are deposited in the funds or accounts authorized by this   section which are required by  law  to  be  allocated  or  paid  to  the   authority  or its subsidiaries or New York city transit authority or its   subsidiaries, shall be allocated or paid to the entity to  which  it  is   required  to  be  allocated  or paid by law after reduction by an amount   equal to the portion thereof applied to the  payment  of  debt  service,   reserve  requirements,  if  any,  and  other  costs  attributable to the   funding of the capital costs of such entity. In determining  the  amount   of   debt  service,  reserve  requirements,  if  any,  and  other  costs   attributable to the authority and its subsidiaries and the New York city   transit authority and its subsidiaries, the authority  shall  make  such   calculation  based  upon  the  percentage  of the proceeds of the bonds,   notes and other obligations expended for the capital costs  attributable   to each such entity. The authority may utilize any interim allocation of   such  distributions,  provided  that within ninety 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, that the aggregate   amount  of  monies  transferred  to  each  of  the  authority  and   its   subsidiaries,  and  New York city transit authority and its subsidiaries   in respect of such calendar year, taking into  account  any  interagency   repayments  or  reimbursements  anticipated  to  be  made  in  the  next   succeeding calendar year, is not less than the amounts  required  to  be   paid or transferred to such entities.3.  For  the  purpose  of  appropriately  aligning  and allocating the   ultimate responsibility for debt service among and between the authority   and  its  subsidiaries,  New  York  city  transit  authority   and   its   subsidiaries,  or  Triborough  bridge  and  tunnel  authority  (each, an   "affiliated group"), and except as otherwise authorized or  required  by   law,  in connection with the application of revenues, subsidies or other   monies or securities of an affiliated group  to  pay  the  debt  service   attributable  to bonds, notes or other obligations which provide funding    of the capital costs of another affiliated group or to refund or  redeem   bonds,  notes  or  other  obligations the proceeds of which were used to   fund the capital costs of another affiliated group, the affiliated group   for  whose  benefit  debt  service  is  paid  or obligations refunded or   redeemed, shall repay, through payments, adjustments or  other  form  of   reconciliation,  such  amounts  to  the  affiliated group that made such   payments not later than the end of  the  next  succeeding  fiscal  year,   provided,  however,  that in connection with any refunding or redemption   of bonds, notes or other obligations,  such  repayment,  adjustments  or   other form of reconciliation shall be completed within the period of the   applicable capital program plan.